FG Gold Limited has reached financial close on a landmark US$330 million senior debt facility with the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), paving the way for construction of Sierra Leone’s flagship large-scale commercial gold mine at Baomahun.
The announcement represents one of the largest project financing deals in Sierra Leone’s mining history. The transaction was further reinforced by capital mobilised through commodity trading firm Trafigura Group.
The senior debt package completes the project’s funding requirement and ensures its full development, enabling accelerated construction of core infrastructure as the company targets its first gold pour.
FG Gold’s Founder and Executive Chairman, Oliver Tunde Andrews, described the deal as a milestone for both the company and the country. “This achievement marks a new chapter not only for FG Gold but for Sierra Leone,” he said. “The Baomahun Project demonstrates that Africa has the capacity—not just in resources, but in financing sophistication, technical capability, and institutional collaboration—to develop large-scale, globally competitive mining assets.”
Andrews credited ongoing collaboration and partnership with the Government of Sierra Leone and the local community in bringing this project to life and he merited AFC’s anchor investment for helping attract additional financiers and build market confidence in the project.
AFC President & CEO Samaila Zubairu said the Corporation was proud to lead and structure the deal. “This development embodies our mission to catalyse sustainable, African-led industrial growth,” Zubairu noted. “Baomahun will not only generate long-term economic benefits for Sierra Leone but also set a benchmark for responsible, world-class mining development across Africa.”
Afreximbank President and Board Chairman, Dr. George Elombi, also highlighted the wider continental significance of the project. “Our financing reflects a commitment to enabling African nations and private developers to harness their natural resources for domestic wealth creation and inclusive growth,” he said. Trafigura’s Global Head of Metals and Minerals, Gonzalo De Olazaval, added that the company’s participation reflects its strengthened presence in the gold market.
The Baomahun Gold Project is being delivered through Boxmoor Au and the Africa Minerals and Metals Processing Platform (A2MP), supported by a predominantly African technical team and global industry leaders including Lycopodium, Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment.
Recognised as one of Sierra Leone’s most innovative mining ventures, Baomahun introduces several national “firsts” in financing structure, engineering design, renewable power integration, and community partnership.
FG Gold reports that 90 percent of its workforce is Sierra Leonean. Once operational, the mine is expected to support hundreds of direct and indirect jobs and contribute a significant portion of Sierra Leone’s GDP. The project is also expected to stimulate significant local business growth through its supply chain.
Minister of Mines and Mineral Resources, Hon. Julius D. Mattai, welcomed the financing as a strong vote of confidence in the country’s investment climate. “This marks a new era of responsible, community-oriented mineral development,” he said. “We welcome FG Gold’s commitment to local participation, skills development, and shared prosperity.”
FG Gold has pledged to support and promote education, healthcare, agriculture, infrastructure, and social enterprise in the project-affected areas.
Early initiatives include construction of the Baomahun Community Centre, establishment of St. Joseph Bakhita Primary School, rehabilitation of the Baomahun Health Centre, and upgrades to the 66-kilometre Matotoka–Baomahun access road.