Canada-based Aya Gold & Silver has secured $100-million in debt financing to support the expansion of the Zgounder silver mine, in Morocco.
The European Bank for Reconstruction and Development will provide a senior debt facility of $92-million, while the Climate Investment Funds, through its Clean Technology Fund, is providing an $8-million tranche.
Aya is looking to expand Zgounder and in February delivered a 2 700 t/d expansion feasibility study, which will quadruple production to 6.8-million ounces of silver.
Located in the central Anti-Atlas mountains, Zgounder is the second-most important silver mine in Morocco after the Imiter mine. Commercial production was reached in January 2019.