By Hassan Osman Kargbo
The Mineral Wealth Fund (Sierra Leone) Limited (MWFSL) and China Overseas Engineering Company Limited (COVEC) have signed a Supplementary Agreement to advance the development of the Tonkolili North Iron Ore Deposit. The agreement was signed on July 1, 2025, in Beijing, China, and marks a significant milestone in Sierra Leone’s efforts to leverage its mineral resources for national development.
The agreement builds upon the Framework Agreement signed between the two parties in September 2024. Under the Supplementary Agreement, COVEC will provide financing of up to $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.
The Hon. Minister of Finance, Sheku Ahmed Fantamadi Bangura, Chairman of MWFSL, stated that the agreement is a transformative step for Sierra Leone. “COVEC’s commitment ensures that our mineral wealth directly benefits our 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,” he said.
Mr. Jiang Zhe, Chairman of COVEC, affirmed that the company 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 said.
The 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 to carry out minerals and mining development, management, and mining-related activities. The project is expected to drive sustainable development for the nation, providing infrastructure, employment, and revenue without burdening the national budget.
The Embassy of Sierra Leone in China commended the partnership as a testament to strong Sino-Sierra Leonean cooperation. The project is expected to have a positive impact on the country’s economy and citizens’ lives, and the government looks forward to its successful implementation.
The Tonkolili North Iron Ore project is a significant opportunity for Sierra Leone to leverage its mineral resources for national development. The agreement with COVEC demonstrates the government’s commitment to responsible mining practices and sustainable development. With the project expected to provide infrastructure, employment, and revenue, it is likely to have a lasting impact on the country’s economy and citizens’ lives.
