Seoul (News Today) - Korea Electric Power Corp. (KEPCO), South Korea’s state-run power company, said Wednesday it will buy a 20 percent stake in PT Bayan Resources Tbk, Indonesia’s eighth-largest coal producer by output, for US$515 million. KEPCO plans to purchase coal equivalent to its stake for electricity generation from the Indonesian company, the South Korean company said in a statement.
PT Bayan Resources produces coal at its eight mines located in southeastern Kalimantan, Indonesia, KEPCO said. KEPCO also said it has decided to spend $5.75 million to conduct a second exploration of a uranium block near Waterbury Lake in Saskatchewan, Canada.
A consortium led by KEPCO discovered uranium deposits in the block in May for the first time since 2008, when it started exploring the block under a deal with Canadian uranium explorer Fission Energy Corp. The consortium and Fission Energy will evenly split the cost of about $28.7 million for the second exploration, KEPCO said.
The consortium consists of four Korean firms -- KEPCO, Korea Hydro & Nuclear Power Co. (KHNP), Korea Nuclear Fuel Co., and Hanwha and Gravis - and a Canadian uranium investment company. Shares of KEPCO fell 0.62 percent to close at 31,900 won on the Seoul bourse.
Source : kompas
Wednesday, July 28, 2010
Korean Corp to Buy Indonesian Coal Producer
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