Rabat – Canadian precious metal mining company Aya Gold & Silver announced today closing a $100 million funding deal for an expansion project in Morocco’s Zgounder Silver Mine located in the Atlas mountain range.
First announced in October 2022, the financing deal comprises a $92 million loan provided by the European Bank for Reconstruction and Development (EBRD), and another $8 million from the Climate Investment Funds through its Clean Technology Fund (CTF).
The funds will go into expanding operations in the highly-perspectives areas under the Zgounder Silver Mining license.
Read also: European Bank to Finance Expansion for Aya Gold’s Mining Operations in Morocco
Commenting on closing the deal, Aya’s President and CEO, Benoit La Salle said: “This project financing, along with the recently completed and very successful equity offering, corroborates our positive view on Morocco and provides Aya financial flexibility as we continue with the Zgounder Silver Mine expansion.”
Thanking the project’s funding partners, La Salle added that his company is looking forward “to delivering value for all stakeholders and achieving the operational and ESG milestones set out by this partnership.”
The Canadian company currently holds and manages operations in six precious metal mining zones in Morocco including the Zgounder mining zone, second in size only to the Imiter mining zone operated by Managem.
