KEPCO signs deal to tap Russian uranium mine

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
percent from 2007, the company said.