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Rabat – The Canadian mining company Aya Gold & Silver announced on Monday that it had signed a $6.5 Million investment deal with Morocco’s National Agency for Mines and Hydrocarbons (ONHYM).
The investments would go into consolidating Aya Gold & Silver’s assets in Morocco by increasing its interest in Zgounder, the country’s second most important mining zone in the Atlas Mountains region, the Canadian company said in a press release.
Under the new deal, Aya Gold & Silver brought ONYHM’s 15% interest in the Zgounder mining venture, increasing the company’s interest to 100%, noted the statement, adding that the terms of the agreement further state that Morocco’s ONHYM will maintain the pre-existing 3% of royalty on production sourced from new permits.
The new agreement is “very accretive for all stakeholders” and indicates the Canadian company’s “strong relationship with ONHYM and the government of Morocco,” commented Benoit La Salle, President, and CEO of Aya Gold & Silver.
Through this deal, La Salle added, Aya Gold & Silver “acquired 100% ownership of the Zgounder project and acquired strategic, adjoining permits,” consolidating the company’s assets around Zgounder.
“We look forward to our continued strong partnership with ONHYM as we collaborate and generate value for all stakeholders on mining opportunities in the Kingdom of Morocco,” the CEO concluded.
The Canadian mining company currently operates six precious metal mining zones in Morocco including the Zgounder mining zone, second in size only to the Imiter mining zone operated by Managem.
This year, the company pledged a $6.4 million exploration budget covering a 30,000-meter drill program.
Read Also: Aya Gold & Silver Discovers New Mineralized Zone in Morocco
