FG Gold and CrossBoundary Energy sign agreement for landmark hybrid renewable energy project at the Baomahun Gold Mine
8 February 2024, Cape Town, South Africa – FG Gold Limited (“FG Gold”) and CrossBoundary Energy have announced a new agreement to develop a large-scale hybrid energy solution at the Baomahun Gold Mine in Sierra Leone.
The hybrid energy plant at Baomahun Gold Mine will consist of 21MW thermal plant, 23.8MW solar PV, and a 13.8MWh/13MW Battery Energy Storage System (BESS). At project completion, renewable energy will supply up to 90% of the mine demand during daylight hours and avoid approximately 380,000 tonnes in CO2 emissions over 20 years.
The Baomahun Gold Mine project, located in the Valunia and Kunike Barina Chiefdoms of Sierra Leone, represents the first large-scale commercial gold project in the country. This project is poised to become a model for sustainable mining operations, reflective of FG Gold’s intent to maximize its renewable energy usage.
The signing ceremony took place on the sidelines of the Mining Indaba, where stakeholders in the African mining sector gathered to discuss major industry themes, including sustainability and renewable energy.
Matt Fredericks, Global Head of Mining at CrossBoundary Energy, said, “This collaboration with FG Gold at the Baomahun Gold Mine is a testament to our commitment to accelerating the renewable energy transition in mining. Our innovative hybrid energy solution will not only provide cleaner and more cost-effective power but also set a new standard for sustainable mining practices in Africa.”
Tolu Disu-Wadike, Director of Commercial Mining Solutions at CrossBoundary Energy, said: “I am proud to be part of a project that showcases the core of CrossBoundary’s purpose to unlock capital for sustainable growth in underserved markets. The Baomahun Gold project will be Sierra Leone’s first large scale commercial gold mine and stands to bring a lot of economic benefit to the country.”
CrossBoundary Energy will fully finance the development and construction of the renewable energy solution at Baomahun Gold Mine.
James Shoetan, Chief Commercial Officer at CrossBoundary Energy, said, “The Baomahun Gold Mine project is a landmark in our portfolio and brings our mining portfolio to over $150M across 10 projects. It’s also a testament to our mission to help boost sustainable economic development across African countries such as Sierra Leone.”
Simon Marchioni, Managing Partner at Global Infrastructure Advisors remarked, “This project is a significant milestone for Sierra Leone and the African mining industry. The Baomahun Gold Mine sets a precedent for integrating renewable energy in large-scale mining operations, showcasing a sustainable path forward.”
Oliver Andrews, Executive Chairman at FG Gold, commented, “FG Gold is committed to pioneering sustainable and responsible mining practices. Our partnership with CrossBoundary Energy in the Baomahun Gold Mine project underscores this commitment, as we aim to harness the power of renewable energy for a greener future in mining.”
Construction of the hybrid renewable energy facilities at the Baomahun Gold Mine is scheduled to commence in Q2 2024.