By Ibrahim Sesay
FG Gold Limited has on 1 December 2025 achieved financial close on a landmark US$330 million senior debt facility with the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), securing the full funding required to construct Sierra Leone’s flagship Baomahun Gold Project. The deal marks one of the largest mining-sector financing transactions in the country’s history and unlocks the development of its first large-scale commercial gold mine.
The financing package, reinforced by additional capital mobilised through Trafigura Group, enables accelerated construction of mine infrastructure as FG Gold targets its first gold pour. With the senior debt facility now complete, the Baomahun project enters a new phase of implementation and investment.
FG Gold’s Founder and Executive Chairman, Oliver Tunde Andrews, described the transaction as a major milestone for both the company and the nation.
“This achievement marks a new chapter not only for FG Gold but for Sierra Leone,” Oliver Tunde Andrews 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.”
He acknowledged the strong partnership with the Government of Sierra Leone, alongside the support of host communities and emphasized AFC’s role as an anchor investor whose confidence helped mobilize additional financing.
AFC President and CEO, Samaila Zubairu, noted that the Corporation was proud to structure and lead the landmark transaction.
“This development embodies our mission to catalyze sustainable, African-led industrial growth,” he stated. “Baomahun will not only generate long-term economic benefits for Sierra Leone but also establish new standards for responsible mining across the continent.”
Afreximbank President and Board Chairman, Dr. George Elombi, highlighted the broader significance of the financing.
“Our involvement demonstrates our commitment to empowering African nations to harness their natural resources for domestic value 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 global position in the gold market and its confidence in the project’s long-term value.
The Baomahun Gold Project is being developed through Boxmoor Au and the Africa Minerals and Metals Processing Platform (A2MP). Its delivery is supported by a predominantly African technical team working alongside international industry leaders, including Lycopodium, Knight Piésold, CrossBoundary Energy and Komatsu/PanAfrican Equipment.
Recognized as one of Sierra Leone’s most innovative mining ventures, the project introduces national firsts in financing models, engineering design, renewable power integration and sustainable community engagement.
FG Gold reports that 90 percent of its workforce is Sierra Leonean, a figure expected to rise as construction and operations expand. The mine is projected to create hundreds of direct and indirect jobs and significantly boost national revenue and local enterprise development through its supply chain.
Minister of Mines and Mineral Resources, Julius D. Mattai, welcomed the financing as a strong endorsement of Sierra Leone’s investment climate. “This marks a new era of responsible, community-oriented mineral development,” he said. “We commend FG Gold’s commitment to local participation, skills development and shared prosperity.”
FG Gold has already initiated a series of social investment projects within the Baomahun area. These 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.
The company says it will continue to prioritize education, healthcare, agriculture, infrastructure and social enterprise as part of its long-term commitment to inclusive community development.
