Beijing, China – 1st July 2025 — In a major step forward for Sierra Leone’s mining and infrastructure ambitions, the Mineral Wealth Fund (Sierra Leone) Limited (MWFSL) has signed a Supplementary Agreement with China Overseas Engineering Group Company Limited (COVEC) to advance the development of the Tonkolili North Iron Ore Deposit.
The agreement, signed today in Beijing, builds on a previous Framework Agreement signed in September 2024, and solidifies a strategic partnership aimed at transforming Sierra Leone’s mineral wealth into tangible national gains.
Under the terms of the new agreement, COVEC will provide financing of up to USD 300 million to support the construction of mining facilities, transportation infrastructure, and beneficiation plants. The financial structure includes an Engineering, Procurement and Construction (EPC) Contract, a Deferred Payment Agreement, and a Joint Venture Agreement — all designed to avoid placing any burden on Sierra Leone’s national budget.
Speaking at the signing ceremony, Sierra Leone’s Minister of Finance and Chairman of MWFSL, Hon. Sheku Ahmed Fantamadi Bangura, hailed the agreement as a breakthrough in resource-driven development.
“This is a transformative step for Sierra Leone. COVEC’s investment will translate into jobs, infrastructure, and revenue—while maintaining fiscal responsibility and adherence to our legal framework under the Mines and Minerals Development and Management Corporation Act 2023,” said Minister Bangura.
COVEC Chairman, Mr. Jiang Zhe, reiterated his company’s commitment to Sierra Leone’s long-term development:
“We are proud to partner with Sierra Leone in this landmark project. COVEC is dedicated to delivering top-tier infrastructure and mining solutions that align with the country’s broader economic goals.”
The Embassy of Sierra Leone in China described the agreement as a milestone in Sino-Sierra Leonean cooperation, emphasizing its potential to drive sustainable growth and strengthen bilateral ties.
The Tonkolili North project is being executed under the recently passed Mines and Minerals Development and Management Corporation Act 2023, which enables Sierra Leone to participate directly in mining ventures through a 100% state-owned project company—MWFSL—without reliance on the national budget.
