FG Gold has reached financial close on a $330mn senior debt package for the Baomahun Gold Project, unlocking Sierra Leone’s first large-scale commercial gold mine.
FG Gold Limited said the financing was arranged with Africa Finance Corporation and African Export-Import Bank (Afreximbank), with additional capital mobilisation from Trafigura Group.
The funding secures the construction and development of the Baomahun Gold Project, described as Sierra Leone’s flagship commercial gold mine.
The company said the transaction ranks among the most significant project financings in the country’s history and aligns with national ambitions to harness mineral wealth for long-term economic transformation responsibly.
The senior facility completes the full funding package required to bring the project into production, complementing the development financier’s earlier $100m investment in gold streaming and mezzanine commitments. Total investment by African development finance institutions now stands at $430mn, including $75mn from Afreximbank.
“This achievement marks a new chapter not only for FG Gold but for Sierra Leone,” said Oliver Tunde Andrews, Founder and Executive Chairman of the company.
“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.
“We are delighted with our constructive ongoing collaboration and partnership with the Government of Sierra Leone and the local community, as well as the backing of Africa’s leading DFIs in bringing this transformative project to life,” he added.
“The anchor investment provided by AFC was instrumental in crowding in additional financiers and establishing the confidence needed to mobilise further capital for the project.”
Samaila Zubairu, President and CEO of Africa Finance Corporation, said the transaction reflected the institution’s industrial development mandate. “AFC is proud to have led and structured the Baomahun Gold Project, a development that embodies our mission to catalyse sustainable, African-led industrial growth.
This transaction demonstrates what can be achieved when African institutions collaborate to unlock the value of our continent’s resources.
“Baomahun will not only generate long-term economic benefits for Sierra Leone but also establish a benchmark for responsible, world-class mining development across Africa,” he said.
Dr George Elombi, President and Chairman of the Board of Directors at Afreximbank, said the bank’s support was aimed at strengthening domestic value creation.
“Afreximbank is delighted to partner on a project that has economic significance for Sierra Leone and the wider continent. Our financing reflects a commitment to supporting value creation within Africa by enabling sovereigns and private developers to harness their natural resources for domestic wealth creation and inclusive growth and development.
“The Baomahun Gold Project stands as a powerful example of African capability, innovation, and collaboration,” he said.
Gonzalo De Olazaval, Global Head of Metals and Minerals at Trafigura, said the trader’s participation underscored its expanding presence in precious metals. “We are pleased to support Sierra Leone’s first large-scale commercial gold mine in partnership with AFC and Afreximbank.
Our participation in this debt facility underscores our growing footprint in gold markets, complemented by the global reach and scale of our broader metals business,” he said.
A new model for African mining development
The project is being delivered through the leadership of Boxmoor Au and the Africa Minerals and Metals Processing Platform (A2MP), supported by a predominantly African professional team and international partners, including Lycopodium as EPCM contractor, Knight Piésold, Cross Boundary Energy, and Komatsu/Pan African Equipment.
Baomahun is being positioned as a model for future mining investment on the continent. The developers say it introduces a series of national “firsts” across project financing, engineering standards, power solutions, and community partnerships, creating a scalable framework for structuring and delivering high-impact mining projects in Africa.
FG Gold is already a major local employer, with 90% of its workforce made up of Sierra Leoneans. Once fully operational, the mine is expected to support up to 900 direct and indirect jobs, contribute roughly 10% of the national GDP, and stimulate significant growth across the local supply chain.
According to Julius D. Mattai, the project marks a turning point for the country’s extractive sector. “The Baomahun Gold Project represents a milestone for Sierra Leone’s mining sector and a clear signal of the confidence that respected African institutions place in our investment environment.
“This financing 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, and we look forward to the transformational impact Baomahun will deliver for generations to come.”
As part of its social investment framework, the company has committed 1% of gross revenues to a Community Development Fund targeting education, healthcare, agriculture, infrastructure, and social enterprise in host communities.
Early projects already delivered include the Baomahun Community Centre, St Joseph Bakhita Primary School, the renovated Baomahun Health Centre, and upgrades to the 66-kilometre Matotoka–Baomahun access road.
