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Glencore invests USD360m in Congo hydroelectric plant
(MENAFN) Glencore and its partner in Congo are investing USD360 million in refurbishing the African nation's main hydroelectric plant, Oman Observer reported.
The move comes as mining companies seek ways to overcome power shortages that are holding back projects, the Anglo"Swiss multinational commodity trading and mining company said.
Mining investment has poured into Democratic Republic of Congo since 2006, after the 1998-2003 war ended and an election drew a line under decades of dictatorship.
"If you want to produce 1.5 million tons of copper, this is only possible if you solve the energy problem," the board chair of Mutanda Mining, a copper project owned by Glencore and the Fleurette Group, said.
The move comes as mining companies seek ways to overcome power shortages that are holding back projects, the Anglo"Swiss multinational commodity trading and mining company said.
Mining investment has poured into Democratic Republic of Congo since 2006, after the 1998-2003 war ended and an election drew a line under decades of dictatorship.
"If you want to produce 1.5 million tons of copper, this is only possible if you solve the energy problem," the board chair of Mutanda Mining, a copper project owned by Glencore and the Fleurette Group, said.
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