Kepco ends talks with Berkeley

Korea Electric Power Corporation (Kepco) has ended discussions with Berkeley Resources on buying a stake in the Salamanca uranium project in Spain, according to Bloomberg. In August 2010, Berkeley announced that it had signed a non-binding memorandum of understanding with the Korean government energy company, which would see Kepco investing $70 million to take a 35% interest in the Salamanca project. However, in late October, Berkeley said that it had been approached by Russian steel and mining company OAO Severstal in a move that may see Severstal make a takeover bid for the company. Bloomberg has now reported that an emailed statement from Kepco stated that the company "has no intention to pursue any further discussions with Berkeley." The statement added that Kepco "hasn't provided Berkeley with any consent." Berkeley is aiming to start production at Salamanca by the end of 2012.