According to a Press Release from the Sierra Leone Embassy in China, the Mineral Wealth Fund (Sierra Leone) Limited and China Overseas Engineering Company Limited signed a Landmark Supplementary Agreement to Advance Mining and Infrastructure Development for the Tonkolili North Iron Ore Deposit.
The Supplementary Agreement between the Mineral Wealth Fund (Sierra Leone) Limited (MWFSL) and China Overseas Engineering Group Company Limited (COVEC) signed, 1st July 2025, in Beijing, China, builds upon the Framework Agreement signed between the two parties, in September 2024, and marks a significant milestone in Sierra Leone’s efforts to leverage its mineral resources for national development.
Key Commitments under the Supplementary Agreement include COVEC committing to provide financing, up to USD 300 million, to cover mine construction, transportation networks, and beneficiation facilities.
The financing will be structured under a negotiated EPC Contract, Deferred Payment Agreement, and Joint Venture Agreement, ensuring non-recourse to Sierra Leone’s national budget.
Following the signing of the Supplementary Agreement, the Hon. Minister of Finance, Sheku Ahmed Fantamadi Bangura, Chairman of MWFSL, stated that the Supplementary Agreement is a transformative step for Sierra Leone. Noting that COVEC’s commitment ensures that the country’s mineral wealth directly benefits the people through infrastructure, employment, and revenue, all structured responsibly under the legal framework contained in the Sierra Leone Mines and Minerals Development and Management Corporation Act 2023.”
Mr. Jiang Zhe, Chairman of COVEC, noted that COVEC is proud to partner with Sierra Leone in this landmark project. “We are committed to delivering world-class infrastructure and mining operations that align with Sierra Leone’s developmental goals.” He added.
This Supplementary Agreement aligns with the Sierra Leone government’s initiative under the Sierra Leone Mines and Minerals Development and Management Corporation Act 2023, which establishes a Corporation which shall carry out, through a 100% owned project company (the MWFSL), minerals and mining development, management and mining-related activities state participation to fund national development without burdening the budget.
Credit: MOF Communications
