Freetown, 22nd September, 2026- FG Gold Limited has signed a Memorandum of Understanding (MoU) with the Bank of Sierra Leone (BSL) to supply gold from its flagship Baomahun Gold Project once production begins.
The agreement marks the first time the central bank has entered into an offtake arrangement with a large‑scale gold mine, setting a precedent in Sierra Leone’s mining history.
Valued at approximately US$700 million, Baomahun is among the country’s largest mining and infrastructure ventures. Under the MoU, BSL will purchase gold in local currency, a move expected to strengthen Sierra Leone’s foreign reserves and reinforce the Bank’s Gold Purchasing Programme.
FG Gold’s Executive Chairman, Oliver Tunde Andrews, described the partnership as a milestone for both the company and the nation: “We appreciate BSL’s confidence in us as a partner in its gold purchasing plan. This initiative will bolster Sierra Leone’s gold reserves and contribute to economic stability. We view this partnership as an opportunity to further strengthen the economy of Sierra Leone.”
Once operational, Baomahun is projected to produce around 150,000 ounces of gold annually, contributing nearly 10% of Sierra Leone’s GDP. The project will generate direct and indirect employment for up to 900 Sierra Leoneans, with locals already making up more than 90% of FG Gold’s workforce.
FG Gold has invested heavily in community projects and infrastructure ahead of production. Achievements include: Education fund for tertiary scholarships and skills training, upgrade of the 66km Matotoka access road, improving trade and market linkages, construction of St. Joseph Bakhita Primary School and renovation of Baomahun Health Centre.
Meanwhile, mine infrastructure including a power plant, processing plant, tailings storage facility, accommodation camp, and administration blocks, is nearing completion.
The deal positions Sierra Leone as a pioneer in leveraging its mineral wealth to build monetary reserves and economic resilience. For FG Gold, it cements its role not just as a mining operator but as a partner in national development.
