The Executive Board of the Korean Peninsula Energy Development Organization announced Friday a one-year suspension of the light-water reactor project in North Korea.

In a statement the New York-based consortium said the suspension would start on December 1st, given that the necessary conditions for continuing the construction have not been met by the DPRK.

The statement went on to say that the future of the $4.6 billion project will be assessed and decided before the expiration of the suspension period, adding the process will require preservation and maintenance of the construction site.

And for that reason, KEDO officials said they would continue to consult with the North while observing the applicable provisions of the agreements and protocols concluded between them.

North Korea on the other hand is showing no sign of intentions to talk. Earlier this month Pyeongyang threatened to seize all equipment and material at the construction site, demanding Washington compensate for financial losses.

The reactor project, a key agreement included in the 1994 Agreed Framework signed between the U.S. and North Korea, came into question when the communist regime in October, last year admitted to running a covert uranium enrichment project.

Since then there have been growing calls from Washington to terminate the project, accusing Pyeongyang of breaking the deal to freeze its nuclear development program. Arirang TV