Transformative Growth at Zgounder Mine
The Zgounder silver mine has achieved remarkable growth, increasing its silver production by an impressive 193% year-on-year to establish itself as Africa's largest silver mine in 2025. This surge in output aligns with the strategic ambitions of Aya Gold & Silver, the company that wholly owns this significant asset located in Morocco. Aya Gold & Silver has outlined plans to further boost silver production, particularly through its Boumadine project, which serves as a focal point for its operational strategy. The Zgounder mine, being the only operational site for Aya in Morocco, plays a crucial role in this vision, reinforcing the company’s market position while attracting investor interest.
Aya Gold & Silver's complete ownership of Zgounder allows it to integrate the mine's performance seamlessly into its financial results. The company has a diverse base of international investors, prominently including Van Eck Associates, which holds a 7.1% stake. Other notable shareholders include Mirae Asset Global ETFs and Vanguard Capital Management. This diverse ownership structure not only highlights the global interest in the mine but also indicates the company's robust market presence, trading on both the Toronto Stock Exchange and Nasdaq.
Economic Implications for Morocco
Despite Aya Gold & Silver's full control over the Zgounder mine, the Moroccan state retains a financial stake in the operation. The Office National des Hydrocarbures et des Mines (ONHYM) divested its 15% stake in the project back in 2022 but continues to benefit from a 3% royalty on the mine’s silver production. This arrangement underscores the economic connection between the mining operation and the Moroccan government, ensuring that the state still derives financial advantage from one of its most significant natural resources.
With the expansion and the commissioning of a new processing plant in late 2024, Zgounder’s silver output skyrocketed to 4.82 million ounces (149 tonnes) in 2025, a substantial increase from 1.64 million ounces the previous year. This remarkable growth positions Zgounder ahead of the Imiter mine, which was traditionally recognized as Morocco's largest silver producer. Looking towards the future, Aya Gold & Silver projects that Zgounder will continue to ramp up production, forecasting an output between 5.2 and 5.8 million ounces in 2026, and an average of approximately 6 million ounces annually through 2036. This trajectory not only signifies the mine's importance to Aya but also enhances its role in the broader African mining landscape.
As reported by ecofinagency.com.
