2023-05-14 13:01:13
At the head of African silver producers, Morocco owes this place mainly to the silver mine of Aya Gold & Silver in Zgounder. The Canadian, which increased to a production of 1.8 million ounces in 2022 at the Zgounder silver mine east of Agadir, delivered 474,813 ounces of silver in the 1st quarter of 2023, in up 25% year-on-year, boosting its revenue to $10.4 million over the period.
The independent Canadian mining group Aya Gold & Silver continues to write its history in Morocco through one of the two largest silver mines in the Kingdom, Zgounder (located in the rural town of Askaoun). Owner of the asset, he has just announced in a communiqué its interim financial and operating results for the first quarter. “We had a great start to 2023, with strong cash flow and silver production of 474,813 ounces, our second highest quarterly production to date, which was boosted by record mill processing said Benoit La Salle, CEO of the company. And to add: “(…) We expect to maintain the momentum gained in recent quarters for the rest of the year, placing us firmly on track to achieve the 2023 production objectives”. As a reminder, Aya Gold & Silver aims to produce 1.7 to 1.9 million ounces in 2023.
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In the meantime, sales increased by 25% compared to the first quarter of 2022. While revenues also increased to $10.4 million during the first three months of this year, it should be noted that this increase (14% year-on-year annual) was limited by a lower price than a year ago. Aya indeed sold the ounce of silver at 20.55 dollars on average, against 22.52 dollars in the first quarter of 2022.
Beyond 2023, the Canadian mining company has big plans for Zgounder, one of the two largest silver mines in the Kingdom along with the Imiter mine operated by Managem. Indeed, it aims to increase production to around 8 million ounces per year in 2024, against 1.8 million ounces expected in 2022. For this, it has started expanding the production capacity of the mine. Zgounder silver project which is one-third complete, according to Aya Gold & Silver, which last October secured $100 million in debt financing to support infrastructure construction, including $92 million from the European Bank for Reconstruction and Development (EBRD) and $8 million from the Climate Investment Fund, through its Clean Technology Fund.
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It should be noted that this former Anti-Atlas mine rehabilitated by Maya after 17 million euros of investment began its new life in September 2014. Since the relaunch of the site, operations have continued to ramp up.
Last September, Aya Gold & Silver announced that it had reached an agreement with the National Office of Hydrocarbons and Mines for the acquisition of Onhym’s 15% stake in the Zgounder project and five permits adjacent to its mine. money for a total consideration of 67 million DH. Onhym subsequently maintained its 3% royalty on the Zgounder property, and a 3% royalty is granted on production from the new permits.
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