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Korea Resources Corporation President Kim Shin-jong vowed on Sunday to bring the state-run company into the ranks of the world's top 20 mining and resource development companies by investing heavily in uranium and copper mines in Africa and South America.
Kim said it was embarrassing for Korea to be entirely dependent on imports of uranium, even though it is among the world's top six atomic power generating countries. He said KORES was in talks to acquire a small to mid-sized uranium company for around $1 billion.
In order to come up with the capital, Kim said KORES, which owns 26 mines worldwide, was going to sell five promising mines to Korean companies, including a bituminous coal mine in Australia.
(englishnews@chosun.com )
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