Connect with us
Anglostratits

Business

FG Gold, Africa Finance Corporation (AFC) and Afreximbank Achieve Financial Close on US$330 Million Senior Debt Financing for Baomahun Gold Project

Published

on

FG Gold

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) (www.AfricaFC.org) 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 Andrew’s, “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.”

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

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 Africa Finance Corporation (AFC).

Home  Facebook

Business

Port Community Systems (PCS) as the crisis backbone: how trade disruption makes digital port infrastructure non-negotiable (By Alioune Ciss)

Published

on

Port Community Systems

With PCS, ports can dynamically allocate resources, adjust workflows, and reprioritize cargo flows using real-time data and coordinated processes

DUBAI, United Arab Emirates, May 19, 2026/APO Group/ —By Alioune Ciss, Chief Executive Officer, Webb Fontaine (https://WebbFontaine.com).

When global trade flows normally, Port Community Systems (PCS) are often viewed as efficiency tools. They digitize paperwork, connect stakeholders, reduce delays, and improve visibility across port ecosystems. However, the true impact and strategic importance of PCS become most apparent when a crisis hits.

Whether caused by geopolitical conflict, canal restrictions, rerouted shipping lanes, cyber risk, labor disruption, or sudden regulatory shifts, modern supply chain shocks remind us that ports without strong digital coordination struggle to adapt, whereas ports with robust PCS infrastructure are better positioned to keep cargo moving. In today’s environment, PCS has become a critical infrastructure.

Disruption is not an exception anymore

Global maritime trade has entered a more volatile era where disruption is structural. Let’s review the recent events to understand the scale of impact:

  • Around 2,000 ships were reportedly stranded during the recent Strait of Hormuz (https://apo-opa.co/4dii0lb) crisis.
  • The Red Sea crisis (https://apo-opa.co/4dz5gFA) led to more than 190 attacks on vessels by late 2024, forcing widespread rerouting and increasing transit times by up to two weeks.
  • The Suez-linked corridor (https://apo-opa.co/4dz5gFA), which carries roughly 10–12% of global maritime trade, experienced sharp volume declines during the disruption.
  • Supply chains across the Middle East, Africa, and Europe faced cascading effects, including congestion, cost increases, and schedule instability.

At the same time, the global port industry itself is undergoing rapid transformation. According to the International Association of Ports and Harbors (IAPH), ports are accelerating digitalization and strengthening resilience capabilities in response to geopolitical and operational uncertainty. This is the new reality: routes shift, volumes spike, and conditions change faster than traditional systems can handle.

Why PCS matters most during a crisis

When vessel schedules collapse, or cargo volumes suddenly spike, physical infrastructure alone is not enough. Cranes, berths, gates and yards also need coordination. That is where PCS becomes the backbone of resilience.

A PCS is not just a digital tool; rather, it’s a shared operational layer. It connects shipping lines, terminals, customs, freight forwarders, transport operators, and authorities through a single data environment, enabling synchronized decision-making across the ecosystem.

Instead of exchanges through emails, phone calls, Excel files, or siloed systems that generate delays and errors, the PCS enables seamless and real-time coordination.

1. Real-time visibility across the ecosystem

When vessels are delayed or rerouted, fragmented communication becomes a liability.

PCS enables real-time visibility across:

  • vessel arrivals and berth planning
  • cargo status and documentation
  • customs readiness and inspections
  • gate operations and inland logistics

Instead of fragmented updates, stakeholders operate from a shared, trusted data environment.

When shipping lanes shift overnight, policies change, and when uncertainty increases, the strongest ports are the ones that are the most ‘connected’

In a crisis, the speed of information becomes the speed of recovery.

2. Faster decision-making under pressure

Sudden disruptions create immediate operational stress:

  • surges in transshipment volumes
  • yard congestion risks
  • inspection bottlenecks
  • inland transport delays

Without digital coordination, responses are reactive and slow.

With PCS, ports can dynamically allocate resources, adjust workflows, and reprioritize cargo flows using real-time data and coordinated processes.

