Canada-based precious metals miner Aya Gold & Silver has received final approval from the European Bank for Reconstruction and Development (EBRD) for a $25mn secured credit facility to finance its expansion in Morocco, Al Maghrebia reported on May 13.
The two-year loan has a 5% interest margin and is structured with bullet repayment. The deal is still subject to final agreements and regulatory approvals.
Toronto-listed Aya will use the funds to develop the Boumadine polymetallic project in Morocco. The EBRD has partnered with Aya for over a decade. The bank praised the company’s progress at the Zgounder silver mine and said it would support sustainable mining practices.
Aya Gold & Silver reported strong operational results at the Zgounder mine. Zgounder mining zone is the second largest mining area in Morocco in terms of size, after Imiter. Silver production rose 64% since the start of 2025. In January, the company announced plans to invest an additional $50mn in Morocco over the coming years.
Aya is also exploring the South-Atlas Fault region. In February this year, Aya partnered with several investors to generate gross proceeds totalling $67.5mn (€62.6mn) for the company to fund its mining operations in Morocco.
Morocco produced about 8.8mn ounces of silver in 2023, ranking it 15th globally in silver production.
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