The group comprises of Daewoo, LG International and the government-owned Korea Resources Corporation and are looking to invest in the exploration activities at Marree Uranium Project in South Australia.
The Marree project is located 550km north of Adelaide and covers five exploration licenses spread across a 2500km area in the Eromanga Basin.
Operations head of the joint venture Simon Youds was quoted by ABC as saying that Korea was looking to increase the share of nuclear energy in its portfolio that currently stands at 22%.
"They have 23 nuclear reactors in the planning stages and under construction, I would assume that their involvement in this is to secure long term supply of uranium, yes," added Youds.
