By Ayomide Otitoju
FG Gold Limited has reached financial close and completed the first drawdown of its US$330 million senior debt facility from the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), marking a major step toward developing Sierra Leone’s first large-scale commercial gold mine.
The financing, among the largest in Sierra Leone’s history, unlocks the full funding required for the Baomahun Gold Project, adding to AFC’s earlier US$100 million in streaming and mezzanine commitments. With Afreximbank’s US$75 million contribution, total investment from African development finance institutions now stands at US$430 million. Additional capital was mobilised through the Trafigura Group.
The deal enables FG Gold to accelerate construction activities and keep the project on track for its first gold pour.
FG Gold’s Founder and Executive Chairman, Oliver Tunde Andrews, described the milestone as a defining moment for both the company and Sierra Leone. He said the Baomahun project demonstrates Africa’s growing capacity to structure and deliver globally competitive mining ventures, supported by technical expertise and strong institutional partnerships.
AFC President and CEO Samaila Zubairu said the corporation’s role in leading and structuring the project reflects its mission to drive sustainable, Africa-led industrial development. He noted that Baomahun would deliver long-term economic benefits to Sierra Leone and set new standards for responsible mining on the continent.
Afreximbank’s President and Chairman of the Board, Dr. George Elombi, said the bank’s participation underscores its commitment to enabling African countries and private developers to harness natural resources for domestic value creation and inclusive growth.
Trafigura’s Global Head of Metals and Minerals, Gonzalo De Olazaval, added that the company’s involvement aligns with its strategy to expand its footprint in the gold market.
The Baomahun project is being developed by Boxmoor Au and Africa Minerals and Metals Processing Platform (A2MP), supported by an African-led team and global partners including Lycopodium, Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment. It is hailed as one of Sierra Leone’s most pioneering mining initiatives, featuring first-of-its-kind advances in financing, engineering, energy solutions and community engagement.
FG Gold already employs a workforce that is 90 percent Sierra Leonean. Once operational, the mine is expected to create up to 900 jobs, contribute about 10 percent to national GDP and stimulate supply chain growth.
Sierra Leone’s Minister of Mines and Mineral Resources, Julius D. Mattai, said the financing reflects strong confidence in the country’s investment climate and marks a new era of responsible, community-focused mineral development.
FG Gold has pledged 1 percent of gross revenues to a Community Development Fund that will support education, healthcare, agriculture and infrastructure in surrounding communities. Early projects include a community centre, a primary school, health facility upgrades and improvements to the 66-kilometre Matotoka–Baomahun access road.
