Sunday July 5, 09:03 AM
SKorea firm buys into Canada uranium producer: report
SEOUL (AFP) - South Korea's state-run power company has bought a 17-percent stake in a Canadian uranium producer, securing a stable source of fuel for its nuclear power plants, a report said.
Korea Electric Power Corp (KEPCO (015760.KS - news) ) acquired the stake from Canada's Denison Mines Corp for 68 million dollars, Yonhap news agency said.
KEPCO has also signed an agreement on a strategic alliance with the Canadian company, it said.
The deal will allow KEPCO to buy about 300 tons of uranium a year between 2010 and 2015, or nearly eight percent of South Korea's annual uranium consumption, it said.
KEPCO was allowed to appoint two board members of Denison Mines (DML.TO - news) and participate in its mine sales or new investment projects, Yonhap said.
South Korea, which relies heavily on oil imports, has tried to diversify its energy sources. It has 20 commercial nuclear reactors which meet more than 30 percent of its electricity demand and plans to build more.
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