Andrew Forrest’s $100b Congo power play – by Brad Thompson (Australian Financial Review – June 13, 2021)

https://www.afr.com/

“Fortescue will not work with those who intend to ship in thousands of workers
and ship them out once the project is completed,” he said. “We intend to upskill
the economies that we enter.”

Fortescue Metals Group chairman Andrew Forrest has secured the inside running on developing the world’s largest hydro power project – which alone carries a $US80 billion ($103.8 billion) price tag – and associated port, green hydrogen and green ammonia capability in the troubled Democratic Republic of Congo.

Dr Forrest said Fortescue’s green energy and green hydrogen projects in Africa were not confined to the DRC and included projects in Kenya and Ethiopia, with investors and financiers already indicating a willingness to commit more than $US100 billion.

He put Fortescue’s weight behind the Grand Inga dam project on the Congo on Sunday as part of his ambition to diversify the iron ore miner into a global force in green energy and green hydrogen.

Australia’s richest man outlined details of the Grand Inga development deal with DRC president Felix Tshisekedi in Goma, a city near the Rwanda border and scene of a deadly volcanic eruption last month.

Under their agreement, which is dependent on final discussions, Fortescue subsidiary Fortescue Future Industries was granted exclusive rights to develop the long-talked about Grand Inga project, including the Matadi and the Pioka projects.

For the rest of this article: https://www.afr.com/companies/energy/andrew-forrest-s-100b-congo-power-play-20210612-p580i3

Comments are closed.