http://www.miningnewspremium.net/StoryView.asp?StoryID=97460...

http://www.miningnewspremium.net/StoryView.asp?StoryID=97460


Australia will be shipping more than a thousand metric tonnes of uranium oxide a year to Korea for many years to come.

No, not that Korea. The one in the south, which is the third biggest buyer of our commodities.

Exports this year will nudge $12 billion embracing coal, crude oil, iron ore, aluminium and, increasingly, uranium.

South Korea is a hungry buyer of Australia's yellowcake to feed its 20 nuclear reactors, with eight more on the drawing boards. But it has to compete with other customers including the US, Japan, France, the UK, and maybe China and India soon.

The state-run Korea Hydro & Nuclear Power recently contracted to buy 200t of the stuff a year from Rio Tinto offshoot ERA over five years from 2010. The country depends on nuclear plants for 40% of its electricity.