South Korea offers stocks for Kazakh uranium mine shares
August 09. Central Asia Newswire
The South Korean government is considering giving Kazakhstan a share in an industrial plant unit in return for a sizable stake in a Kazakh uranium mine, the country’s commerce ministry said on Tuesday.
The commerce ministry would like to obtain 15 percent in an unspecified uranium mine. In return, the Korean government would give Kazakhstan a 5 percent stake in the Plant Service & Engineering Co. (KPS) industrial plant unit of Korea’s state-run Korea Electric Power Corp. (KEPCO), the South Korean news agency Yonhap reported.
“KEPCO should sell its stake in KPS to comply with government policy,” Yonhap reported an unnamed ministry official as saying.
“So it is trying to link it with the Kazakh deal.”
The value of the 5 percent share in KPS is estimated to be $70.1 million.
The South Korean government had earlier been conducting negotiations with Kazakh officials over purchasing uranium, but ended the talks due to concerns of the low quality of the product, the news agency noted.
It is now looking for alternative means to procure uranium from Kazakhstan.