Russian uranium mining company AtomRedMetZoloto (ARMZ) has signed a memorandum of understanding (MoU) on strategic cooperation on uranium projects with a consortium of South Korean companies. The MoU covers cooperation in the development of "uranium industry", including joint exploration, production and implementation of natural uranium projects in Russian territory and elsewhere. The Korean consortium, established to take part in Russian uranium projects, comprises the Korea Electric Power Company (Kepco), Korea Resources Corporation (Kores) and LG International Corporation. ARMZ deputy director general Ilya Yampolsky described the signing of the MoU as "the first stone in the foundation of long-term cooperation" between the parties. South Korea must import all the uranium to fuel the 20 nuclear reactors which generate 40% of its electricity. Earlier this year it signed a deal to secure some 2600 tonnes of uranium from Uzbekistan, and 2007 Kepco signed an MoU on joint uranium exploration with Canadian company Fission Energy.