Transaction Summary
Fundo Soberano de Angola (FSDEA), Angola’s Sovereign Wealth Fund, has made a $20 million equity investment in Sierra Leone’s Baomahun Gold Project. This project, managed by FG Gold, marks FSDEA as the first independent institutional investor. FG Gold aims to develop the first large-scale commercial gold mine in Sierra Leone, one of Africa's largest gold deposits under development. FG Gold previously secured a $45 million stream arrangement with the Africa Finance Corporation (AFC) in 2022, followed by an additional $55 million in mezzanine debt funding from AFC in 2023. In October 2024, the African Export-Import Bank (Afrexim Bank) provided FG Gold with $75 million in senior debt financing. The project has two existing equity investors, Boxmoor Hills DMCC and Fortuna Holdings SFO (formerly Eagle Eye Asset Holdings). Boxmoor Hills DMCC is affiliated with the Tocam Group, an African infrastructure investment firm whose chairman, Olive Tunde Andrews, also chairs FG Gold.
