Morocco’s silver industry is seeing a major leap forward as Canadian company Aya Gold & Silver reaches the milestone of producing 8 million ounces per year at its flagship Zgounder mine. To which she means by adding an investment of 50 million dollars.
Montreal-based Aya Gold & Silver Inc. has reached commercial production at its expanded Zgounder silver mine in Morocco, while announcing plans to invest an additional $50 million in the country over the next few years.
According to a press release, the company’s new processing plant, which began construction in mid-2022, began processing ore on November 4, 2024. The plant then made its first silver pour on November 27. Commercial production was then declared on December 29, less than two months after initial operations began.
The plant processed 45,683 tonnes of ore over a thirty day period ending December 29, operating at an average rate of 84 tonnes per hour with 75% availability. This resulted in a daily processing rate of 1,523 tonnes, representing 76% of design capacity, while maintaining a silver recovery rate of 79%.
Recent performance data has shown improving metrics, with the plant’s average throughput of 1,834 tonnes per day between December 19 and 29, reaching a peak of 2,152 tonnes on December 27. During this period, plant availability increased to 86%, while maintaining the silver recovery rate at 79%.
The expansion tripled the mine’s annual production capacity to 8 million ounces, making it the second largest silver mine in Morocco after Managem-owned Imider. In an interview with Asharq Business, CEO Benoit La Salle revealed that the company has invested $250 million in Morocco since the start of its operations.
« With more than 600 full-time employees, a fully funded expanded operation and a strong financial foundation, Aya is well-positioned to sustain growth while setting a new standard for innovative ESG financing in the global mining industry “said La Salle in the press release.
The company, the only pure silver mining company listed on the Toronto Stock Exchange and the only private producer of foreign silver in Morocco, exports its entire production to precious metals smelters in the European Union. Financial statements show the company generated revenue of $30 million in the first nine months of the year, with net profit of $4 million.
Morocco ranks 15th in the world in terms of silver production, with production of approximately 8.8 million ounces in 2023, according to the Silver Institute’s annual report. The company aims to reach full design capacity by the first quarter of 2025.
In addition to Zgounder, Aya Gold & Silver is exploring properties along the South Atlas Fault in Morocco and developing the Tijirit gold project in Mauritania. These new businesses will be developed by its spin-off company Mx2 Mining, as announced on September 12, 2024.
MK/SF/ac/APA
