By: Ecofin agency

FG Gold said it secured $330 million in financing from Africa Finance Corporation (AFC) and Afreximbank to accelerate the Baomahun gold project in Sierra Leone. The company aims to deliver the country’s first large-scale commercial gold mine, with first gold expected this year.

The new senior financing completes the capital structure required for construction and early operations. It adds to the $100 million AFC previously injected through streaming and mezzanine agreements. Afreximbank’s $75 million contribution lifts total commitments from African development finance institutions to $430 million. FG Gold said Trafigura also supported the transaction and strengthened the deal’s structure.

The company now holds all the resources needed to fast-track key infrastructure and maintain its timeline toward the first gold pour in 2025.

FG Gold expects the project to create up to 900 direct and indirect jobs during operations and to contribute about 10% of Sierra Leone’s GDP.

Minister of Mines and Mineral Resources Julius D. Mattai said the financing marks a pivotal milestone for the national mining sector and reflects renewed investor confidence in the country’s business environment. He added that the agreement launches “a new era of responsible mining development centered on local communities.”

FG Gold said it has already started implementing its social commitments. The company will allocate 1% of gross revenues to a Community Development Fund that will support education, healthcare, agriculture, infrastructure and entrepreneurship. Completed initiatives include the construction of the Baomahun Community Center, the renovation of the local health center and upgrades to the 66-kilometer Matotoka–Baomahun road.

Boxmoor Au and the Africa Minerals and Metals Processing platform (A2MP) jointly lead the development of the Baomahun project, supported by a mainly African technical team and other global partners.