The Embassy of the Republic of Sierra Leone in China is pleased to announce the signing of a landmark Supplementary Agreement between the Mineral Wealth Fund (Sierra Leone) Limited (MWFSL) and China Overseas Engineering Group Company Limited (COVEC), held on Tuesday 1st July 2025, in Beijing, China.
This Supplementary Agreement builds upon the initial Framework Agreement signed in September 2024 and represents a major milestone in Sierra Leone’s strategy to leverage its mineral resources for national development.
COVEC has committed to providing financing of up to USD 300 million.
The funds will support mine construction, transportation infrastructure, and the development of beneficiation facilities.
The financing will be structured through a negotiated EPC (Engineering, Procurement, and Construction) Contract, a Deferred Payment Agreement, and a Joint Venture Agreement.
Importantly, the financing model ensures non-recourse to Sierra Leone’s national budget.
Speaking at the signing ceremony, the Hon. Minister of Finance and Chairman of MWFSL, Sheku Ahmed Fantamadi Bangura, stated:
“This Supplementary 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 while remaining fully aligned with the legal framework established under the Sierra Leone Mines and Minerals Development and Management Corporation Act of 2023.”
Mr. Jiang Zhe, Chairman of COVEC, reaffirmed the company’s dedication to the partnership:
“COVEC is proud to collaborate with Sierra Leone on this landmark project. We are committed to delivering world-class infrastructure and mining operations that align with Sierra Leone’s development goals.”
The Embassy of Sierra Leone commends this partnership as a powerful demonstration of strong Sino Sierra Leonean cooperation. The Embassy looks forward to the successful implementation of this project, which is expected to drive sustainable economic development and national progress.
The Supplementary Agreement aligns with the Sierra Leone Government’s broader initiative under the Sierra Leone Mines and Minerals Development and Management Corporation Act, 2023, which established a national Corporation to manage mining projects. This Corporation, through its wholly owned project company MWFSL will lead mineral development activities and facilitate state participation in mining ventures, enabling national growth without burdening the public budget.