FOR IMMEDIATE RELEASE
Beijing, China – 1st July 2025
The Embassy of the Republic of Sierra Leone in China proudly announces the signing of a landmark Supplementary Agreement between the Mineral Wealth Fund (Sierra Leone) Limited (MWFSL) and China Overseas Engineering Group Company Limited (COVEC) on 1st July 2025 in Beijing. This agreement marks a pivotal step in Sierra Leone’s strategic development of its mineral resources.
Key Highlights of the Agreement:
- $300 Million Investment: COVEC will finance mine construction, transportation networks, and beneficiation facilities for the Tonkolili North Iron Ore Deposit.
- Structured Financing: The deal is secured under an EPC Contract, Deferred Payment Agreement, and Joint Venture Agreement, ensuring no recourse to Sierra Leone’s national budget.
- Infrastructure & Employment Boost: The project promises to deliver critical infrastructure, job creation, and sustainable revenue streams for Sierra Leone.
Leadership Insights:
Hon. Sheku Ahmed Fantamadi Bangura, Sierra Leone’s Minister of Finance and Chairman of MWFSL, emphasized:
“This agreement is a transformative milestone for our nation. COVEC’s investment ensures our mineral wealth directly benefits our people—through infrastructure, jobs, and responsible revenue generation—all anchored in Sierra Leone’s legal framework.”
Farid Alghali, CEO of MWFSL, added:
“By partnering with COVEC, we are unlocking long-term value from our resources while safeguarding national interests. This deal reflects our commitment to sustainable and equitable development.”
Next Steps:
The Supplementary Agreement builds on the Framework Agreement signed in September 2024, accelerating Sierra Leone’s vision for resource-driven prosperity.
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