A landmark $330 million financing package for Sierra Leone Baomahun Gold Project signals one of the country’s most significant steps yet toward unlocking the full economic potential of its gold industry.
Sierra Leone’s ambitions to elevate its mining sector reached a decisive milestone as FG Gold Limited confirmed financial close on a $330 million Senior Debt Financing facility from Africa Finance Corporation (AFC) and Afreximbank. The deal completes the funding required to build and operate the Baomahun Gold Project, set to become the country’s flagship large-scale commercial gold mine.
This financing marks one of the largest project funding packages in Sierra Leone’s history, raising total commitments from leading African development finance institutions to $430 million when combined with earlier investments, including AFC’s $100 million in streaming and mezzanine arrangements and Afreximbank’s $75 million contribution. Additional support mobilised through Trafigura adds further international depth to the deal.
The Baomahun project represents a major economic opportunity for Sierra Leone. Gold mining already accounts for a significant share of export earnings, with mineral exports historically making up more than 60% of the country’s total export revenue. Analysts estimate that a fully operational large-scale mine could materially strengthen fiscal stability, particularly in a nation where GDP growth is closely tied to natural resource development.
FG Gold expects Baomahun to contribute around 10% of the national GDP once in production, while supporting as many as 900 direct and indirect jobs and stimulating extensive local supply chain activity. The company already employs a predominantly Sierra Leonean workforce and has pledged 1% of gross revenues to a Community Development Fund focused on education, healthcare, agriculture, and infrastructure.
The project’s backers emphasize that Baomahun is more than a mining operation. It is a showcase of African financial leadership, technical capability, and collaborative development. Construction of core infrastructure is now accelerating, positioning Sierra Leone to capture long-term value from one of its most promising mineral assets.
