ADVERTISEMENT
  • Home
  • Latest News
  • Talking Point
  • Business
  • Sports
  • Elections-2023
  • Contact
Friday, July 4, 2025
  • Login
Forum News
Advertisement
  • Home
  • Latest News
  • Talking Point
  • Business
  • Sports
  • Elections-2023
  • Contact
No Result
View All Result
  • Home
  • Latest News
  • Talking Point
  • Business
  • Sports
  • Elections-2023
  • Contact
No Result
View All Result
Forum News
No Result
View All Result
Home ALL NEWS

Sierra Leone Signs Landmark Agreement with COVEC

FORUM NEWS SIERRA LEONE by FORUM NEWS SIERRA LEONE
3 July 2025
in ALL NEWS, LATEST NEWS
0
Minister of Finance Secures USD 300 million Investment to cover mine construction, transportation networks, and beneficiation facilities for the Tonkolili North Iron Ore Deposit

Minister of Finance Secures USD 300 million Investment to cover mine construction, transportation networks, and beneficiation facilities for the Tonkolili North Iron Ore Deposit

0
SHARES
0
VIEWS
Share on FacebookShare on Twitter
Share on

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.

Qcell Qcell Qcell

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.

Post Views: 3
Tags: COVEC
Previous Post

Sierra Leone Receives EU Funding Support

Next Post

New NPRA DG Pledges Sector Reforms

Next Post

New NPRA DG Pledges Sector Reforms

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forum News

FORUM NEWS, Sierra Leone in its push for independent journalism is in solidarity with the global campaigns in the fight against corruption, divisiveness....PEACE!

Follow Us

Browse by Category

  • ADVERTISE WITH US
  • AGRIBUSINESS
  • ALL NEWS
  • BO
  • BONTHE
  • BOOK REVIEW
  • BUSINESS
  • CHINA – SIERRA LEONE
  • CRIME
  • CRIME & COURT
  • E-EDITIONS
  • EAST
  • ECONOMY
  • ELECTIONS-2023
  • ENTERTAINMENT
  • ENVIRONMENT
  • EYE ON THE WORLD
  • FALABA
  • FOOTBALL
  • FORUM MINDS
  • FORUM TV
  • FREETOWN
  • HEALTH
  • INSIGHTFUL PEAK
  • INTERVIEW
  • KABALA
  • KAILAHUN
  • KAMBIA
  • KARENE
  • KENEMA
  • KOINADUGU
  • KONO
  • LATEST NEWS
  • LETTERS
  • MAGBURAKA
  • MAKENI
  • MEDIA WATCH
  • MOYAMBA
  • NORTH
  • NORTH-EAST
  • NORTH-WEST
  • OBITUARY
  • POLITICS
  • PORT LOKO
  • PRESS RELEASE
  • PUJEHUN
  • SOUTH
  • SPEECHES
  • SPORT
  • TALKING POINT
  • THE CONCH
  • TONKOLILI
  • TRIBUTES
  • Uncategorized
  • VIdeo Advertisements
  • WATERLOO
  • WESTERN AREA RURAL DISTRICT
  • WESTERN AREA URBAN

Recent News

SLFA President Pays Visit to Ports Authority FC

SLFA President Embroiled in Alleged Misuse of CAF Funds

3 July 2025
DR IBRAHIM BANGURA

IBRAHIM BANGURA: APC’S EMERGING PRESIDENTIAL ASPIRANT  

3 July 2025

SLRSA to Install CCTV to CrackTraffic Violators

3 July 2025

New NPRA DG Pledges Sector Reforms

3 July 2025
  • Home
  • News
  • Entertainment
  • TV
  • TV
  • VIDEO-ADVERTISEMENTS
  • Archives
  • TV
  • Home
  • Home

© 2025 Forum News Sierra Leone

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Latest News
  • Talking Point
  • Business
  • Sports
  • Elections-2023
  • Contact

© 2025 Forum News Sierra Leone

×

Hello!

Click one of our contacts below to chat on WhatsApp

Forum News
Support Forum News

Forum News - Sierra Leone.

× How can I help you?