By Amin Kef-Ranger
Sierra Leone’s mining sector is charting a bold new course under the leadership of Julius Daniel Mattai, Minister of Mines and Mineral Resources, as it records major strides that signal a new era of economic transformation. The most recent breakthrough is the signing of a landmark USD 330 million senior debt facility for FG Gold Ltd’s Baomahun Gold Project, Sierra Leone’s first large-scale commercial gold mine.
The agreement, finalized on April 28, 2025, is being hailed as a milestone that not only advances the mining sector but also accelerates the country’s broader economic aspirations. In a compelling address during the signing ceremony, the Mines Minister described the investment as a direct result of President Julius Maada Bio’s visionary leadership, which has fostered a stable, transparent and investor-friendly climate in the country.
He pointed specifically to the Mines and Minerals Development Act of 2023, a comprehensive piece of legislation that embeds international best practices and enhances transparency, as a cornerstone of recent success. “The transformation we are witnessing in the mining sector is deliberate, structured and people-centered,” Julius Daniel Mattai said.
The Baomahun Gold Project is set to become a major pillar of the national economy. With a certified JORC resource of 5.81 million ounces of gold and an anticipated annual production of 150,000 ounces over 12.5 years, the project is expected to significantly boost Sierra Leone’s GDP. Beyond the macroeconomic impact, the project will also generate approximately 1,200 direct jobs.
Importantly, the agreement includes a provision that allocates 1% of the project’s gross revenues to a Community Development Fund, aimed at supporting vital local initiatives in healthcare, education, agriculture and infrastructure.
The Minister of Mines and Mineral Resources commended FG Gold Ltd for its inclusive approach to development. He lauded the company’s efforts to upgrade infrastructure and implement sustainable development practices, including a hybrid renewable energy system developed in partnership with CrossBoundary Energy. That initiative is projected to prevent 380,000 tonnes of CO₂ emissions over the mine’s lifespan, demonstrating a firm commitment to environmental stewardship.
“These are not just investments in infrastructure,” Julius Daniel Mattai declared. “They are investments in people, in future and in hope.”
He further acknowledged the strong show of confidence from both African and international financial institutions, which he said reflects the growing trust in Sierra Leone’s reformed legal and investment framework. The Minister called on global investors to seize the opportunity to participate in the country’s mineral revolution, emphasizing the robust protections and returns offered by the sector.
The Minister of Mines and Mineral Resources concluded by extending an invitation to stakeholders across Africa and beyond to deepen their engagement with Sierra Leone further painting a vision of a future where African natural resources not only power global industries but also drive sustainable prosperity for African communities.
“Let us demonstrate that, with the right leadership, the right laws and the right partnerships, mining can be a force for transformation, empowerment and hope,” he said.
Poised for a mining-driven economic renewal, the country is gaining momentum under the leadership of the Minister of Mines and Mineral Resources and the forward-looking vision of President Bio, as confidence in Sierra Leone continues to grow both at home and abroad.
