South Korea is to take an interest in African uranium to secure supplies as it makes nuclear power the dominant source of electricity.
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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.
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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.
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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%.
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