Olaniwun Ajayi is pleased to have advised FG Gold Limited on the Baomahun gold mine financing: a US$330 million senior debt facility from AFC and Afreximbank.
The facility will fund development of the Baomahun Gold Project, Sierra Leone’s first large-scale commercial gold mine.
The Baomahun gold mine financing
The deal is a senior debt financing of US$330 million. Two lenders provide it: AFC and Afreximbank.
It is also market-defining. It supports the first large-scale commercial gold mine in Sierra Leone, a significant step for the country’s mining sector.
A cross-border team
Our Mining and Metals team led the mandate. It worked seamlessly across our English and African practice groups, Olaniwun Ajayi (UK) LLP and Olaniwun Ajayi Africa.
Our work with FG Gold
This transaction builds on a long record of supporting FG Gold on the Baomahun Project. Previously, we advised on:
- a US$45 million stream financing;
- the negotiation of the large-scale licence agreement with the Government of Sierra Leone; and
- a US$55 million mezzanine financing.
Our role again highlights our mining sector expertise and our commitment to complex, high-impact transactions across Africa. Our Infrastructure 2025 Wrap-Up and 2026 Outlook and our work on the NGN4 trillion power sector issuance programme show the wider range of our project finance practice.
To discuss a mining financing or licensing matter, please contact our Mining and Metals team.