FG Gold Limited has achieved a significant milestone by securing US$330 million in senior debt financing from Africa Finance Corporation (AFC) and African Export-Import Bank (Afreximbank) for the Baomahun Gold Project, Sierra Leone’s flagship large-scale commercial gold mine. (https://FGGoldMining.com/) This deal highlights how uae-africa partnerships and strategic investment can accelerate technology investment in Africa and support ai innovation in Africa for sustainable economic transformation. Additional capital was mobilized through Trafigura Group to strengthen the transaction.
Transforming Sierra Leone’s Mining Sector
The senior financing package completes the capital needed for Baomahun’s construction and development, complementing AFC’s prior US$100 million investment. Afreximbank contributed US$75 million, bringing total investment from leading African DFIs to US$430 million. This financing ensures the project can move forward to first gold pour while demonstrating the impact of uae-africa partnerships in mobilizing continental resources.
Oliver Tunde Andrews, Founder and Executive Chairman of FG Gold, stated, “The Baomahun Project reflects Africa’s capacity not only in resources but in financial sophistication, technical expertise, and institutional collaboration. Our partnership with the government, local communities, and African DFIs underscores the power of technology investment in Africa to create globally competitive mining operations.”
Driving African Resource Development
Samaila Zubairu, President & CEO of AFC, emphasized that the project embodies African-led industrial growth and responsible resource development. “Baomahun will create long-term economic benefits for Sierra Leone and set a benchmark for world-class mining development across Africa, showcasing ai innovation in Africa in project planning and operations,” he noted.
Dr. George Elombi, Afreximbank’s President, highlighted that the financing supports value creation within Africa, enabling both sovereigns and private developers to harness natural resources for domestic wealth and inclusive growth. Trafigura also underscored its commitment to sustainable resource development and market expansion.
A Project Led by African Expertise
The Baomahun Gold Project is developed by Boxmoor Au and the Africa Minerals and Metals Processing Platform (A2MP), supported by a predominantly African team and industry partners including Lycopodium (EPCM), Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment. The project introduces multiple national “firsts” in financing, engineering, and community partnership, setting a model for high-impact mining projects across Africa.
FG Gold is a major local employer, with 90% of its workforce being Sierra Leoneans. Operations are expected to generate around 900 direct and indirect jobs, contribute approximately 10% of national GDP, and stimulate local supply chain growth, demonstrating the practical impact of uae-africa partnerships.
Community Development Initiatives
FG Gold has committed 1% of gross revenues to a Community Development Fund supporting education, healthcare, infrastructure, agriculture, and social enterprises. Early initiatives include the Baomahun Community Centre, St. Joseph Bakhita Primary School, upgraded Baomahun Health Centre, and improvements to the 66 km Matotoka–Baomahun road. These programs highlight the role of technology investment in Africa in driving shared prosperity.
Honourable Julius D. Mattai, Sierra Leone’s Minister of Mines and Mineral Resources, commented, “The Baomahun Gold Project represents a milestone for our mining sector and signals the confidence that African institutions place in our investment environment. FG Gold’s commitment to local skills development and community participation ensures sustainable impact for generations.”
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This story was first reported by Africa Finance Corporation (AFC). Read the full article here.
