A gold and silver deposit tucked away in Morocco’s Errachidia province may be about to reshape the kingdom’s mining industry. Canadian company Aya Gold & Silver has just released an updated preliminary economic assessment for its Boumadine project, and the figures are striking.
The mine’s after-tax net present value has jumped by roughly 140%, climbing from $1.475 billion in the previous study to approximately $3.537 billion today. Over the project’s full operational lifespan, cumulative revenues could reach nearly $11 billion, a figure that would place Boumadine among the kingdom’s most lucrative mining ventures.
The initial investment, estimated at around $463 million, could be recovered in as little as eight months, with an internal rate of return reaching 93%, a level rarely seen anywhere in the global mining sector. The updated study also extended the mine’s projected operational life from 11 to 14 years, with output expected to reach 2.25 million ounces of gold, 81.2 million ounces of silver, plus 422,000 tonnes of zinc and 195,000 tonnes of lead.
Located roughly 70 kilometers southwest of Errachidia and 220 kilometers east of Ouarzazate, the site already holds a mining license. Aya Gold & Silver is now conducting detailed feasibility studies ahead of a final development decision. Initial plans call for an ore-processing facility, dedicated power connections, and transport of metal products to the Mediterranean port of Nador.
The project reflects growing international investor appetite for Morocco’s mineral wealth. The Canadian firm has been expanding its footprint across the kingdom: this month it acquired a new copper-silver exploration portfolio covering 139 square kilometers near the Zgounder mine, for 4 million Canadian dollars in company shares.
Some caution is warranted, however. A preliminary economic assessment is, by definition, a projection rather than a confirmed operational outcome. Part of the estimate rests on so-called inferred mineral resources, which still require further exploration and geological evaluation before they can be classified as economically proven reserves. Still, if subsequent studies bear out these projections, Boumadine looks set to become one of the cornerstones of Morocco’s mining strategy for the coming decade, reinforcing the kingdom’s ambition to position itself as a serious player in the global race for critical minerals.
