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Join on Telegram Doha – Montreal-based Aya Gold & Silver Inc. has achieved commercial production at its expanded Zgounder silver mine in Morocco, while announcing plans to invest an additional $50 million in the country over the coming years.
According to a press release, the company’s new processing plant, which began construction in mid-2022, started processing ore on November 4, 2024. The plant later achieved its first silver pour on November 27. Commercial production was then declared by December 29, less than two months after initial operations began.
The facility processed 45,683 tons of ore over a thirty-day period ending December 29, operating at an average rate of 84 tons per hour with 75% availability. This translated to a daily processing rate of 1,523 tons, representing 76% of the nameplate capacity, while maintaining a silver recovery rate of 79%.
Recent performance data showed improved metrics, with mill throughput averaging 1,834 tons per day between December 19-29, reaching a peak of 2,152 tons on December 27. During this period, mill availability increased to 86%, while maintaining the 79% silver recovery rate.
The expansion has tripled the mine’s annual production capacity to 8 million ounces, making it the second-largest silver mine in Morocco after Imider, owned by Managem. In an interview with Asharq Business, CEO Benoit La Salle revealed that the company has invested $250 million in Morocco since beginning operations.
“With over 600 full-time employees, a fully funded expanded operation and a strong financial foundation, Aya is well positioned to support its growth while establishing a new standard for innovative ESG financing in the global mining industry,” La Salle stated in the press release.
The company, which is the only TSX-listed pure silver mining company and the sole private foreign silver producer in Morocco, exports its entire production to precious metal smelters in the European Union. Financial records show the company generated revenues of $30 million in the first nine months of the year, with net profits of $4 million.
Morocco ranks 15th globally in silver production, producing approximately 8.8 million ounces in 2023, according to The Silver Institute’s annual report. The company aims to reach full nameplate capacity by the first quarter of 2025.
In addition to Zgounder, Aya Gold & Silver is exploring properties along the South-Atlas Fault in Morocco and developing the Tijirit Gold Project in Mauritania. These new ventures will be developed by its spinout company Mx2 Mining, as announced on September 12, 2024.
Read also: Aya Gold Sets Record with 1.9 Million Ounces of Silver in 2023 in Morocco
