FG Gold Limited has announced what it said is the first drawdown on its 330 million dollars Senior Debt Financing with Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), for its Baomahun Gold Project, marking the development of Sierra Leone’s flagship large-scale commercial gold mine.

The milestone is said instrumental to unlock one of the most significant project financing deals in the country’s history and supports Sierra Leone’s ambition to responsibly harness its mineral resources for sustainable economic transformation. The transaction was further strengthened by capital mobilized through Trafigura Group.

The senior facility just completed the financing package required to construct and develop the Baomahun Gold Project, complementing AFC’s initial 100 million dollars of investment in gold streaming and mezzanine commitments.

That brought the total investment by leading African Development Finance Institutions to 430 million dollars, including Afreximbank’s contribution of 75 million dollars.

“This landmark financing secures the full development pathway for Baomahun, enabling FG Gold to accelerate construction of core infrastructure and maintain its momentum toward first gold pour,” FC Gold said in a statement on Monday, Dec.1.

“This achievement marks a new chapter not only for FG Gold but for Sierra Leone,” Oliver Tunde Andrews, Founder and Executive Chairman of FG Gold is quoted as saying. “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.”

Samaila Zubairu, President and CEO of Africa Finance Corporation (AFC), commented: “This transaction demonstrates what can be achieved when African institutions collaborate to unlock the value of our continent’s resources. Baomahun will not only generate long-term economic benefits for Sierra Leone but also establish a benchmark for responsible, world-class mining development across Africa.”

George Elombi (Phd.), President and Chairman of the Board of Directors, is quoted as saying, “Afreximbank is delighted to partner on a project that has economic significance for Sierra Leone and the wider continent. Our financing reflects a commitment to supporting value creation within Africa by enabling sovereigns and private developers to harness their natural resources for domestic wealth creation and inclusive growth and development.

The Baomahun Gold Project stands as a powerful example of African capability, innovation, and collaboration.”

For his part, Gonzalo De Olazaval, Global Head of Metals and Mineral at Trafigura, a leading supplier of minerals and metals, added, “We are pleased to support Sierra Leone’s first large-scale commercial gold mine in Partnership with AFC and Afreximbank. Our participation in this debt underscores our growing footprint in gold markets, complemented by the global reach and scale of our broader metals business.”