South Korean Power Company Signs Deal to Develop Russian Uranium Mine

Text of report in English by South Korean news agency Yonhap

Seoul, Sept. 30 (Yonhap) – Korea Electric Power Corp. (KEPCO), South Korea’s state-run power company, said Tuesday that a consortium led by KEPCO has signed a preliminary deal in Moscow with a Russian uranium explorer to jointly develop uranium mines in Russia.

Under the deal signed with ARMZ Uranium Holding Co., the consortium will participate in the exploration and development of uranium mines owned by the Russian uranium explorer, KEPCO said in a statement.

The consortium plans to submit a business proposal to the Russian company after closer examination of the mines, KEPCO said.

The consortium consists of the state-run Korea Resources Corp. and trading company LG Corp., KEPCO said.

South Korea, the world’s sixth-largest uranium consumer, requires 4,000 tons of uranium annually to run 20 nuclear power plants, KEPCO said.

Planned construction of several new nuclear power plants is expected to cause the country’s uranium consumption to rise to 6,000 tons annually by 2016, up 50 per cent from 2007, the company said.

Originally published by Yonhap news agency, Seoul, in English 0210 30 Sep 08.

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