Strong outlook for Moroccan silver mine

 Aya’s Zgounder silver mine in Morocco is WhyAfrica’s Pick Of The Week.

 By Leon Louw founder of WhyAfrica and Endorphin Expeditions

With rising prices and a strong outlook for silver Africa’s only pure silver mine is in the spotlight.

Something we don’t talk about often is pure silver producers in Africa. The reason is that there is only one silver only producer in Africa.

That is Canadian company Aya Gold & Silver’s Zgounder mine in the province of Taroudant in the Kingdom of Morocco.

Zgounder had a bumper 2025 and is therefore WhyAfrica’s Pick Of The Week.

An increasingly attractive investment

With silver’s growing role in modern technologies like solar panels, electric vehicles and electronics, silver has become an increasingly attractive investment.

In 2025, Zgounder produced a total of 4.83 Moz of silver, a significant increase from 2024.

“2025 was a defining year for Aya, with record financial performance driven by strong execution at Zgounder and continued advancement at Boumadine,”says Benoit La Salle, President and CEO.

Boumadine is a development stage polymetallic project, also in Morocco, but not a pure silver play.

A strong silver price environment

“With Zgounder now operating at steady state, we are entering a phase of significant cash flow generation, further supported by a strong silver price environment,” adds La Salle.

 Zgounder is in the central part of the Anti-Atlas Mountain. It is situated, by road, approximately 215 km south of the city of Marrakech.

The site is accessible via well-maintained paved highways (N10 and P1706) from Agadir to Taliouine (205 km).

From there you follow a paved road to the nearby village of Askaoun and then a gravel road to the mine.

Expanding the footprint

Silver is mined from an open pit and underground operation at Zgounder. Aya produces silver doré from its new processing facility at Zgounder.

According to La Salle, Aya has also expanded its regional footprint with six new exploration permits.

Aya has established an exploration track record through a systematic, technology-led, data-driven approach.

The company is focused on expanding its resource base and land package along the Anti-Atlas fault, which is one of Africa’s most geologically rich, underexplored and mining-friendly regions.

Image: Aya Gold & Silver produces a pure silver play at Zgounder in Morocco. Image credit: Aya Gold & Silver.

Strong outlook for Moroccan silver mine