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Sierra Leone’s first major gold mine, backed by $330M in debt, is underway with local jobs and economic growth expected.
FG Gold, Africa Finance Corporation, and Afreximbank have finalized a $330 million senior debt deal for Sierra Leone’s Baomahun Gold Project, the country’s first large-scale commercial gold mine.
The financing, supported by Trafigura and AFC’s prior investments, brings total African Development Finance Institution funding to $430 million.
The project, led by a predominantly African team, is expected to produce 150,000 ounces of gold annually, create up to 900 jobs with 90% local hiring, and contribute roughly 10% to national GDP.
Construction has begun, with first gold pour anticipated soon, and community investments include health, education, and infrastructure funded by a 1% revenue commitment.
Officials highlight the project as a milestone in African-led mining development and sustainable economic growth.
La primera gran mina de oro de Sierra Leona, respaldada por $330 millones en deuda, está en marcha con empleos locales y crecimiento económico esperado.