atomic dawn ...

Happy New Year WCU holders! I am still on holidays atm but was just having a quick browse on-line at 'The Economist' and I noticed the Korean's have won a $20bn contract to build some nuclear reactors in the UAE (Ok, this will take a few years construction wise). The Koreans are bullish about building another 20 reactors in South Korea (total of 40) and they are also bullish about contracts in India, Jordan & Turkey (according to the article).

Now, Korea Electric (KEPCO) from memory is involved in Denison in Utah, and where does Denison get its ore from??? It looks like everything is falling into place nicely in the long term. In the short term, I am looking forward to our first income in a few weeks. Happy Holidays! - Cheers, Pie (:
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Source: www.economist.com/businessfinance

KEPCO wins a nuclear contract
Atomic dawn

Dec 30th 2009 | SEOUL
From The Economist print edition
Korean reactors trump Western ones

IT IS usually the northerly of the two Koreas that attracts attention for its nuclear prowess. But on December 27th a South Korean consortium seized the limelight by winning a $20 billion contract to build four nuclear reactors in the United Arab Emirates. The consortium, led by Korea Electric Power (KEPCO), a state-controlled utility, could earn another $20 billion running the plants over their projected lifespan of 60 years.

Competition for the contract had been stiff. GE and Hitachi, two engineering giants, had launched a joint bid, as had a consortium led by Frances nuclear champion, Areva. Frances president, Nicolas Sarkozy, had lobbied energetically on behalf of the latter group. But South Koreas president, Lee Myung-bak, was equally keen. As a former boss of Hyundai Construction, he has first-hand experience both of vying for contracts in the Gulf and of building nuclear plants. Mr Lee is said to have promised to share some tips on boosting manufacturing, a fond ambition of the Emirates.

But the chief allure of the Korean bid was price. It was reportedly billions of dollars cheaper than the others, albeit for smaller and less hardened plants. KEPCOs nuclear subsidiary, which runs 20 nuclear plants in South Korea and plans to build 20 more, has a record of building reactors quickly and running them efficientlyunlike many of its Western counterparts. Were cheap, durable and dependable, says Kevin Kang of KEPCO, which is also hoping to build reactors in India, Jordan and Turkey among other places. Although the consortium includes Westinghouse, a subsidiary of Toshiba of Japan, most of the technology is Korean. In developing countries, at least, the Wests nuclear giants face a formidable new rival.


Ends.

Cheers, Pie (: