Aya Gold and Silver's Ambitious Plans for Boumadine
Aya Gold and Silver has made significant strides in its operational endeavors during 2025, particularly with the ongoing enhancements at its Zgounder silver mine in Morocco. Remarkably, the production from Zgounder surged by a staggering 193%, culminating in an impressive output of 4.82 million ounces of silver. This remarkable growth positions the company for a transformative phase in its production capabilities.
The Boumadine polymetallic project emerges as a crucial catalyst for Aya Gold and Silver's future silver production. On September 9, the Canadian firm unveiled an updated preliminary economic assessment (PEA) for the Boumadine asset, projecting a substantial 16% increase in silver production. Benoit La Salle, the company's president, emphasized the project's potential, stating that Boumadine could potentially double Aya's silver output. Although these figures are still preliminary forecasts, they underscore the ambitious vision that the company holds for this project.
Strategic Growth in Morocco's Mining Sector
Aya Gold and Silver's current silver production is primarily sourced from the Zgounder mine. In 2025, Zgounder produced 4.82 million ounces of silver, approximately 149 tons, showcasing a remarkable growth trajectory compared to the previous year's figures. This performance outshone the 127 tons produced at Imiter, another Moroccan mine operated by Managem, which has traditionally been regarded as Africa's largest silver mine.
The growth prospects for Boumadine could significantly bolster an already established production base. According to the updated PEA, the future mine is projected to yield 3.9 million ounces of gold equivalent over a 14-year lifespan, including 2.3 million ounces of gold and 81.2 million ounces of silver. Notably, this silver forecast represents an increase from the previously estimated 69.8 million ounces. The project's investment cost is estimated at $463 million, with a net present value (NPV) of $3.5 billion and an internal rate of return (IRR) of 93%.
However, these parameters will require further clarification through subsequent economic studies that build upon more advanced knowledge than what a preliminary economic assessment can offer. Aya aims to advance Boumadine towards these stages, with intentions to expand the project beyond the current study's scenario. Upcoming steps will aim to enhance the understanding of the asset's operational capabilities, particularly in assessing how its silver potential can translate into actual production.
As reported by agenceecofin.com.
