South Korea wants to diversify its supply of enriched uranium
South Korean nuclear power company Korea Hydro & Nuclear Power (KHNP) and Centrus Energy Corp, a US-based nuclear fuel and services supplier, signed on 26 February a letter of intent in Washington DC to “to ensure stable nuclear fuel supply,” the two companies said in a statement.
The letter of intent, “based on the memorandum of understanding (MOU) signed last April 2023” by the two companies “outlines substantive business objectives to enhance uranium resource security and nuclear cooperation between KHNP and Centrus”,the two companies said in the statement.
Through the letter of intent, KHNP “aims to diversify the supply of enriched uranium used as nuclear fuel to enhance fuel supply stability.
Additionally, KHNP expects to strengthen nuclear cooperation between South Korea and the US by establishing strategic relationships with Centrus, which is working to re-establish a robust uranium enrichment capacity in the United States, the two companies added.
Centrus noted in the statement that it is the only company in the US to have obtained a production licence from the US Nuclear Regulatory Commission for high-assay low-enriched uranium (Haleu), which is used as fuel for many advanced reactors and small modular reactors (SMRs).
In November 2023, Centrus succeeded in the initial production of 20 kg of Haleu at its facility in Piketon, Ohio, “demonstrating its technological and production capabilities for the US Department of Energy.
As a result of cooperation with Centrus, KHNP has opened the possibility of securing fuel for future reactors as well as for existing commercial reactors”, the two companies added in the statement.
Through the signing of the letter of intent, the two companies will also “engage in concrete discussions regarding stable nuclear fuel supply and plan to continue exploring business opportunities in the nuclear sector by expanding the future nuclear fuel supply chain”, they also said in the statement.
