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- FG Gold has reached financial close and first drawdown on its US$330 million financing with AFC and Afreximbank for the Baomahun Gold Project, marking Sierra Leone’s flagship commercial gold mine (1)
- FG Gold has reached financial close and first drawdown on its US$330 million financing with AFC and Afreximbank for the Baomahun Gold Project, marking Sierra Leone’s flagship commercial gold mine (2)
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FG Gold, Africa Finance Corporation (AFC) and Afreximbank Achieve Financial Close on US$330 Million Senior Debt Financing for Baomahun Gold Project
During operations, the mine is expected to support up to 900 direct and indirect jobs, contribute approximately 10% of national GDP, and stimulate substantial local supply chain growth
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
FG Gold Limited (“FG Gold”) is pleased to announce that it has achieved financial close and the first drawdown on its US$330 million Senior Debt Financing with Africa Finance Corporation (AFC) (www.AfricaFC.org) and the African Export-Import Bank (Afreximbank), for its Baomahun Gold Project, marking the development of Sierra Leone’s flagship large-scale commercial gold mine. This milestone unlocks one of the most significant project financing deals in the country’s history and supports Sierra Leone’s ambition to responsibly harness its mineral resources for sustainable economic transformation. The transaction was further strengthened by capital mobilised through Trafigura Group.
The senior facility completes the financing package required to construct and develop the Baomahun Gold Project, complementing AFC’s initial US$100 million investment in gold streaming and mezzanine commitments. This brings the total investment by leading African Development Finance Institutions (“DFIs”) to US$430 million, including Afreximbank’s contribution of US$75 million. This landmark financing secures the full development pathway for Baomahun, enabling FG Gold to accelerate construction of core infrastructure and maintain its momentum toward first gold pour.
A transformational milestone for Sierra Leone and African mining
“This achievement marks a new chapter not only for FG Gold but for Sierra Leone,” said Oliver Tunde Andrews, Founder and Executive Chairman of FG Gold. “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.” According to Andrew’s, “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.”
AFC and Afreximbank champion African resource development
Samaila Zubairu, President & CEO of Africa Finance Corporation (AFC), commented: “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.”
Dr. George Elombi, President and Chairman of the Board of Directors, noted, “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.”
Gonzalo De Olazaval, Global Head of Metals and Mineral at Trafigura added, “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 underscores our growing footprint in gold markets, complemented by the global reach and scale of our broader metals business.”
A project defined by African capability and global standards
The Baomahun Gold Project is being developed through the leadership of Boxmoor Au and the Africa Minerals and Metals Processing Platform (A2MP), supported by a predominantly African team and leading industry partners, including Lycopodium (EPCM), Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment.
Recognised as one of Sierra Leone’s most pioneering mining developments, Baomahun introduces multiple national “firsts” across financing, engineering, power solutions, and community partnership—establishing a scalable model for structuring and delivering high-impact mining projects across Africa.
Driving economic growth and shared prosperity
FG Gold is already a major local employer, with 90% of its workforce comprised of Sierra Leoneans. During operations, the mine is expected to support up to 900 direct and indirect jobs, contribute approximately 10% of national GDP, and stimulate substantial local supply chain growth.
According to the Minister of Mines and Mineral Resources, Sierra Leone, the Honourable Julius D. Mattai, “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. 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.”
Community development already underway
FG Gold has committed 1% of gross revenues to a Community Development Fund supporting education, healthcare, agriculture, infrastructure, and social enterprise in project-affected communities. Early initiatives include the Baomahun Community Centre, St. Joseph Bakhita Primary School, the renovated Baomahun Health Centre, and upgrades to the 66 km Matotoka–Baomahun access road.
Distributed by APO Group on behalf of Africa Finance Corporation (AFC).
FG Gold has reached financial close and first drawdown on its US$330 million financing with AFC and Afreximbank for the Baomahun Gold Project, marking Sierra Leone’s flagship commercial gold mine (1)
FG Gold has reached financial close and first drawdown on its US$330 million financing with AFC and Afreximbank for the Baomahun Gold Project, marking Sierra Leone’s flagship commercial gold mine (2)
Media Enquiries:
Nicola Asgill
Corporate Development, Sustainability & Investor Relations Director
FG Gold
Mobile: +232 99 503 506
Email: nicola.asgill@fg-gold.com
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org
Vincent Musumba
Communications and Events Manager (Media Relations)
Afreximbank
Email: press@afreximbank.com
About FG Gold Limited:
FG Gold is a gold development company based focused on constructing and operating the Baomahun Gold Project located in Sierra Leone. Baomahun is one of the largest deposits under development in Africa and will become Sierra Leone’s premier large scale commercial gold mine. Upon operations, the Project is expected to deliver an average annual gold production of ~150,000 ounces per year over a 12.5-year mine life peaking at 201,000 ounces.
About Africa Finance Corporation:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 47 member countries and has invested over US$15 billion in 36 African countries since its inception.
About African Export-Import Bank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
About Fundo Soberano de Angola:
The Angola Sovereign Wealth Fund (FSDEA) is established to promote the sustainable social and economic development of Angola by generating long-term wealth for the Angolan people through prudent management of national resources, encompassing investments across a wide range of financial instruments and asset classes, both domestically and internationally, to secure competitive returns, preserve capital, and catalyse economic diversification within Angola’s productive sectors.
About Boxmoor Au:
Boxmoor Au is an African-led precious metals company dedicated to building the next generation of high-performing, responsible mining operations across the continent. As a subsidiary of the Boxmoor Group, a project development and investment platform, founded in 2021 by Mr Oliver Tunde Andrews, Boxmoor Au leverages best-in-class technical, financial, and operational expertise to unlock Africa’s mineral potential.
The Boxmoor Group brings together a powerful ecosystem, including an African-based financial advisory firm and civil engineering contractor enabling value creation from project origination through to delivery. This integrated capability strengthens the Group’s mission to help reduce Africa’s infrastructure deficit while driving localised benefaction.
Boxmoor Au’s dedicated management team has 150+ years of combined experience in the natural resources and infrastructure sectors within Africa. The team is committed to creating long term value within the precious metals industry through strategic investments that maximise Africa’s economic potential and promote sustainable resource development and operations.
Driven by its mission to become a leading intermediate African gold producer, Boxmoor Au is focused on developing and operating mines to deliver enduring benefits to local communities, nations and key stakeholders.
About A2MP Investments:
Africa Minerals and Metals Processing Platform (A2MP) is a pan-African industrial platform dedicated to responsible mining and value-added processing and transformation – unlocking the full potential of Africa’s vast mineral wealth and driving a new era of industrial growth across the continent.
A2MP believes shifting from raw material exports to local processing and transformation will contribute to strengthening Africa’s industrial base, reduce its dependence on imports, and drive economic growth to position Africa as a global leader.
A2MP's operations span 11 countries, including 9 in Africa, with a portfolio of 12 mineral assets and 4 state-of-the-art processing facilities. Our portfolio includes FG Gold, Canyon Resources, Nouvelle Gabon Mining, Alpha Centauri Mining, Fura Gems, among others. At the core of A2MP’s mission is impact, with an aim to drive over US$5 billion in annual GDP impact and create more than 11,000 jobs.