FSUMF - Fortescue to develop huge Congo hydro project

menabrea/iStock via Getty Images Democratic Republic of Congo's government says it chose Fortescue Metals (FSUMF) to develop a series of dams that could become the world's largest hydroelectric project. The Grand Inga project's two existing dams, built in 1972 and 1982, have a combined installed capacity of nearly 1,800 MW, and the proposed expansion of six more dams would lift capacity over 40K MW, roughly double the size of China's Three Gorges dam, currently the world's largest. Total development costs have been estimated at as much as $80B. A Chinese consortium that includes China Three Gorges Corp. and a Spanish group that includes AEE Power signed a deal with Congo's government three years ago to develop the third dam, but ground has not been broken on Inga 3 because of questions over its financial viability. The Congo government says the project now will be led by Fortescue, although there could

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Fortescue to develop huge Congo hydro project