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A Major Win for Namibia as ReconAfrica Delivers Kavango West 1X Hydrocarbon Discovery
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The African Energy Chamber (AEC) (https://EnergyChamber.org) strongly welcomes the announcement by Reconnaissance Energy Africa of a successful hydrocarbon encounter at the Kavango West 1X well on Petroleum Exploration Licence (PEL) 73, onshore Namibia. The results represent one of the most meaningful milestones yet for the country's onshore energy potential and reaffirm Namibia's position as one of the most attractive frontier markets for exploration in Africa and globally.
On December 3, ReconAfrica reported that the Kavango West 1X well was safely drilled to a depth of 4,200 meters, with results confirming a substantial section containing hydrocarbons. The well encountered a significant zone of oil- and gas-bearing rock, with more than 60 meters of confirmed hydrocarbon pay and additional hydrocarbon shows in deeper intervals. These results not only highlight the geological prospectivity of the Damara Fold Belt but also support ongoing modeling that suggests significant development potential across ReconAfrica's six-million-acre lease position. The Company has announced plans to production-test the well during the first quarter of 2026, an important next step in confirming deliverability and commerciality.
The AEC applauds the efficiency and technical excellence of the operation, which was completed safely, on schedule and on budget. For Namibia – one of the continent's fastest-emerging exploration hotspots – this progress reinforces the importance of sustained upstream investment, supportive regulatory frameworks and strong cooperation between operators, government and communities.
A Boost to Onshore Development and Local Jobs
Namibia's offshore discoveries in recent years have garnered significant global attention, but onshore exploration has long represented an equally important pillar for long-term energy security and economic diversification. ReconAfrica's latest results bring renewed confidence to the role onshore resources can play in creating employment, stimulating local supply chains and accelerating industrialization.
Every stage of the Kavango West 1X campaign – from seismic acquisition to drilling and upcoming testing – has generated local business opportunities and direct jobs for Namibians. Continued success in PEL 73 would unlock new rounds of contracting, infrastructure development and capacity building, particularly in logistics, field services, community development programs and environmental management.
Commitment to Community Partnerships
The AEC also recognizes ReconAfrica's ongoing engagement with communities in the Kavango regions, including local partnerships and capacity-building efforts carried out during its exploration activities. The company's proactive approach to stakeholder dialogue, transparency and collaboration sets a strong precedent for how frontier exploration should be conducted in Africa.
An expanding onshore industry offers the potential for long-term socioeconomic impact in northern Namibia, bringing new opportunities for young people, small businesses and local authorities, while supporting the country's broader development goals.
A Step Forward for Africa's Energy Future
With Africa seeking to balance energy security, economic growth and responsible resource development, Namibia continues to shine as a continental success story. The Kavango West 1X results strengthen Africa's case for sustained exploration, particularly at a time when global capital allocation is increasingly selective and competition for investment is fierce. By moving promptly toward production testing, ReconAfrica is demonstrating its long-term confidence in Namibia's potential. The AEC encourages continued collaboration with national regulators, environmental authorities, and community stakeholders to ensure timely and responsible progression toward appraisal and, ultimately, development.
“This discovery is a big win for Namibia and a big win for Africa. ReconAfrica's progress is proof that committed investors, supportive policies and strong community partnerships can unlock real energy opportunities onshore,” states NJ Ayuk, Executive Chairman of the AEC, adding that “These results strengthen confidence in the Damara Fold Belt and reaffirm Namibia as a global exploration hotspot. The Chamber fully supports this next phase of testing and encourages continued investment that creates jobs, builds capacity and drives long-term economic growth for Namibians.”
Distributed by APO Group on behalf of African Energy Chamber.The Surge in Gas Production and Africa’s Path to Economic Transformation (By NJ Ayuk)
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By NJ Ayuk, Executive Chairman, African Energy Chamber (https://EnergyChamber.org).
Natural gas will be a pivotal component of Africa's energy future as it is uniquely poised for growth despite the move toward a surplus liquefied natural gas (LNG) supply in the global gas cycle.
As detailed in the African Energy Chamber's 2026 Outlook Report, “The State of African Energy,” African demand for gas is forecast to rise 60% by 2050. In fact, gas is the only fossil fuel expected to expand its share of primary energy demand globally. Furthermore, as North Africa's dominance in the sector diminishes, the report expects sub-Saharan Africa to drive this gas surge as the region holds over 70% of the continent's remaining recoverable resources.
