SEOUL, July 21 (Reuters) - Korea Electric Power Corp (KEPCO) (015760.KS) said on Wednesday it would invest 618 billion won ($512.3 million) to buy a 20 percent stake in Indonesia’s Bayan Resources (BYAN.JK) to secure more coal supplies.
Korea Electric said in a statement that it was purchasing the stake in Indonesian coal miner PT Bayan Resources Tbk, and a company spokeswoman provided the value of the deal.
The investment will help the state-run utility secure 2 million tonnes of coal a year from 2012 and 7 million tonnes annually from 2015, pushing up its coal self-development rate to 34 percent from 24 percent currently, it said. ($1=1206.4 Won)
Reporting by Cho Mee-young; Editing by Jonathan Hopfner