Bank of Sierra Leone signs gold purchase agreement with FG Gold

The Bank of Sierra Leone has signed a Memorandum of Understanding with FG Gold Limited to purchase gold from the Baomahun Gold Project once commercial production commences. Under this agreement, the central bank will buy gold produced at the large-scale mining site using local currency, marking the first offtake agreement between the central bank and a large-scale gold mine in the country.

The Baomahun project, located in southern Sierra Leone, is valued at approximately $700 million and is expected to produce about 150,000 ounces of gold annually. The initiative aims to support the Bank of Sierra Leone’s Gold Purchasing Programme and strengthen national gold reserves. The project is projected to contribute nearly 10% to Sierra Leone’s gross domestic product and create employment opportunities for up to 900 people.