DRC Seeks Hydropower Partners, Expands UAE Mining Investments
The Democratic Republic of Congo (DRC) continues its search for partners for the world’s largest hydropower project while anticipating increased mining investments from the United Arab Emirates (UAE) in preparation for December elections.
Talks regarding the 44-GW Grand Inga project with Australian billionaire Andrew Forrest and his company, Fortescue Future Industries, have stalled.
However, President Felix Tshisekedi revealed in New York that there is interest from other potential partners, including the World Bank, Chinese investors, Europeans, and possibly Fortescue.
Tshisekedi aims to position the resource-rich country as an attractive destination for investors interested in climate-change solutions.
In addition to hydropower, he is promoting carbon credits to protect the world’s second-largest tropical forest and encouraging investment in green-energy minerals like copper and cobalt, of which Congo is the world’s largest producer.
Abu Dhabi-based Primera Group is planning to increase its investments in these metals, having initiated a gold venture with the government earlier in the year.
The group also has plans for a smelter to produce tantalum, tin, and tungsten in partnership with a state mining company.
These developments signify an openness to new investors beyond the Chinese and European companies dominating Congo’s mining and telecoms industries.
The UAE is considering offering development programs in education and has already provided equipment and training to Congolese soldiers to aid in repelling recent offensive actions by the M23 rebel group in eastern Congo.
Eastern Congo has long been afflicted by conflict, with tensions between the DRC government and neighboring Rwanda raising concerns about broader fighting. Congo accuses Rwanda of supporting the M23 rebel group, an allegation denied by Kigali.
Furthermore, Congo’s government is in the process of renegotiating a $6.2-billion minerals-for-infrastructure contract with China, signifying a potentially new chapter in their bilateral relationship.
China’s dominance of Congo’s copper and cobalt mines has drawn scrutiny from Western governments concerned about their access to critical minerals for batteries.
Ahead of the elections, Western diplomats have expressed concerns about the murder of an opposition leader, arrests of political opponents, and the detention of prominent journalist Stanis Bujakera, who has been accused of spreading false information.
President Tshisekedi expressed regret over Bujakera’s situation but emphasized the importance of allowing justice to investigate the matter.