Export revenues and domestic use are the two avenues down which Africa will find the transformative benefits that gas offers, but actually getting there depends on successfully navigating infrastructure gaps, pricing disputes, and the transition from associated to non-associated gas.
The Next Gas Epicenter
Two-thirds of gas production on the continent takes place in North Africa with Algeria, Egypt, and Libya holding the top spots as leading producers with high gas penetration in their own power mixes. However, we expect North Africa's share of total continental production to decrease to below 40% by 2035 as output from other regional producers accelerates. While sub-Saharan production currently accounts for the remaining third of current gross output, the region will dominate future growth.
With the 2021 launch of its “Decade of Gas,” a government initiative to develop gas resources and aid in the transition to cleaner energy, Nigeria will likely lead this expansion, as it already produces more than half of the region's commercialized gas. Emerging producers like Mozambique, Tanzania, Senegal, Mauritania, and Angola are set to follow. Notably, Mozambique's Coral Sul project, Senegal-Mauritania's Greater Tortue project, and Congo LNG have all added new export streams since 2022.
Our 2026 Outlook Report also forecasts that total African gross gas demand will have climbed steadily from roughly 55 billion cubic meters (Bcm) per year in 2020 to over 90 Bcm by 2050. Residential, industrial, and other power sectors are anticipated to drive the growth.
With sub-Saharan Africa holding more than 400 trillion cubic feet (Tcf) of recoverable gas resources, which amount to 70% of the continent's total reserves, the region is poised to meet that demand.
Also, unlike North Africa's mature, pipeline-linked markets, sub-Saharan gas is increasingly non-associated or “dry,” meaning it is not found alongside crude oil in reserves. While non-associated gas is more expensive per million British thermal unit (MMBtu), the fact that it is not cross-subsidized by oil essentially frees it from the operational and pricing constraints of oil-centric projects, making the gas available to new domestic, regional, or export pathways to monetization.
Transformative Avenues: Exports and Domestic Industrialization
As our report explains, gas development can transform host government economies through two primary channels: exports and in-country value creation.
Exports: Last year, Africa supplied 34.7 million metric tonnes (MMt) of LNG (8.5% of the global supply). Sub-Saharan volumes in 2024 reached 26.9 MMt, with 60% destined for Asia and 25% for Europe. Adding Tanzania to the export roster, the 2026 Outlook Report projects a quadrupling of the sub-Saharan supply by 2050.
Furthermore, as west and southwest African LNG producers are in proximity to both Atlantic and Indian Ocean markets, producers in these regions specifically can function as swing suppliers, taking advantage of fluctuations in European and Asian LNG spot prices or global supply disruptions.
Also, where gas export projects have domestic market obligations (DMOs), like in Nigeria, Senegal-Mauritania, Angola, and Cameroon, growth in exports grows the gas supply for domestic use. For example, Senegal has plans of achieving 3 gigawatts (GW) of gas-fired power by 2050, largely fed by DMOs from the Greater Tortue LNG project and the Yakaar-Teranga LNG project.
Domestic Monetization and Industrialization: In addition to the revenue collected from exports, gas can empower a producing nation by fueling transport, powering industry, and electrifying homes all within its borders.
Although only a few sub-Saharan countries currently have power mixes that include gas, generation from natural gas has shown a steady increase across the region over the last decade. As detailed in our report, Nigeria's gas-fired capacity is at 12.6 GW, and installations in Ghana and Mozambique are at 2.9 GW and 1.1 GW, respectively. Tanzania, Senegal, Angola, Côte d'Ivoire, and South Africa are also home to smaller gas power plants. In countries such as Senegal and Ghana, that have coastal demand centers, floating power ships operating on natural gas are in place to satisfy demand.
What's more, Nigeria, South Africa, Senegal, Angola, Ghana, Tanzania, and Mozambique all have stated ambitions of developing or furthering gas-to-power infrastructure. Our report also sees a coming increase in demand for gas-derived products such as fertilizers and petrochemicals, as well as for implementation in industrial applications like metals processing.
