Billionaire Forrest ‘Can’t Wait Forever’ for $80 Billion Congo Hydro Deal – by Matthew Hill (Bloomberg News – June 16, 2023)

(Bloomberg) — Australian mining billionaire Andrew Forrest warned he “can’t wait forever” to seal a deal with the Democratic Republic of Congo for a hydropower and green hydrogen project that would be the biggest investment in Africa yet.

The proposed development on the Congo River would produce at least 40 gigawatts of power — equivalent to almost a quarter of Africa’s total current capacity — and construction could start about 18 months after an agreement is signed, Forrest said in an interview Tuesday.

He declined to specify how much capital his company would invest, with previous estimates pegging the cost at $80 billion.

“The best way to go is to have a collaboration of investors or partners,” he said. “We’ve made very clear to the Chinese, the Europeans, the Americans, other Asian companies that this is a project of global significance. We can provide the expert management that they rely on to get the project done.”

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