The South Korean government has begun to invest in the exploration of uranium in Australia.
The Koreans have formed a joint venture with Cauldron Energy, a Western Australian company, which is exploring for low grade uranium in the far north of South Australia.
The Marree Project, located 550 kilometres north of Adelaide comprises five exploration licences covering over 2500 km in the Eromanga Basin.
The company's head of operations, Simon Youds says the South Koreans are moving more towards nuclear energy with 22 per cent of its power now nuclear produced.
"They have 23 nuclear reactors in the planning stages and under construction, I would assume that their involvement in this is to secure long term supply of uranium, yes."
The Korean consortium is a make up of governemnt owned Korea Resources Corporation with Daewoo and LG International.
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)