International mining group FG Gold has achieved financial close and first drawdown on a US$330mn debt financing to commence its Baomahun gold project in Sierra LeoneThe funds are sourced from the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), in a transaction also strengthened by capital mobilised through Trafigura Group.It brings the total investment by African development finance institutions to US$430mn, enabling FG Gold to accelerate construction of core infrastructure and maintain momentum toward first gold pour in 2026.“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.”According to Andrews, 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.”The Baomahun 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 and Komatsu/PanAfrican Equipment.The power plant is being delivered by CrossBoundary Energy, which signed a 20-year power purchase agreement with FG Gold in February 2025.The independent power producer will develop a hybrid project on a Build Own Transfer basis, composed of a 21MW thermal plant, 23.8MW solar facility and 13.8 MWh battery energy storage system.Baomahun is recognised as one of Sierra Leone’s most pioneering mining developments.It 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, FG Gold noted in a statement.Read more:
FG Gold secures Baomahun project funds
Work is now underway at Baomahun. (Image source: FG Gold)
