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Join on Telegram Rabat – Canadian mining company Aya Gold & Silver has announced the completion of the first drawdown on its $100 million project financing facility for the expansion of the Zgounder Silver Mine in Morocco.
This financing facility, provided by the European Bank for Reconstruction and Development (EBRD) and the Climate Investment Funds through its Clean Technology Fund (CTF), was finalized earlier this year.
EBRD is providing a substantial $92 million loan, while CTF is contributing an additional $8 million to the project.
Of the $100 million funding, the Canadian company has successfully drawn an initial $35 million, which will provide the necessary financial means to advance the project.
President and CEO of Aya Gold & Silver Benoit La Salle expressed his satisfaction with this development and the partnership with EBRD, stressing that it is a major step towards the progress of the Zgounder Mine expansion project.
“This milestone represents a significant step forward on our path to delivering stakeholder value, enhancing our commitment to sustainable mining practices, and executing our strategic vision to foster economic growth, environmental responsibility, and community engagement,” he underlined.
La Salle further emphasized the company’s dedication to responsible mining in Morocco and its commitment to positively impacting local development.
Aya Gold & Silver is known for its rapid growth as a silver producer with several operations in Morocco. It currently operates the high-grade Zgounder Silver Mine while exploring other prospective properties along the South-Atlas Fault.
Earlier this month, the company announced a substantial expansion of its 2023 exploration program in its Moroccan properties, encompassing the Boumadine polymetallic project, Zgounder silver deposit, Zgounder Regional properties, and the recently acquired Tirzzit copper-silver property.
