FG Gold Limited (“FG Gold”) has announced that it has achieved financial close with the completion of the first drawdown of a US$330 million senior debt financing with African Finance Corporation (AFC) ( ) and African Export-Import Bank (Afreximbank) for the Baomafun Gold Project, which marks the development of Sierra Leone’s flagship large-scale commercial gold mine. This milestone unlocks one of the most important project financing deals in the country’s history and supports Sierra Leone’s ambitions to responsibly use its mineral resources for sustainable economic transformation. The transaction was further powered by capital mobilized through Trafigura Group.
This senior facility completes the financing package required for the construction and development of the Baomafun Gold Project and complements AFC’s initial investment of $100 million in gold streaming and mezzanine commitments. This brings the total investment by major African Development Financial Institutions (“DFIs”) to $430 million, including Afreximbank’s contribution of $75 million. This landmark financing secures Baomafun’s full development pathway and enables FG Gold to accelerate construction of core infrastructure and maintain momentum towards the first gold injection.
A transformational milestone for mines in Sierra Leone and Africa
“This achievement marks a new chapter not only for FG Gold, but for Sierra Leone. We are pleased with our continued constructive collaboration and partnership with the Government of Sierra Leone and the local community,” said Oliver Tunde Andrews, Founder and Executive Chairman of FG Gold. In support of Africa’s leading DFI in realizing this innovative project. ” According to Andrew, “The anchor investment provided by AFC helped us attract additional funders and establish the confidence needed to mobilize further capital into the project.”
AFC and Afreximbank champion African resource development
“AFC is proud to lead and build the Baomahun Gold Project, a development that embodies our mission to foster sustainable, African-led industrial growth,” said Samaira Zubair, President and CEO of Africa Finance Corporation (AFC). This transaction shows what can be achieved when African institutions work together to unlock the value of the continent’s resources. Baomahun will not only generate long-term economic benefits for Sierra Leone, but will also establish a benchmark for responsible, world-class mining development across the country.” Africa. ”
Dr. George Elombi, President and Chairman of the Board, said: “Afreximbank is pleased to partner on a project of economic importance to Sierra Leone and the continent as a whole. “The Baomahun Gold Project is a strong example of African capacity, innovation and collaboration.”
Gonzalo de Olazaval, Global Head of Metals and Minerals at Trafigura, added: “We are pleased to partner with AFC and Afreximbank to support Sierra Leone’s first large-scale commercial gold mine. Our participation in this debt underscores the expansion of our footprint in the gold market, complemented by the global reach and scale of our broader metals business.”
Projects defined by African capabilities and global standards
The Baomahun Gold Project is being developed through the leadership of Boxmoor Au and African Minerals and Metals Processing Platform (A2MP), with support from a predominantly African team and key industry partners including Lycopodium (EPCM), Knight Piésold, CrossBoundary Energy and Komatsu/PanAfrican Equipment.
Recognized as one of Sierra Leone’s most pioneering mining developments, Baomahun introduces multiple national ‘firsts’ across financing, engineering, power solutions and community partnerships, establishing a scalable model for building and delivering high-impact mining projects across Africa.
Promote economic growth and share prosperity
FG Gold is already a major local employer, with 90% of its workforce comprised of Sierra Leoneans. During operation, the mine is expected to support up to 900 direct and indirect jobs, contribute approximately 10% to the country’s GDP and stimulate significant growth in the local supply chain.
His Highness Julius D. Mattai, Sierra Leone’s Minister of Mines and Mineral Resources, said: “The Baomafun Gold Project is a milestone for Sierra Leone’s mining sector and a clear demonstration of the confidence that a respected African institution has placed 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 look forward to its transformative impact.” Baoma Fun will continue to serve us for generations to come. ”
Urban development is already underway
FG Gold donates 1% of gross proceeds to the Community Development Fund, which supports education, healthcare, agriculture, infrastructure, and social services in communities affected by its projects. Initial efforts include the Baomahun Community Center, St. Joseph Bakita Elementary School, a renovated Baomahun Health Center, and upgrading the 66km Matka-Baomahun access road.
Distributed by APO Group on behalf of African Finance Corporation (AFC).
