1dried red chili, membrane and seeds removed, broken into pieces (see NOTE)
Rinse the black olives so their juices don't discolor the other olives. Drain all the other olives in a colander, place them in a large bowl and set aside.
Heat a small dry pan over medium-high heat and, once hot, add the coriander and fennel seeds. Roast until very fragrant, about 2-3 minutes, shaking the pan occasionally. Be careful not to scorch them. Add the olive oil and heat for a minute. Remove from heat and add all remaining ingredients except for the olives. Let sit until the marinade has cooled down.
Pour the marinade over the olives and stir to combine. Cover the olives and let them sit in the fridge for a week or so for best flavor before eating them. Give them a shake every couple of days.
The olives will keep in the fridge for at least a month. Give them an occasional shake. Bring to room temperature before serving.Makes 1 1/2 pounds of marinated olives.
Unless you like super spicy food, be very careful how much dried red chili you add. A little goes a very long way and the spiciness only increases over time. Omit entirely if you don't like heat.