Angola's recently approved National Gas Plan targets these sectors with a focus on curbing import reliance, while Nigeria's push for compressed natural gas (CNG) vehicles under the 2020 National Gas Expansion Program officially commenced in March 2022. These are just two examples of how sub-Saharan Africa's gas sector is poised to deliver an economic one-two punch through exports and in-country monetization that would enable nations to cut down on imports, grow their revenues, and provide energy access to their people for decades to come.
Challenges to Realizing Africa's Gas Potential
Africa holds both abundant gas resources and significant unrealized potential. In fact, Africa ranks second in the world behind only Russia for discovered yet undeveloped gas resources. In two examples, the Rovuma basin, off the coasts of southern Tanzania and northern Mozambique, holds 129 Tcf, and the Niger Delta basin along the Nigerian coast holds 113 Tcf, but these basins remain largely untapped.
There are numerous obstacles between Africa's current position and the economic transformation that gas development could deliver. Our 2026 Outlook Report identifies four essential success factors that Africa must manage if it is to navigate those obstacles: upstream economics, market access and offtake, adequate infrastructure, and country risk/fiscal terms.
As international majors have been known to exit discoveries due to a lack of integration of these factors, support from governments and regulators is critical to finding alignment between them.
Upstream Economics: Currently, over 50% of sub-Saharan production is tied to associated gas, which carries very low production costs. This has contributed heavily to regional gas sector expansion as seen in Nigeria and Angola. By contrast, non-associated gas — though not constrained by oil production rates, enhanced oil recovery reinjection requirements, or oil price fluctuations — demands a competitive dollar-per-MMBtu price to justify future investment and infrastructure development.
Market Access and Offtake: To ensure transparent pricing, adequate returns, and reliable long-term demand all while maximizing domestic benefits, success with this factor will require long-term contracts with creditworthy offtakers (buyers held to specified purchase amounts through long-term agreements), predictable consumption patterns, and government-backed incentives that encourage producers to sell and consumers to buy.
Adequate Infrastructure: Linking supply hubs to demand centers requires LNG facilities and pipelines. With this factor, the “chicken-and-egg paradox” emerges: Investors who can provide the necessary infrastructure expect guaranteed demand, yet demand only grows once that infrastructure is in place. This dynamic is why governments must put in place predictable regulatory and pricing frameworks that attract investment while advancing national economic and energy priorities.
Country Risk and Fiscal Terms: To keep gas production projects attractive to investors, national governments must find the correct balance of royalties, production sharing terms, taxation, DMOs, and local content requirements. Governments must also align their export and domestic priorities to satisfy operator needs and achieve their own local supply or revenue ambitions. Maintaining overall political stability to ensure long-term investor confidence is another critical component of this success factor.
Seizing the Surplus
The 2026 Outlook frames gas as Africa's bridge fuel: cleaner than coal or oil, versatile for power generation and industrial applications, and increasingly competitive as global prices decrease in the coming years.
Sub-Saharan Africa's anticipated non-associated gas production surge can deliver energy security, export revenues, and new industrial jobs. Success in this effort will require a resolution of the infrastructure-demand paradox through reliable contracts, transparent pricing, and balanced fiscal policies.
If African nations can collectively support upstream scalability, midstream connectivity, and downstream certainty, gas production will not merely surge — it will transform the entire continent for the better.
"The State of African Energy: 2026 Outlook Report" is available for download. Visit https://apo-opa.co/48v4gzN to request your copy.
Distributed by APO Group on behalf of African Energy Chamber.Angola Launches New Gas Consortium (NGC) Project, Unlocking New Era of Non-Associated Gas Development
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Angola has officially launched its first dedicated non-associated gas project, the New Gas Consortium (NGC) Gas Treatment Plant in Soyo, marking a major milestone for the country's energy sector. Commissioned in November 2025, the onshore facility processes around 400 million standard cubic feet of gas per day and 20,000 barrels of condensate, sourced from the offshore Quiluma and Maboqueiro fields. The project represents a significant shift for Angola, moving beyond its historical reliance on oil and tapping standalone gas resources that can support a more diversified and resilient energy economy.
The African Energy Chamber (AEC) – as the voice of the African energy sector – strongly welcomes this achievement, viewing it as a transformative step for Angola and the continent. By developing non-associated gas, Angola is reducing its historical reliance on oil, creating jobs, building local skills and establishing a reliable supply of cleaner power. Thousands of Angolans were mobilized during construction and commissioning, with over 4,500 employed at the peak of activity and another 1,200 involved in fabrication and infrastructure, demonstrating how energy projects can deliver direct, tangible benefits to communities.
