Mag battles on with Inga and Busanga, bullish on Congo B

Issue 161 - 25 Apr 2009 | 4 minute read

Its MagEnergy Inc subsidiary has “found the Democratic Republic of Congo to be a very challenging investment environment,” TSX Venture Exchange-listed MagIndustries Corporation president and chief executive William Burton told the ambitious Canadian company’s first ever investor conference call, on 17 April. But Mag is pushing on with its Inga II refurbishment work, talks to finalise contracts – originally initialled in September 2005 – for work on four more Inga II generators and plans to build a 250MW hydropower dam at Busanga in Katanga (AE 146/5-9). It is also very bullish about fund-raising and other prospects for its potash and forestry schemes in Republic of Congo, which Burton confirmed would cost around $1.1bn as currently configured – releasing data that received a respectful hearing from the 89 analysts and others who dialled into the 17 April teleconference.

Want to read more?

Subscribe to African Energy

View subscription options

This article is available to registered users


Don't have an account?

Register for access to our free content

An account also allows you to view selected free articles, set up news alerts, search our African Energy Live Data power projects database and view project locations on our interactive map