February 08, 2010 11:18
KEPCO has joined hands with France's Areva SA to develop uranium mines around the world. The Korean power monopoly said Sunday that it signed an agreement on Thursday with Areva for the joint development project.
Areva, the world's fourth largest uranium producer and nuclear plant constructor, last year competed with KEPCO to win a nuclear power plant order from the UAE.
The new agreement allows KEPCO to participate in developing overseas uranium mines. Areva owns six uranium mines worldwide, which last year produced a combined 6,500 tons of the material used to fuel nuclear power plants.
"KEPCO aims to secure up to 50 percent of the nation's uranium demand from its own-developed foreign mines by 2020," KEPCO CEO Kim Ssang-soo said. The company has also acquired a stake in Canada's Denison Mines and is exploring two uranium mines there. It plans to buy more stakes in uranium mines or mining firms in Africa and central Asia this year.
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