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Sierra Leone has secured a landmark $330 million in financing for the Baomahun Gold Project, the country’s first large-scale commercial gold mine.
The funding, which was finalized through a senior debt facility, was arranged by the African Export-Import Bank (Afreximbank) in collaboration with the Africa Finance Corporation (AFC).
The $330 million package, which includes a $75 million contribution from Afreximbank, brings the total secured financing for the project to $430 million.
Additional funding has been mobilized through the Trafigura Group. This critical financial support will help fast-track the development of the Baomahun mine, bringing Sierra Leone closer to realizing its gold mining potential and its first large-scale gold production.
African Export–Import Bank, also referred to as Afreximbank or Banque Africaine d’Import-Export, is a pan-African supranational multilateral financial institution created in 1993 under the auspices of the African Development Bank, which provides financial support to African governments and private businesses in support of intra-African and Caribbean trade.
The project marks a major step for Sierra Leone, a country rich in mineral resources but historically underdeveloped in terms of large-scale mining operations. The successful closure of the deal reflects growing international confidence in the country’s mining sector and reflects the potential for resource-driven economic growth.
Sierra Leone’s government and industry leaders have expressed optimism that the Baomahun Gold Mine will not only strengthen the country’s mining industry but also create new opportunities for economic growth and employment.
With the financial backing in place, the project is expected to become a cornerstone of Sierra Leone’s economy, driving both job creation and infrastructure development in the region.
Afreximbank, which has been actively involved in supporting the financing of resource projects across Africa, views this deal as part of its broader commitment to fostering sustainable economic development through strategic mineral projects.
The Baomahun project is expected to play a central role in diversifying Sierra Leone’s economy, which is heavily reliant on the export of minerals such as diamonds and bauxite. Officials say that the successful completion of the project will position Sierra Leone as a competitive player in the global gold market, while also benefiting local communities through jobs and economic opportunities.
