- Aya Gold & Silver (AYA) is reporting a US$100M debt financing to expand the Zgounder Silver Project
- Funding for the Morocco-based project is provided by The European Bank for Reconstruction and Development (US$92M) and The Climate Investment Funds (US$8M)
- Subsidiary Zgounder Millennium Silver Mining will undertake the debt, which management believes to be on competitive terms that preserve shareholder value
- Aya Gold & Silver is a silver producer with primary operations in the Kingdom of Morocco
- Aya Gold & Silver (AYA) opened with a loss of 0.94 per cent, trading at $8.42 per share
Aya Gold & Silver (AYA) is reporting a US$100M debt financing to expand the Zgounder Silver Project.
The European Bank for Reconstruction and Development (EBRD) will provide a senior debt facility of US$92M.
The Climate Investment Funds, through its Clean Technology Fund (CTF), will provide a US$8M tranche, pari-passu, with the EBRD.
Subsidiary Zgounder Millennium Silver Mining will undertake the debt under the following terms:
- A maturity date of six years, including a two-year principal grace period and 24-month availability period
- CTF interest rate reduction following three ESG and operational milestones:
- Task Force on Climate-Related Financial Disclosures (TCFD) report disclosed by end of 2023
- Investment completion by end of 2024
- Reaching advanced maturity on the TCFD Climate Governance and Strategy recommendation
“The infrastructure build-out will serve as a regional catalyst, bringing additional investment, local jobs and procurement, and an array of social and environmental initiatives that benefit both the Kingdom of Morocco and its local communities,” stated Benoit La Salle, Aya’s President and CEO.
“We have secured a financing package on terms that are competitive and protect the upside for all stakeholders while adhering to and promoting the ESG priorities that are part of our founding values,” he added.
Aya Gold & Silver is a silver producer with operations in the Kingdom of Morocco. It also owns the Tijirit Gold Project in Mauritania, which is being advanced to feasibility.
Aya Gold & Silver (AYA) opened with a loss of 0.94 per cent, trading at $8.42 per share.