Gas from the Soyo plant feeds directly into the Angola LNG facility, supporting both exports and domestic power generation, as well as future industrial projects such as fertilizer production for agriculture. Operated by Azule Energy – a 50:50 joint venture between energy majors bp and Eni – alongside Cabinda Gulf Oil Company, Sonangol E&P and TotalEnergies, the $4 billion project reached full operations six months ahead of schedule, demonstrating efficiency, strong project management and Angola's growing capability to delivery large-scale, complex energy infrastructure.
The NGC project also strengthens Angola's position in the global natural gas market. Unlike associated gas produced alongside oil, non-associated gas is a standalone resource, offering long-term industrial and economic advantages while supporting cleaner energy production. The momentum in the country's gas sector continues with the recent discovery at the Gajajeira-01 exploration well in offshore Block 1/14. Announced in July 2025, this was the first dedicated gas exploration well in Angola and has revealed potential gas volumes exceeding 1 trillion cubic feet, along with up to 100 million barrels of condensate. Operated by Azule Energy with partners Equinor, Sonangol E&P and Acrep S.A., the discovery confirms the enormous potential of the Lower Congo Basin and underscores the value of Angola's non-associated gas strategy.
“Non-associated gas deposits guarantee additional production rather than relying solely on the gas that is associated with oil. The benefits are significant, as gas is in great demand in the international market, is less polluting than diesel and offers a competitive price. We believe that other developments like this will come along, which is promising for the Angolan people and the national economy,” stated Angola's President João Lourenço.
Echoing the President's enthusiasm for gas development in the country, Angola's Minister of Mineral Resources, Oil and Gas Diamantino Azevedo added that, “This is the first non-associated natural gas treatment production project in Angola. […] Angola established a modern, competitive and attractive legal and fiscal regime for the development of gas not associated with oil, definitively opening the door to structuring projects like this.”
For the AEC, the Soyo plant is a clear example of how Africa can take control of its energy future, executing complex projects efficiently while creating economic and social value. It highlights the continent's ability to responsibly develop its resources, deliver energy security and open new avenues for industrialization and sustainable growth. The Chamber applauds Angola, Azule Energy and all partners involved for achieving this milestone and setting a benchmark for non-associated gas development in Africa.
“Angola's first non-associated gas project marks a decisive moment for the country's energy future. It shows what is possible when bold leadership, strong partnerships and investor confidence align. This development will unlock new value, drive industrial growth and position Angola as a competitive force in Africa's evolving gas market,” states NJ Ayuk, Executive Chairman, AEC.
Distributed by APO Group on behalf of African Energy Chamber.Actis, Trade Development Bank (TDB) and Performances Group Join MSGBC Oil, Gas & Power 2025
As major energy projects advance across the MSGBC region, nations are gearing up for the next phase of development. The upcoming MSGBC Oil, Gas & Power 2025 conference and exhibition – taking place in Dakar from December 8-10 – will not only showcase emerging opportunities but connect global finance to regional projects. Key executives from across Africa's investment, financial services and infrastructure space will participate at the event, underscoring renewed confidence in MSGBC energy opportunities.
Speakers include Sadio Wade, Vice President of Energy Infrastructure at Actis; Antoine John Esther, COO-West and Central Africa at the Trade Development Bank (TDB); and Aïda Mbaye, Senior Manager-Strategy, Performance Group. Their participation highlights MSGBC Oil, Gas & Power 2025's role as the premier forum for investment, partnership and project development in the region and is expected to unlock new opportunities for strengthened capital expenditure and partnerships.
Explore opportunities, foster partnerships and stay at the forefront of the MSGBC region's oil, gas and power sector. Visit www.MSGBCOilGasAndPower.com to secure your participation at the MSGBC Oil, Gas & Power 2025 conference. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
TDB recently advanced several initiatives to drive capital towards Africa's frontier oil and gas markets. In October, the financial institution partnered with the Angola Sovereign Wealth Fund to create the Angola Export and Trade Development Facility, mobilizing capital for strategic sectors including logistics, agro-industry and regional integration. Operating in eastern and southern Africa, TDB plays a critical role in fostering trade, regional integration and sustainable development through the provision of trade finance, project and infrastructure finance, asset management and business advisory services. In April 2024, the bank signed a MoU to foster collaboration in the financing of trade and development in Senegal. The agreement establishes a framework for encouraging collaboration and sustainable economic growth in energy, infrastructure, healthcare, education, financial institutions, agriculture and food security.
