EBRD promotes sustainable mining in Morocco

• EBRD providing loan of up to US$ 25 million to Aya Gold & Silver Inc. for exploration programme at Boumadine mine
• Boumadine emerging as one of the most important mines in Morocco and North Africa
• Fostering youth and gender inclusion in the mining industry of the Drâa-Tafilalet region.

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to US$ 25 million to Aya Gold & Silver Inc to support the company’s exploration programme at the Boumadine mine in the Drâa-Tafilalet region of southern Morocco.

The Boumadine polymetallic mine is emerging as one of the most important in Morocco and North Africa. It has strategic importance for Aya, to diversify its portfolio and expand production capabilities beyond the established Zgounder silver mine.

This financing will support an exploration programme consisting of drilling, engineering, updating the mine plan and preparing a preliminary economic assessment study, allowing the project to advance to large-scale development and potentially making Boumadine a world-class deposit. The financing also positions the EBRD as a premier financing partner for Aya when the time comes to fund construction of the mine.

In addition, the financing will strengthen Aya Gold & Silver’s capacity building in the Drâa-Tafilalet region by delivering new vocational programmes and adapting university curricula for local students. These activities will foster the readiness of the workforce to meet evolving needs in the mining industry. Aya will also back an EBRD-led awareness-raising and advocacy campaign to promote women’s employment in the Moroccan mining sector.

The EBRD’s investment will also pave the way to launching advisory support in relation to Aya’s value chain, contributing to resource management, energy efficiency and decarbonisation of the firm’s suppliers.

Mark Bowman, EBRD Vice President, said: “We are very pleased to partner for the third time with Aya in Morocco to advance the mining sector while promoting sustainable development and applying best environmental standards in the sector. Through this investment we are also contributing to the economic development of the Drâa-Tafilalet region, the creation of job opportunities and the inclusion of youth and women.”

Morocco is a founding member of the EBRD and became one of the Bank’s countries of operation in 2012. To date, the EBRD has invested close to €5.4 billion in the country through 119 projects, of which more than 72 per cent have been in the private sector. EBRD investments in the country focus on supporting sustainable energy, the direct and indirect financing of private enterprises, promoting infrastructure reform and facilitating non-sovereign financing.