15/06/2021 - 12:00

Fortescue confirms DRC hydropower discussions

15/06/2021 - 12:00

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Fortescue Metals Group has confirmed its plans to develop a suite of multi-billion-dollar green energy projects in the Democratic Republic of Congo.

Andrew Forrest's Fortescue is in discussions with the DRC government about developing the $US80 billion Grand Inga project.

Fortescue Metals Group has confirmed its plans to develop a suite of multi-billion-dollar green energy projects in the Democratic Republic of Congo.

Fortescue made the announcement on Tuesday, following earlier media reports alleging the Andrew Forrest-chaired company had inked deals with the DRC government to develop the $US80 billion ($A104 billion) Grand Inga project.

If built, Grand Inga would become the largest power station in the world, capable of producing between 40,000 and 70,000 megawatts electricity.

The project includes seven proposed hydroelectric power plants at Inga Falls, on the Congo River.

“Fortescue confirms that discussions have taken place with the DRC government in respect to the grant of exclusive rights to develop the Grand Inga suite of projects,” the company said.

“No formal binding agreement has been concluded at this time.

“Should an agreement be forthcoming, the company will advise the market in accordance with its continuous disclosure obligations.”

Fortescue said the DRC government has invited corporations and governments to contact subsidiary Fortescue Future Industries (FFI) if they have investment or service interest in the Inga projects, on the condition that personnel will be trained and sourced from the DRC.

Shares in Fortescue were up 0.8 per cent to trade at $23.41, as at 1:35pm AEST.

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