The European Bank for Reconstruction and Development (EBRD) is providing a US$ 6 million loan to Maya Gold & Silver Inc., a Canadian mining company operating in Morocco, to help finance the expansion of the Zgounder Silver Mine.
The EBRD funds will support the modernisation of the mine, as well as finance exploration and development works and the introduction of silver separation flotation units. These units will help to optimise the Zgounder processing plant, as well as bring energy efficiency and environmental improvements to its operations.
Eric Rasmussen, EBRD Director for Natural Resources, said: “We are very pleased to team up with Maya Gold & Silver, a leading international company in the mining sector, to implement a programme to expand production and, at the same time, modernise the operations. This investment will set an example for the Moroccan mining industry.”
Guy Goulet, CEO of Maya, said: “This is a great demonstration of trust from such a great institution as the EBRD. In addition to obtaining important financing, it adds a lot of credibility to our business plan. ”
Noureddine Mokaddem, President of Maya, added: “The closing of this transaction paves the way for Maya’s future development of its projects.”
The EBRD started investing in Morocco in 2012. To date, the Bank has invested €400 million in 18 projects across the country, in addition to €130 million of trade facilitation credit lines with local banks. The EBRD has also provided technical assistance to more than 175 local small and medium-sized enterprises.