3. Customs and border continuity

Cargo cannot move if border agencies cannot move.

According to joint guidance from the World Customs Organization (WCO) and International Association of Ports and Harbors (IAPH), interoperability between Customs systems and PCS is essential for coordinated border management, risk control, and secure data exchange (https://apo-opa.co/3PLcs9P).

In crisis conditions, this becomes critical. Governments must introduce new controls, risk filters, or emergency procedures quickly, without disrupting trade flows. PCS enables this  balance.

4. Trust and transparency for the market

Importers, exporters, and carriers can tolerate disruption more than uncertainty. What they need is visibility.

PCS provides transparency across the supply chain, allowing stakeholders to track cargo status, anticipate delays, and plan accordingly. This transparency builds trust and reduces the systemic risk of panic-driven inefficiencies.

Operational resilience is the key

As we all know, the classic PCS discussions focus on key KPIs such as:

  • reduced turnaround time
  • fewer documents
  • lower administrative cost
  • faster truck processing

But today, the most important KPI is “readiness”: If a major trade corridor shifts tomorrow, can your port ecosystem adapt in real time?

To answer “Yes” to this question, a future-ready PCS should include:

  • real-time event management
  • integrated stakeholder communication
  • predictive congestion alerts
  • interoperability with customs and regulatory systems
  • scalable architecture for demand spikes

“For years, ‘efficiency’ was key when it comes to PCS. However, today, the key is ‘resilience’… When shipping lanes shift overnight, policies change, and when uncertainty increases, the strongest ports are the ones that are the most ‘connected’… Therefore, we should treat PCS as a crisis backbone of trade, not an IT efficiency initiative.
[Alioune Ciss, CEO, Webb Fontaine]

The Next Evolution: Intelligent PCS

PCS is now entering a new phase. Next-generation systems are evolving into data-driven platforms that support predictive analytics, AI-enabled decision-making, and proactive risk management (https://apo-opa.co/4eQ93Rg).

In other words, today, ports need systems that help orchestrate responses. Solutions such as Webb Ports (https://apo-opa.co/42F3gqq) from Webb Fontaine reflect this shift. By connecting all port stakeholders through a unified platform, anticipating congestion before it happens, simulating operational scenarios, and optimizing resource allocation dynamically, we enable faster coordination, better visibility and more agile responses when disruptions occur.

Distributed by APO Group on behalf of Webb Fontaine.

 

Continue Reading

Energy

Rand Refinery Joins African Mining Week (AMW) as Silver Sponsor Amid Regional Market Expansion Strategy

Published

on

Energy Capital

African Mining Week 2026 will showcase lucrative investment, partnership, and knowledge-exchange opportunities across Africa’s gold downstream sector, as Rand Refinery intensifies its investment and expansion strategy across the continent

CAPE TOWN, South Africa, May 19, 2026/APO Group/ –Amid a strategy to expand from a South Africa-focused refiner into a pan-African downstream leader, Rand Refinery has joined African Mining Week (AMW), an Influential African Mining Conference, scheduled for October 14-16, 2026 in Cape Town, as a silver sponsor.

Rand Refinery’s participation reflects a broader strategic alignment between the company’s expansion agenda and AMW’s focus on supporting and enabling local beneficiation and promoting artisanal and small-scale mining (ASM) responsible sourcing frameworks.

 

In terms of volumes, the latest market information indicates that Africa produces 1000tpa of mined gold (more than any other continent), with large-scale mining (LSM) and ASM being almost evenly balanced (500tpa production each). On its current trajectory, African ASM volumes are expected to eclipse those of LSM.

 

The focus on ASM as a transformational imperative is valid, and Rand Refinery is an active participant in the precious metals supply chain, working alongside other upstream and downstream actors to ensure that the communities and countries with gold resources benefit in a sustainable manner.

 

Under the theme Mining the Future: Unearthing Africa’s Full Mineral Value Chain, AMW 2026 offers a critical interface between refiners, miners, regulators, and financial institutions, as African countries intensify efforts to capture more value from responsible mineral production.