Meanwhile, Actis has been a key player in renewable energy in the MSGBC region. Through its former portfolio company Lekela Power, Actis developed the 159 MW Taiba N'Diaye wind farm in Senegal, which reached full commercial operation in 2021 and now supplies electricity to more than two million people. Actis successfully exited Lekela in March 2023, transferring ownership to Infinity Power, while maintaining its focus on sustainable infrastructure investment and long-term development in the region.
Performances Group supports energy and infrastructure projects across the MSGBC region with strategic, operational and project performance services. The company works closely with local stakeholders to optimize management, investment efficiency, improve operational delivery and support infrastructure and industrial development within complex regional markets.
“Actis, TDB and Performances Group continue to demonstrate leadership in advancing energy and infrastructure development across the MSGBC region and we are pleased to welcome Sadio Wade, Antoine John Esther and Aïda Mbaye to this year's program,” states Sandra Jeque, Events and Project Director, Energy Capital & Power.
Distributed by APO Group on behalf of Energy Capital & Power.FG Gold, Africa Finance Corporation (AFC) and Afreximbank Achieve Financial Close on US$330 Million Senior Debt Financing for Baomahun Gold Project
FG Gold Limited (“FG Gold”) is pleased to announce that it has achieved financial close and the first drawdown on its US$330 million Senior Debt Financing with Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank) (www.Afreximbank.com), for its Baomahun Gold Project, marking the development of Sierra Leone's flagship large-scale commercial gold mine. This milestone unlocks one of the most significant project financing deals in the country's history and supports Sierra Leone's ambition to responsibly harness its mineral resources for sustainable economic transformation. The transaction was further strengthened by capital mobilised through Trafigura Group.
The senior facility completes the financing package required to construct and develop the Baomahun Gold Project, complementing AFC's initial US$100 million investment in gold streaming and mezzanine commitments. This brings the total investment by leading African Development Finance Institutions (“DFIs”) to US$430 million, including Afreximbank's contribution of US$75 million. This landmark financing secures the full development pathway for Baomahun, enabling FG Gold to accelerate construction of core infrastructure and maintain its momentum toward first gold pour.
A transformational milestone for Sierra Leone and African mining
“This achievement marks a new chapter not only for FG Gold but for Sierra Leone,” said Oliver Tunde Andrews, Founder and Executive Chairman of FG Gold. “The Baomahun Project demonstrates that Africa has the capacity—not just in resources, but in financing sophistication, technical capability, and institutional collaboration—to develop large-scale, globally competitive mining assets. We are delighted with our constructive ongoing collaboration and partnership with the Government of Sierra Leone and the local community, as well as the backing of Africa's leading DFIs in bringing this transformative project to life.” According to Andrews, “The anchor investment provided by AFC was instrumental in crowding in additional financiers and establishing the confidence needed to mobilise further capital for the project.”
AFC and Afreximbank champion African resource development
Samaila Zubairu, President & CEO of Africa Finance Corporation (AFC), commented: “AFC is proud to have led and structured the Baomahun Gold Project, a development that embodies our mission to catalyse sustainable, African-led industrial growth. This transaction demonstrates what can be achieved when African institutions collaborate to unlock the value of our continent's resources. Baomahun will not only generate long-term economic benefits for Sierra Leone but also establish a benchmark for responsible, world-class mining development across Africa.”
Dr. George Elombi, President and Chairman of the Board of Directors, noted, “Afreximbank is delighted to partner on a project that has economic significance for Sierra Leone and the wider continent. Our financing reflects a commitment to supporting value creation within Africa by enabling sovereigns and private developers to harness their natural resources for domestic wealth creation and inclusive growth and development. The Baomahun Gold Project stands as a powerful example of African capability, innovation, and collaboration.”
Gonzalo De Olazaval, Global Head of Metals and Mineral at Trafigura added, “We are pleased to support Sierra Leone's first large-scale commercial gold mine in Partnership with AFC and Afreximbank. Our participation in this debt facility underscores our growing footprint in gold markets, complemented by the global reach and scale of our broader metals business.”
