Imouraren uranium stake for Kepco
11 December 2009
South Korea is to take an interest in African uranium to secure supplies as it makes nuclear power the dominant source of electricity.
State-controlled Korea Electric Power Company (Kepco) has partnered with Areva of France to take a stake in the latter's Imoureren mine in Niger. Under its strategy of "deliberate strengthening" cooperation with major clients, Areva will "allow Kepco to indirectly hold 10% of the operating company, Imouraren SA" itself founded jointly by Areva with the state of Niger.
The mine should begin producing uranium in 2013 and build up to an annual production rate of 5000 tonnes per year. Kepco will have the right to take 10% of this for use in the 20 nuclear power reactors owned by its subsidiary Korea Hydro and Nuclear Power (KHNP), which require about 3100 tonnes per year.
The current nuclear fleet produces around 40% of South Korea's electricity, but six more large reactors currently under construction and another six planned to start operation before 2022 will take the share to over 55%.