European Bank for Reconstruction and Development (EBRD)/Zgounder mine expansion

Fasken acted for EBRD on the US$100 million project financing facility to Aya Gold & Silver Inc. for the upgrade and expansion of the Zgounder silver mine in the High Atlas mountains of Morocco. First drawdown under the facility took place on 29 August 2023. The financing is distinctive in that the Clean Technology Fund provided an US$8 million tranche which stipulates a reduction in the interest payable by Aya Gold on that tranche upon the achievement of certain climate-related incentives. 

Thomas Wexler of Fasken's London office led a team in both the London and Montreal offices, with support from Martin Racicot and Elaine Laberge-Poirier (Montreal) and Lucinda Patrick-Patel, Brandon Geraghty and Ramona Ramos (London). Kettani Law Firm acted as EBRD's counsel in Morocco.