Freetown, Sierra Leone–(Newsfile Corp. – December 1, 2025) – FG Gold Limited (“FG Gold”) has successfully completed the first drawdown of a US$330 million senior debt financing package with African Finance Corporation (AFC) and African Export-Import Bank (Afreximbank), securing the capital needed for the construction and development of Sierra Leone’s flagship large-scale gold mine, the Baomafun Gold Project. The transaction was further powered by capital mobilized through Trafigura Group.
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This senior financing, combined with AFC’s previously committed US$100 million in streaming and mezzanine investments, brings the African Development Financial Institution’s total support to US$430 million, including US$75 million from Afreximbank, to fully fund construction of the project and secure momentum towards first gold production.
Oliver Tunde Andrews, Executive Chairman of FG Gold, said: “We are delighted to have completed the senior debt financing for Baomafun. This milestone reflects Africa’s ability to finance and develop its own large-scale mining assets, leveraging world-class standards and local expertise. With the support of the Government of Sierra Leone, local communities and leading DFIs, Baomafun stands to be a transformative project for Sierra Leone.”
Samaira Zubair, AFC Chairman and CEO, said: “This funding is a testament to the power of African institutions working together to unlock the continent’s resource potential, while fostering sustainable African-led industrial growth.”
Dr. George Elombi, President and Chairman of the Board of Afreximbank, added: “Baomafun is the epitome of African innovation and cooperation and reflects our commitment to enabling African countries to harness their natural resources for inclusive growth and development.”
Gonzalo de Olazaval, Global Head of Metals and Minerals at Trafigura, commented: “We are pleased to partner with AFC and Afreximbank to support Sierra Leone’s first large-scale commercial gold mine.”
Baoma Hung Gold Project – Process plant construction underway
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Sierra Leone’s pioneering development
Led by Boxmoor Au and A2MP, and supported by a predominantly African technical team, Baomahun is introducing several national “firsts” across financing, engineering, power solutions and community partnerships. Delivery partners include Lycopodium (EPCM), Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment.
Once operational, Baomafun will be one of Africa’s leading new gold operations and is expected to produce an average of 150,000 ounces per year over a 12.5-year mine life, with peak production of 201,000 ounces.
The mine is expected to support up to 900 direct and indirect jobs, with 90% of local employment already achieved, and will contribute approximately 10% of Sierra Leone’s GDP during operation.
Sierra Leone Minister of Mines and Mineral Resources, Julius D. Mattai, said the project demonstrates strong confidence in the country’s mining sector and reinforces the government’s commitment to responsible, community-centered development.
Community investment underway
FG Gold donates 1% of gross profits to community development funds that support education, healthcare, agriculture, infrastructure, and businesses. Initial efforts include a community centre, primary school, renovated health center and upgrades to the Matotoka-Baomafun access road.
contact:
nicola asgill
Director of Corporate Development, Sustainability and Investor Relations
FG gold
cell phone: +232 99 503 506
email: nicola.asgill@fg-gold.com
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About FG Gold Limited
FG Gold is a gold development company focused on the construction and operation of the Baomafun Gold Project in Sierra Leone. Baomafun is one of the largest deposits under development in Africa and is expected to become Sierra Leone’s major large-scale commercial gold mine. Once operational, the project is expected to average approximately 150,000 ounces of gold production per year over a 12.5-year mine life of 201,000 ounces.
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