Top Korean utility buys into uranium miner Denison

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Mon, Jul 6, 2009
Uranium Market News
Post by Melissa Pistilli, Uranium Reporter

Mineweb(Editorial) reports KEPCO, a state-owned Korean utility has bought into Denison Mines, a Canadian uranium miner.

KEPCO said it bought the stake for US$68 million. As reported on June 24th by Mineweb, KEPCO agreed to buy 58 million shares of Denison at an issue price of Cdn$1.13 per share.

The stake allows KEPCO to buy 300 tons of uranium per year or roughly eight percent of South Korea’s annual uranium consumption from Dennison between 2010-2015. Denison mines 1,000 tons of uranium annually. South Korea imports 4,000 tons of uranium annually.

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