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Canada’s Aya Gold & Silver is preparing for a major expansion drive in Morocco, with an ambitious $500 million investment program planned through 2030. The strategy aims to significantly increase silver production while introducing gold extraction into the company’s operations for the first time, according to Asharq.
Aya Gold & Silver is among the leading foreign mining companies operating in the kingdom. Its activities are centered on the Zgounder silver mine, which it wholly owns, as well as the Boumadine polymetallic project in eastern Morocco, where it holds an 85% stake. The remaining share belongs to the National Office of Hydrocarbons and Mines.
Located in the heart of the Anti-Atlas Mountains, the Zgounder mine is considered Morocco’s second-largest silver mine after the Imiter mine, operated by Managem. The company produced around 5 million ounces of silver last year and expects output in 2026 to rise to between 6.2 million and 6.8 million ounces, supported by higher silver prices and increased sales volumes.
The company, listed on the Toronto Stock Exchange and Nasdaq, also posted strong financial results in the first quarter of the year. Revenue jumped 247% year-on-year to $117 million, while net profit surged 600% to $49 million, up from $7 million during the same period last year.
Aya has already invested around $400 million in Morocco and plans additional spending to expand silver production and begin gold extraction by 2029, a move expected to strengthen revenues and diversify the company’s sources of income.
