Rabat – Aya Gold & Silver, a Canadian precious metal mining company, announced today that it locked in $100 million in debt financing to expand its operations in the Zgounder Silver Mine, the second-most-important silver mine in Morocco.
The Canadian company reported that its Moroccan subsidiary, Zgounder Millennium Silver Mining SA, secured a $100 million debt financing package to support the expansion of the Zgounder Silver Project through a joint deal with two European financing institutions.
The European Bank for Reconstruction and Development (EBRD) would deliver $92 million in the form of a Senior Debt Facility, while the Climate Investment Funds would provide $8 million, according to a statement from Aya Gold & Silver.
Commenting on the news, Aya Gold’s President & CEO Benoit La Salle said that his company is “thrilled to be partnering with the EBRD, who is highly committed to both Morocco and the development of the Zgounder Silver Mine.”
Speaking on the company’s expansion plans, La Salle said that “the infrastructure build-out will serve as a regional catalyst, bringing additional investment, local jobs and procurement, and an array of social and environmental initiatives that benefit both the Kingdom of Morocco and its local communities.”
The CEO further added that the terms of the financing package are “competitive and protect the upside for all stakeholders, while adhering to and promoting environmental and Social Governance (ESG).”
The Canadian mining company currently manages and 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.
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