A project defined by African capability and global standards
The Baomahun Gold Project is being developed through the leadership of Boxmoor Au and the Africa Minerals and Metals Processing Platform (A2MP), supported by a predominantly African team and leading industry partners, including Lycopodium (EPCM), Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment.
Recognised as one of Sierra Leone's most pioneering mining developments, Baomahun introduces multiple national “firsts” across financing, engineering, power solutions, and community partnership—establishing a scalable model for structuring and delivering high-impact mining projects across Africa.
Driving economic growth and shared prosperity
FG Gold is already a major local employer, with 90% of its workforce comprised of Sierra Leoneans. During operations, the mine is expected to support up to 900 direct and indirect jobs, contribute approximately 10% of national GDP, and stimulate substantial local supply chain growth.
According to the Minister of Mines and Mineral Resources, Sierra Leone, the Honourable Julius D. Mattai, “The Baomahun Gold Project represents a milestone for Sierra Leone's mining sector and a clear signal of the confidence that respected African institutions place in our investment environment. This financing marks a new era of responsible, community-oriented mineral development. We welcome FG Gold's commitment to local participation, skills development, and shared prosperity, and we look forward to the transformational impact Baomahun will deliver for generations to come.”
Community development already underway
FG Gold has committed 1% of gross revenues to a Community Development Fund supporting education, healthcare, agriculture, infrastructure, and social enterprise in project-affected communities. Early initiatives include the Baomahun Community Centre, St. Joseph Bakhita Primary School, the renovated Baomahun Health Centre, and upgrades to the 66 km Matotoka–Baomahun access road.
Distributed by APO Group on behalf of Afreximbank.Media Enquiries:
Nicola Asgill
Corporate Development, Sustainability & Investor Relations Director
FG Gold
Mobile: +232 99 503 506
Email: nicola.asgill@fg-gold.com
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org
Vincent Musumba
Communications and Events Manager (Media Relations)
African Export-Import Bank (Afreximbank)
Email: press@afreximbank.com
About FG Gold Limited:
FG Gold is a gold development company based focused on constructing and operating the Baomahun Gold Project located in Sierra Leone. Baomahun is one of the largest deposits under development in Africa and will become Sierra Leone's premier large scale commercial gold mine. Upon operations, the Project is expected to deliver an average annual gold production of ~150,000 ounces per year over a 12.5-year mine life peaking at 201,000 ounces.
About Africa Finance Corporation:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth.
Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 47 member countries and has invested over US$15 billion in 36 African countries since its inception.
About African Export-Import Bank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
About Fundo Soberano de Angola:
The Angola Sovereign Wealth Fund (FSDEA) is established to promote the sustainable social and economic development of Angola by generating long-term wealth for the Angolan people through prudent management of national resources, encompassing investments across a wide range of financial instruments and asset classes, both domestically and internationally, to secure competitive returns, preserve capital, and catalyse economic diversification within Angola's productive sectors.
About Boxmoor Au:
Boxmoor Au is an African-led precious metals company dedicated to building the next generation of high-performing, responsible mining operations across the continent. As a subsidiary of the Boxmoor Group, a project development and investment platform, founded in 2021 by Mr Oliver Tunde Andrews, Boxmoor Au leverages best-in-class technical, financial, and operational expertise to unlock Africa's mineral potential.
The Boxmoor Group brings together a powerful ecosystem, including an African-based financial advisory firm and civil engineering contractor enabling value creation from project origination through to delivery. This integrated capability strengthens the Group's mission to help reduce Africa's infrastructure deficit while driving localised benefaction.
Boxmoor Au's dedicated management team has 150+ years of combined experience in the natural resources and infrastructure sectors within Africa. The team is committed to creating long term value within the precious metals industry through strategic investments that maximise Africa's economic potential and promote sustainable resource development and operations.
Driven by its mission to become a leading intermediate African gold producer, Boxmoor Au is focused on developing and operating mines to deliver enduring benefits to local communities, nations and key stakeholders.
About A2MP Investments:
Africa Minerals and Metals Processing Platform (A2MP) is a pan-African industrial platform dedicated to responsible mining and value-added processing and transformation – unlocking the full potential of Africa's vast mineral wealth and driving a new era of industrial growth across the continent.
A2MP believes shifting from raw material exports to local processing and transformation will contribute to strengthening Africa's industrial base, reduce its dependence on imports, and drive economic growth to position Africa as a global leader.
