Aya Gold & Silver subsidiary Zgounder Millennium Silver Mining (ZMSM) has acquired a $100m debt funding bundle to facilitate the Zgounder Silver growth undertaking in Morocco.
The bundle contains an $8m tranche from Local weather Funding Funds and a senior debt facility of $92m from the European Financial institution for Reconstruction and Growth (EBRD).
Aya Gold & Silver president and CEO Benoit La Salle stated: “We’re thrilled to be partnering with the EBRD, who is extremely dedicated to each Morocco and the event of the Zgounder Silver Mine.
“The infrastructure build-out will function a regional catalyst, bringing further funding, native jobs and procurement, and an array of social and environmental initiatives that profit each the federal government of the Kingdom of Morocco and native communities.
“We have now secured a financing bundle on phrases which are aggressive and defend the upside for all stakeholders whereas adhering to and selling the ESG priorities which are a part of our founding values.”
Positioned 260km east of Agadir, inside the Proterozoic Siroua Massif of the Anti-Atlas vary, Zgounder is taken into account as Morocco’s second most essential silver mine after the Imiter mine.
Aya is exploring properties of the high-grade Zgounder Silver Mine alongside the possible South-Atlas Fault of which a number of have hosted past-producing mines and historic assets.
The Zgounder mine is owned by a three way partnership between Aya (85%) and state-owned enterprise the Workplace Nationwide des Hydrocarbures et des Mines (ONHYM) ( (15%).
In line with the 2022 feasibility examine for an expanded mine operation, the mine’s throughput will be elevated from 700 tonnes per day (tpd) to 2,700tpd by setting up a 2,000tpd flotation-CIP plant to provide silver ingots.
This growth undertaking is deliberate to be accomplished in 2024.
