Montreal-based Aya Gold & Silver Inc. has announced plans to invest an additional $50 million in its Zgounder silver mine in Morocco over the coming years. This follows the company’s successful launch of commercial production at its expanded processing plant.
The newly constructed plant began ore processing on November 4, 2024, with the first silver pour on November 27. Commercial production was declared on December 29, less than two months after operations commenced. Over a 30-day period ending December 29, the plant processed 45,683 tonnes of ore, achieving a daily average processing rate of 1,523 tonnes and a silver recovery rate of 79%. Recent performance data indicates further optimization, with daily throughput reaching 1,834 tonnes and peaking at 2,152 tonnes on December 27.
The Zgounder expansion has tripled the mine’s annual production capacity to 8 million ounces, making it Morocco’s second-largest silver mine after Managem’s Imider. Aya has invested $250 million in Morocco since it began operations and currently employs over 600 full-time staff.
“We are well-positioned to sustain growth with a fully funded expanded operation and a commitment to innovative ESG financing in the global mining industry,” said CEO Benoit La Salle.
Aya, listed on the Toronto Stock Exchange, is Morocco’s only foreign-owned private silver producer. Its entire production is exported to precious metal refineries in the European Union. Financially, the company reported $30 million in revenue and $4 million in net profit for the first nine months of 2024.
Morocco ranks 15th globally in silver production, with 8.8 million ounces produced in 2023, according to the Silver Institute. Aya aims to achieve full nominal capacity at Zgounder by Q1 2025.
In addition to Zgounder, Aya is exploring other properties along Morocco’s South Atlas Fault and advancing the Tijirit gold project in Mauritania through its subsidiary, Mx2 Mining. These efforts underscore Aya’s commitment to growth and expansion in the region.