A2MP's operations span 11 countries, including 9 in Africa, with a portfolio of 12 mineral assets and 4 state-of-the-art processing facilities. Our portfolio includes FG Gold, Canyon Resources, Nouvelle Gabon Mining, Alpha Centauri Mining, Fura Gems, among others. At the core of A2MP's mission is impact, with an aim to drive over US$5 billion in annual GDP impact and create more than 11,000 jobs.
FG Gold, Africa Finance Corporation (AFC), and Afreximbank Achieve Financial Close on US$330 Million Senior Debt Financing for Baomahun Gold Project
FG Gold Limited (“FG Gold”) (https://FGGoldMining.com/) is pleased to announce that it has achieved financial close and the first drawdown on its US$330 million Senior Debt Financing with Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank), for its Baomahun Gold Project, marking the development of Sierra Leone's flagship large-scale commercial gold mine. This milestone unlocks one of the most significant project financing deals in the country's history and supports Sierra Leone's ambition to responsibly harness its mineral resources for sustainable economic transformation. The transaction was further strengthened by capital mobilised through Trafigura Group.
The senior facility completes the financing package required to construct and develop the Baomahun Gold Project, complementing AFC's initial US$100 million investment in gold streaming and mezzanine commitments. This brings the total investment by leading African Development Finance Institutions (“DFIs”) to US$430 million, including Afreximbank's contribution of US$75 million. This landmark financing secures the full development pathway for Baomahun, enabling FG Gold to accelerate construction of core infrastructure and maintain its momentum toward first gold pour.
A transformational milestone for Sierra Leone and African mining
“This achievement marks a new chapter not only for FG Gold but for Sierra Leone,” said Oliver Tunde Andrews, Founder and Executive Chairman of FG Gold. “The Baomahun Project demonstrates that Africa has the capacity—not just in resources, but in financing sophistication, technical capability, and institutional collaboration—to develop large-scale, globally competitive mining assets. We are delighted with our constructive ongoing collaboration and partnership with the Government of Sierra Leone and the local community, as well as the backing of Africa's leading DFIs in bringing this transformative project to life.” According to Andrews, “The anchor investment provided by AFC was instrumental in crowding in additional financiers and establishing the confidence needed to mobilise further capital for the project.”
AFC and Afreximbank champion African resource development
Samaila Zubairu, President & CEO of Africa Finance Corporation (AFC), commented: “AFC is proud to have led and structured the Baomahun Gold Project, a development that embodies our mission to catalyse sustainable, African-led industrial growth. This transaction demonstrates what can be achieved when African institutions collaborate to unlock the value of our continent's resources. Baomahun will not only generate long-term economic benefits for Sierra Leone but also establish a benchmark for responsible, world-class mining development across Africa.”
Dr. George Elombi, President and Chairman of the Board of Directors, noted, “Afreximbank is delighted to partner on a project that has economic significance for Sierra Leone and the wider continent. Our financing reflects a commitment to supporting value creation within Africa by enabling sovereigns and private developers to harness their natural resources for domestic wealth creation and inclusive growth and development. The Baomahun Gold Project stands as a powerful example of African capability, innovation, and collaboration.”
Gonzalo De Olazaval, Global Head of Metals and Mineral at Trafigura added, “We are pleased to support Sierra Leone's first large-scale commercial gold mine in Partnership with AFC and Afreximbank. Our participation in this debt underscores our growing footprint in gold markets, complemented by the global reach and scale of our broader metals business.”
A project defined by African capability and global standards
The Baomahun Gold Project is being developed through the leadership of Boxmoor Au and the Africa Minerals and Metals Processing Platform (A2MP), supported by a predominantly African team and leading industry partners, including Lycopodium (EPCM), Knight Piésold, CrossBoundary Energy, and Komatsu/PanAfrican Equipment.
Recognised as one of Sierra Leone's most pioneering mining developments, Baomahun introduces multiple national “firsts” across financing, engineering, power solutions, and community partnership—establishing a scalable model for structuring and delivering high-impact mining projects across Africa.
Driving economic growth and shared prosperity
FG Gold is already a major local employer, with 90% of its workforce comprised of Sierra Leoneans. During operations, the mine is expected to support up to 900 direct and indirect jobs, contribute approximately 10% of national GDP, and stimulate substantial local supply chain growth.
