Angola sovereign wealth fund invests in Sierra Leone gold project
FG Gold has secured a $20 million equity investment from Angola’s sovereign wealth fund.
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FG Gold has secured a $20 million equity investment from Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), for its Baomahun Gold Project in Sierra Leone. With this investment, FSDEA becomes the project’s first institutional shareholder and its third shareholder alongside Boxmoor Hills DMCC and Eagle Eye Asset Holdings.
The investment will complement the senior debt financing to support the full development of the Baomahun project, through to first gold pour and production, particularly the mobilisation of key project contractors required to ramp up construction over the next few months.
Oliver Tunde Andrews, executive chairman of FG Gold stated, “Having a partner of FSDEA’s stature and reputation on this project illustrates the transformative potential of Baomahun for Sierra Leone and we look forward to their contribution as a key shareholder that will enhance value for all project stakeholders. This transaction demonstrates the power of cross collaboration among African nations, and we hope that this investment will serve as an exemplar for investments by Africans in African assets.”
Armando Manuel, chairman of FSDEA commented, “We are excited to make this significant investment in FG Gold’s Baomahun Gold Project. This strategic partnership not only demonstrates our commitment to supporting the growth of key resource sectors across Africa but also aligns with FSDEA’s mission to generate long-term returns while contributing to the sustainable economic development of the continent. The Baomahun Gold Project stands as a beacon of opportunity, and our investment signifies a vote of confidence in Sierra Leone’s economic potential. We are proud to join other African institutions in fostering intra-African collaboration and investment, which will drive shared prosperity across the region.”
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