Australian mining giant Fortescue confirmed Tuesday that it was in negotiations to develop what would be the world's largest hydroelectric project in the Democratic Republic of Congo.
The business giant Andrew Forrest's group said it was in the running to build the Grand Inga hydroelectric mega-dam on the Congo River.
Under current arrangements, Forrest’s Fortescue Future Industries (FFI) has been granted exclusive rights to develop the massive development of the $ 80 billion Grand Inga US dollar (pdf). Interested parties wishing to invest or participate in the project are invited to contact FFI.
The project, which could be larger than the Three Gorges Dam in China and is supposed to supply energy to South Africa, has been delayed since 1972.
However, it has long been plagued by a series of problems. Various potential builders have come forward over the past decade, but no project has materialized.
The DRC is unable to process its mineral wealth locally or to provide light to the vast majority of its 80 million inhabitants because of the lack of hydroelectric power plants.