According to the Minister of Mines and Mineral Resources, Sierra Leone, the Honourable Julius D. Mattai, “The Baomahun Gold Project represents a milestone for Sierra Leone's mining sector and a clear signal of the confidence that respected African institutions place in our investment environment. This financing marks a new era of responsible, community-oriented mineral development. We welcome FG Gold's commitment to local participation, skills development, and shared prosperity, and we look forward to the transformational impact Baomahun will deliver for generations to come.”
Community development already underway
FG Gold has committed 1% of gross revenues to a Community Development Fund supporting education, healthcare, agriculture, infrastructure, and social enterprise in project-affected communities. Early initiatives include the Baomahun Community Centre, St. Joseph Bakhita Primary School, the renovated Baomahun Health Centre, and upgrades to the 66 km Matotoka–Baomahun access road.
Distributed by APO Group on behalf of FG Gold Limited.Media Enquiries:
Nicola Asgill
Corporate Development, Sustainability & Investor Relations Director
FG Gold
Mobile: +232 99 503 506
Email: nicola.asgill@fg-gold.com
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile: +234 1 279 9654
Email: yewande.thorpe@africafc.org
Vincent Musumba
Communications and Events Manager (Media Relations)
Afreximbank
Email: press@afreximbank.com
About FG Gold Limited:
FG Gold is a gold development company based focused on constructing and operating the Baomahun Gold Project located in Sierra Leone. Baomahun is one of the largest deposits under development in Africa and will become Sierra Leone's premier large scale commercial gold mine. Upon operations, the Project is expected to deliver an average annual gold production of ~150,000 ounces per year over a 12.5-year mine life peaking at 201,000 ounces.
About Africa Finance Corporation:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC's approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa's infrastructure development needs and drive sustainable economic growth.
Eighteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 47 member countries and has invested over US$15 billion in 36 African countries since its inception.
About African Export-Import Bank:
African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa's trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank's total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody's (Baa2), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB-). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.
About Fundo Soberano de Angola:
The Angola Sovereign Wealth Fund (FSDEA) is established to promote the sustainable social and economic development of Angola by generating long-term wealth for the Angolan people through prudent management of national resources, encompassing investments across a wide range of financial instruments and asset classes, both domestically and internationally, to secure competitive returns, preserve capital, and catalyse economic diversification within Angola's productive sectors.
About Boxmoor Au:
Boxmoor Au is an African-led precious metals company dedicated to building the next generation of high-performing, responsible mining operations across the continent. As a subsidiary of the Boxmoor Group, a project development and investment platform, founded in 2021 by Mr Oliver Tunde Andrews, Boxmoor Au leverages best-in-class technical, financial, and operational expertise to unlock Africa's mineral potential.
The Boxmoor Group brings together a powerful ecosystem, including an African-based financial advisory firm and civil engineering contractor enabling value creation from project origination through to delivery. This integrated capability strengthens the Group's mission to help reduce Africa's infrastructure deficit while driving localised benefaction.
Boxmoor Au's dedicated management team has 150+ years of combined experience in the natural resources and infrastructure sectors within Africa. The team is committed to creating long term value within the precious metals industry through strategic investments that maximise Africa's economic potential and promote sustainable resource development and operations.
Driven by its mission to become a leading intermediate African gold producer, Boxmoor Au is focused on developing and operating mines to deliver enduring benefits to local communities, nations and key stakeholders.
About A2MP Investments:
Africa Minerals and Metals Processing Platform (A2MP) is a pan-African industrial platform dedicated to responsible mining and value-added processing and transformation – unlocking the full potential of Africa's vast mineral wealth and driving a new era of industrial growth across the continent.
A2MP believes shifting from raw material exports to local processing and transformation will contribute to strengthening Africa's industrial base, reduce its dependence on imports, and drive economic growth to position Africa as a global leader.
A2MP's operations span 11 countries, including 9 in Africa, with a portfolio of 12 mineral assets and 4 state-of-the-art processing facilities. Our portfolio includes FG Gold, Canyon Resources, Nouvelle Gabon Mining, Alpha Centauri Mining, Fura Gems, among others. At the core of A2MP's mission is impact, with an aim to drive over US$5 billion in annual GDP impact and create more than 11,000 jobs.
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