Montreal-based Aya Gold & Silver Inc. has officially reached commercial production at its expanded Zgounder silver mine in Morocco and announced its intention to inject $50 million more over the next few years.
According to a press release, the company’s newly constructed processing plant, which began development in mid-2022, started treating ore on November 4, 2024. The first silver pour followed on November 27, with commercial production declared on December 29, less than two months after initial operations began.
Over a 30-day period ending December 29, the plant processed 45,683 tonnes of ore, operating at an average rate of 84 tonnes per hour with 75% availability. This translates to a daily processing rate of 1,523 tonnes—76% of its nominal capacity—while maintaining a silver recovery rate of 79%.
Recent performance data show further improvements, with an average throughput of 1,834 tonnes per day between December 19 and 29, peaking at 2,152 tonnes on December 27. During this period, plant availability rose to 86%, sustaining the silver recovery rate at 79%.
The expansion has tripled the mine’s annual production capacity to 8 million ounces, making it Morocco’s second-largest silver mine after Managem’s Imider. In an interview with Asharq Business, CEO Benoit La Salle disclosed that the company has invested $250 million in Morocco since commencing operations.
“With over 600 full-time employees, a fully funded expanded operation, and a strong financial foundation, Aya is well-positioned to sustain its growth while setting a new standard for innovative ESG financing in the global mining industry,” La Salle stated in the statement.
Aya, the only pure-play silver mining company listed on the Toronto Stock Exchange and the sole foreign-owned private silver producer in Morocco, exports its entire production to precious metal refineries in the European Union. Financial statements show the company generated $30 million in revenue over the first nine months of 2024, with a net profit of $4 million.
Morocco ranks 15th globally in silver production, with approximately 8.8 million ounces produced in 2023, according to the Silver Institute’s annual report. The company aims to achieve full nominal capacity by Q1 2025.
Beyond Zgounder, Aya Gold & Silver is exploring properties along Morocco’s South Atlas Fault and advancing the Tijirit gold project in Mauritania. These new ventures will be developed through its spinoff company, Mx2 Mining, as announced on September 12, 2024.
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