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The stake was purchased for US$68 million, said KEPCO, South Korea's state power monopoly, adding that it has also signed an agreement on strategic alliance with the Canadian company.
The stake purchase will allow KEPCO to buy about 300 tons of uranium per year between 2010-2015, or nearly eight per cent of South Korea's annual uranium consumption.
KEPCO said it will retain the right to purchase uranium from Denison Mines beyond 2016 unless its interest in the company falls below 10 per cent.
With the deal, KEPCO can also appoint two board members of Denison Mines and participate in the Canadian company's mine sales or new investment projects, the South Korean company said.
According to KEPCO, Denison Mines produces roughly 1,100 tons of uranium per annum and has mines in the United States and Canada.
Currently, South Korea has 20 nuclear reactors which meet about 36 per cent of the country's electricity needs. The country plans to build eight more reactors by 2016.
(Yonhap) rw
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