"This approval, along with our robust expansion feasibility study, announced last week, provides us with enough comfort to order long-lead construction items," Aya's president and CEO, Benoit La Salle, said.
The expansion of the Canada-based company's flagship mine is planned to lift capacity from 700 tonnes per day to 2,700t/d.
Based on a silver price of US$22/oz, Aya's expansion feasibility study showed an after tax 5% NPV and after-tax IRR of 48%. The initial mine life is 11 years with an all-in sustaining cost of US$9.58/oz, including sustaining capital expenditures.
Aya also announced a partnership with the Biotechnology for Sustainable Development in Africa Foundation, which is aimed at developing and supporting local agribusinesses and providing access to international markets in the Askaoun region of Morocco.
La Salle said the deal highlights the company's commitment to deliver measurable impact to the community, including local-community job creation over the next five years.
Aya traded on the Toronto Stock Exchange at C$10.13/share on February 28, which was up 4%. The company had a market capitalisation of C$1.06 billion.