 

A key pillar of Rand Refinery’s 2026 strategy is its expansion into high-growth gold markets beyond South Africa. In January 2026, the company partnered with Ghana’s Gold Coast Refinery (GCR) to support the Ghana Gold Board to locally refine artisanal and small-scale (ASM) gold and elevate responsible sourcing standards in West Africa. The partnership also positions Rand Refinery in a rapidly growing and historically fragmented supply segment: ASM operations, enabling the company to enhance traceability and strengthen compliance with global standards for ethical sourcing and anti-money laundering.

 

The partnership potentially allows the monetization of ASM supply streams in the formal gold ecosystem, complementing Rand Refinery’s established role in refining output from responsible large-scale producers. AMW 2026 represents a timely platform for the company to provide an update on its projects and contribution to Africa’s gold sector.

 

As demand for regional refining capacity expands, along with central bank buying programs, companies such as Rand Refinery will be crucial.

 

Central bank gold purchases are projected to average around 585 tons per quarter in 2026, underscoring sustained global demand. In Africa, gold now accounts for approximately 17% of total reserves – up from less than 10% in 2022–2023 – while physical holdings increased from 663 tons in 2022 to an estimated 738 tons in 2025.

 

This upward trajectory is driving demand for trusted refining and value addition services, positioning Rand Refinery as a key partner in the region. Against this backdrop, AMW provides a strategic platform for central banks and gold buyers to engage directly with one of the world’s largest integrated single-site precious metals refining and smelting complexes and strengthen regional beneficiation and national reserve strategies.

 

At AMW, Rand Refinery executives will participate in panel discussions and networking sessions, engaging stakeholders on partnership opportunities that support a more integrated, transparent and value-driven African gold ecosystem.

Distributed by APO Group on behalf of Energy Capital & Power.

Continue Reading

Business

Applications open for the 2027 Meltwater Entrepreneurial School of Technology (MEST) Africa AI Startup Program

Published

on

Meltwater

Join a global community of AI entrepreneurs

ACCRA, Ghana, May 19, 2026/APO Group/ –The Meltwater Entrepreneurial School of Technology (MEST) (https://Meltwater.org), has opened applications for the second edition of the MEST AI Startup Program, a fully-funded, immersive experience designed to equip Africa’s most promising AI entrepreneurs with the technical, business, product, and leadership skills to build and scale globally competitive AI startups.

Over a seven-month training phase, the MEST AI Startup program will provide founders with hands-on instruction, technical mentorship, and business coaching from global experts to develop AI-powered solutions. The top startups will then advance to a four-month incubation period to refine products, sharpen go-to-market strategies, and secure market traction. At the end of incubation, startups have the opportunity to pitch for pre-seed investment of up to $100,000 and join the MEST Portfolio.

We are excited to support the next generation of African AI founders through training delivered by some of the most knowledgeable experts in the industry

The inaugural cohort brought together founders from seven African countries who are already building transformative AI solutions across industries. Building on the momentum of the first edition, the 2027 intake reflects MEST Africa’s continued commitment to ensuring African entrepreneurs play a defining role in the future of artificial intelligence.

According to Emily Fiagbedzi, AI Startup Program Director, the urgency of investing in African AI talent has never been greater.

“AI technology is advancing at an extraordinary pace, and meaningful participation in the global AI economy requires more than access to tools, it requires the ability to build,” she said. “This program is designed to help talented African founders develop solutions to real challenges while positioning them to compete globally. We are excited to support the next generation of African AI founders through training delivered by some of the most knowledgeable experts in the industry from organizations including OpenAI, Perplexity, Google, and Meltwater”

For the 2027 intake, the program is open to African founders based in Ghana, Nigeria, Senegal, and Kenya aged 21–35 with software development experience who want to start their own AI startup.

Apply now at https://apo-opa.co/3ReIQSI

Distributed by APO Group on behalf of The Meltwater Entrepreneurial School of Technology (MEST Africa).

 

Continue Reading

Trending