AYA Gold & Silver (EBRD-53404)

  • Morocco
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • European Bank for Reconstruction and Development (EBRD)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 19, 2022
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Zgounder Millennium Silver Mine S.A
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Construction
  • Mining
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 92.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 182.45 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ EBRD website

Updated in EWS Nov 1, 2022

Disclosed by Bank Oct 25, 2022

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to bank provided information, the investment involves the provision of up to USD 100 million senior loan to support expansion and upgrade of its Zgounder silver mine in Morocco, including (i) a new state of the art 2,000tpd processing plant; (ii) a new power line with a renewable energy power purchase agreement; (iii) new wastewater facilities; and (iv) expansion of the underground and open pit mine. The facility will have 6-year tenor. USD 92 million will be underwritten by EBRD of which USD 50 will be syndicated after signing and USD 8 million to be provided from the Clean Technology Fund.

The project will enable to support an independent mining company in Morocco in strengthening its competitiveness through gains in efficiency, skills, productivity and innovation.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The EBRD finance is the provision of up to USD 100 million senior loan in favour of Zgounder Millennium Silver Mine "ZMSM"  located in the region of Agadir, of which (i) USD 92 million to be underwritten by the EBRD and further reduced by USD 50 million in the syndication process after signing (with the Bank's final hold of USD 42 million), and (ii) USD 8 million (provided from the Clean Technology Fund) The loan will be guaranteed by the Sponsor, Aya Gold & Silver Inc.

Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Zgounder Millennium Silver Mine S.A is a silver mine company owned at 85% by Aya Gold & Silver Inc., while 15% is owned by National Office of Hydrocarbons and Mines ("ONHYM"). Aya Gold & Silver Inc. is a Toronto Stock Exchange-listed Canadian company focused on operation, acquisition, exploration and development of silver and gold deposits.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Zgounder Millennium Silver Mine S.A Client Mining

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Ugo Landry-Tolszczuk
+1 (647)-919-2227
1320 Graham, suite 132 Ville Mont-Royal, QC H3P 3C8


You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request 


The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en 

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html 

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How it works