FG Gold has reached financial settlement and first reversal of the USD 330 million loan from AFC and Afreximbank for the Baomafun Gold Project, which represents Sierra Leone’s flagship commercial gold mine (1)
FG Gold has reached financial settlement and the first reversal of the USD 330 million loan from AFC and Afreximbank for the Baomafun Gold Project, which represents Sierra Leone’s flagship commercial gold mine (2)
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FG gold
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African Finance Corporation
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Vincent Musumba
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Afreximbank
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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.
About African Finance Corporation:
AFC was established in 2007 with the aim of promoting viable infrastructure and industrial investment across Africa. AFC’s approach combines 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.
After 18 years, AFC is Africa’s partner of choice, with a proven track record of investing in and delivering high quality infrastructure assets that provide essential services to core infrastructure sectors such as power, natural resources, heavy industry, transportation and telecommunications. AFC has 47 member countries and has invested more than US$15 billion in 36 African countries since its founding.
About African Export-Import Bank:
The African Export-Import Bank (Afreximbank) is a pan-African multilateral financial institution whose mission is to finance and facilitate trade within and outside Africa. For more than 30 years, the Bank has developed innovative structures to provide financing solutions that support the transformation of Africa’s trade structure, accelerating industrialization and intraregional trade, thereby facilitating Africa’s economic expansion. Afreximbank, a passionate supporter of the African Continental Free Trade Agreement (AfCFTA), has launched the Pan-African Payments System (PAPSS), which has been adopted by the African Union (AU) as the payments platform to support the implementation of the AfCFTA. In collaboration with the AfCFTA Secretariat and the AU, the Bank has established a USD 10 billion coordinating fund to support countries de facto participating in the AfCFTA. As of the end of December 2024, Afreximbank’s total assets and reserves exceeded USD 40.1 billion, and shareholder funds amounted to USD 7.2 billion. Afreximbank has an investment grade rating assigned by GCR (International Scale) (A), Afreximbank has an investment grade rating 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 of companies comprising the Bank, its equity impact fund subsidiary, the African Export Development Fund (FEDA), and its insurance management subsidiary, AfrexInsure (together, the “Group”). The Bank is headquartered in Cairo, Egypt.
About Fundo Soberano de Angola:
The Fund for the Wealth of the Government of Angola (FSDEA) was established to promote the sustainable socio-economic development of Angola by creating long-term wealth for the Angolan people through the prudent management of the country’s resources, including investments across a wide range of financial products and asset classes, both domestic and international, in order to secure competitive returns, preserve capital and promote economic diversification in Angola’s productive sectors.
About Boxmoor O:
Boxmoor Au is an African-led precious metals company dedicated to building the next generation of high-performance, responsible mining operations across Africa. As a subsidiary of Boxmoor Group, a project development and investment platform founded in 2021 by Oliver Tunde Andrews, Boxmoor O leverages best-in-class technical, financial and operational expertise to unlock Africa’s mineral potential.
Boxmoor Group brings together a strong ecosystem of African-based financial advisory firms and civil contractors that enable value creation from project inception to delivery. This combined capability strengthens the group’s mission to help reduce Africa’s infrastructure deficit while driving regional benefits.
Boxmoor Au’s dedicated management team has over 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 maximize Africa’s economic potential and promote sustainable resource development and operations.
With a mission to become Africa’s leading intermediate gold producer, Boxmoor Au is focused on developing and operating mines that deliver lasting benefits for local communities, nations and key stakeholders.
About A2MP Investment:
The 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 resources and driving a new era of industrial growth across the continent.
A2MP believes that the shift from exporting raw materials to local processing and transformation will contribute to strengthening Africa’s industrial base, reduce import dependence, foster economic growth and establish Africa as a world leader.
A2MP operates in 11 countries, including nine in Africa, and has a portfolio of 12 mineral assets and four state-of-the-art processing facilities. Our portfolio includes FG Gold, Canyon Resources, Nouvelle Gabon Mining, Alpha Centauri Mining, Fura Gems and more. Impact is at the core of A2MP’s mission, with the company aiming to deliver an annual GDP impact of over US$5 billion and create over 11,000 jobs.
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