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«Uranium holding ARMZ» and the Korean Consortium have signed the Memorandum of understanding on cooperation on development of uranium projects
«Uranium holding ARMZ» (Open Joint-stock Company «Atomredmetzoloto») today reports about the signing of the Memorandum of understanding on cooperation on development of uranium projects between «ARMZ» and the Korean Consortium on September 29, 2008 in Moscow. Following the results of detailed research of these projects by the parties the joint plan of their realisation will be developed and presented.
The memorandum provides cooperation of the parties in development of the uranium industry, including, at the expense of joint investigation, extraction and realisation of natural uranium on the territory of the Russian Federation and outside of the country. «ARMZ» and the Korean Consortium intend to jointly investigate perspective uranium deposits, and also to exchange the information about perspective projects.
The Korean Consortium created for participation in uranium projects in Russian Federation consists of «The Korean Electropower Corporation» («KEPCO»), «Corporation of Resources of Korea» («КОРЕС») and «LG International Corporation». The Memorandum was signed by the Deputy CEO of «ARMZ» Ilja Yampolsky, the President of «KEPCO» Mr.Sang-Sou Kim, the President of «КОРЕС» Mr.Shin-Dzhong Kim, and the Executive Vice-President of «LG International Corporation» Mr.Yang-Bon Ha. Minister of the Science and Economy of Korean Republic Mr.Jun-Ho Li took part in the signing ceremony representing Korean Government. Ilja Yampolsky, Deputy CEO, Open Joint-stock Company «Atomredmetzoloto», said: «Signing of the given Memorandum is the first step of a long-term cooperation between „ARMZ“ and the Korean Consortium. The document is directed on expansion and further development of the international cooperation of our countries, as well as on strengthening business relationship and partnership of OJSC „Atomredmetzoloto“ with the companies of Korean Republic».
The Republic Korea is the sixth country in the world by volume of consumption of uranium and relies the whole quantity on import. Korea currently runs 20 nuclear power plants and consumes 4000 tons of Uranium per year. It is expected to consume 6000Ton/year in 2016 due to the construction of new power plants.