On April 28, 2025, the heart of London pulsed with renewed hope for Sierra Leone’s future as Hon. Julius Daniel Mattai, Minister of Mines and Mineral Resources, addressed an esteemed gathering at FG Gold Ltd’s Dinner during the Africa Finance Corporation (AFC) Investor Day in London on 28 April 2025. His speech was more than a celebration of investment; it was a powerful call to action for a nation poised on the threshold of transformation.
A New Chapter for Sierra Leone’s Mining Sector
Minister Mattai’s words resonated with gratitude and realism. He acknowledged the courageous commitment of FG Gold Ltd and its partners, whose current investments have surpassed $100 million – an unprecedented milestone for an African investor in Sierra Leone’s mining history. This investment, he noted, is not just about extracting resources but about laying the foundation for a brighter, more inclusive future for all Sierra Leoneans.
Confronting the Past, Embracing the Future
The Minister, accompanied by the National Minerals Agency (NMA) Director-General (Ing. Hadji Dabo) and the Director of Mines (Peter Bangura), candidly addressed the historical challenges facing Sierra Leone’s mining sector. Despite the country’s rich mineral endowment, he lamented that mining has not yet become the “bread basket” it should be. In 2024, gold production generated only $11.5 million in revenue, a fraction of its true potential, especially when compared to the $785 million and $102 million from iron ore and diamond exports, respectively. This honest assessment underscored the urgency for reform and innovation.
A Vision for Inclusive Growth
Minister Mattai emphasized the importance of creating a competitive and merit-based environment in the mining industry. With approximately 14,900 direct jobs in the sector, he called for a shift in mindset – urging that employment be based on skill and merit, not nationality. This, he argued, is essential for building a sector that empowers Sierra Leoneans and drives sustainable development.
FG Gold’s Baomahun Project: A Beacon of Progress
The Baomahun Gold Project stands as a symbol of Sierra Leone’s aspirations. Now, in its construction phase, the project is set to become the country’s first large-scale gold mine. The recently signed $330 million senior debt facility (in addition to the $75 million Mezzanine Finance Agreement signed in 2024), with the Africa Finance Corporation will accelerate its progress, ensuring the first gold pour by Q4 2026/Q1 2027. The partnership with Lycopodium Minerals Canada Limited for the plant’s design and construction further highlights Sierra Leone’s commitment to world-class standards and global collaboration.
A Call for Responsible Investment
Minister Mattai’s message to current and future investors was clear: Sierra Leone welcomes those who invest responsibly and uphold best pratices. He cautioned that mining licences could be revoked if proper standards are not maintained, reinforcing the government’s commitment to accountability and long-term value creation.
Looking Ahead: A Nation Ready for Transformation Minister Mattai’s speech was a rallying cry for Sierra Leone’s partners, investors, and citizens. He celebrated the progress made, acknowledged the challenges ahead, and invited all stakeholders to join in building a mining sector that truly serves the nation. With visionary leadership, strategic partnerships, and an unwavering commitment to transparency and merit, Sierra Leone is ready to turn its mineral wealth into lasting prosperity.
As the world watched, Sierra Leone’s message was unmistakable: the nation is open for business, determined to ensure that the benefits of its resources are shared by all, and committed to forging a legacy of hope and opportunity for generations to come.
