Aya Gold & Silver's Strategic Investment in Morocco
Canadian company Aya Gold & Silver is set to accelerate its operations in Morocco with a substantial investment program amounting to $500 million by the year 2030. This ambitious plan aims to enhance the company's silver production capabilities while also introducing gold mining to its portfolio for the very first time, as reported by the platform Asharq.
Aya Gold & Silver stands out as one of the leading foreign mining firms operating in Morocco. The company fully owns the Zgounder silver mine and is currently advancing the Boumâadine polymetallic project located in the eastern part of the country, where it holds an 85% stake. The remaining 15% is owned by the National Office of Hydrocarbons and Mines (ONHYM).
Growth and Financial Performance
Situated in the heart of the Anti-Atlas mountains, the Zgounder mine is recognized as Morocco's second-largest silver mine, following the Imiter mine, which is run by the Moroccan group Managem. Last year, Aya Gold & Silver produced nearly 5 million ounces of silver at Zgounder and anticipates a production increase to between 6.2 and 6.8 million ounces by 2026. This expected rise is driven by the increasing prices of silver and a higher volume of sales.
Listed on both the Toronto Stock Exchange and Nasdaq, the company has reported impressive financial results for the first quarter of this year, with revenues soaring by 247% year-on-year to reach $117 million. Furthermore, its net profit experienced a remarkable sevenfold increase, amounting to $49 million, compared to just $7 million in the previous year.
Aya Gold & Silver has already invested approximately $400 million in Morocco and now plans to initiate further investments aimed at boosting silver production and commencing gold extraction by 2029. This strategic move is designed to diversify the company's income streams and solidify its footprint in the Moroccan mining sector.
As reported by larazon.es.
