Canadian Aya Gold & Silver wants to increase its silver production in Morocco by 60% by 2024

(Ecofin Agency) – Zgounder is one of the largest Moroccan silver mines. With 1.97 million ounces delivered in 2023, it largely contributes to the Shereef Kingdom’s status as the leading African producer of the precious metal.

Aya Gold & Silver targets production of 2.6 to 3.2 million ounces at the Zgounder silver mine in 2024. This was the announcement made by the Canadian company on March 28 on the occasion of the publication of its operational and financial results for 2023. Notably, the production of 1.97 million ounces of silver from its assets in Morocco.

Today $AYA announces results and prospects for 2023 for the transition year 2024:
✅1.97 Moz produced in 2023 at TCC of $12.50/oz
✅Zgounder expansion on track
✅Boumadine 2024 drilling budget of 120,000 million
✅2024 production guidance of between 2.6 and 3.2 million ozhttps://t.co/xfSrfb9Nvg$AYASF

— Aya Gold & Silver (@AyaGoldSilver) March 28, 2024

If these predictions come true, silver production in Zgounder is expected to increase by 32 to 62% year-on-year, compared to an increase of just 5% in 2022. This expected growth is explained by the success of the expansion project that will is expected to be completed in the second quarter of the year and could ultimately quadruple the mine’s annual production capacity to 8 million ounces.

“2023 was a year of strategic growth and investments in which we met or even exceeded our objectives […]. We expect our dedicated teams to reach full production in Zgounder before the end of the year», said Benoit La Salle, CEO of the company.

As a reminder, Zgounder largely contributes to Morocco’s status as the top African silver producer and its rise should cement the Shereef Kingdom’s place in the global market. In 2023, the mine generated $42.8 million in revenue, an increase of 12% year over year.

Emiliano Tossou

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02-15-2024 – Canadian Aya Gold & Silver raises $57.3 million for exploration in Morocco