Kazakhstan to host massive international uranium fuel bank

Kazakhstan and the International Atomic Energy Agency (IAEA) have inked an accord, enabling the central Asian state to host a massive enriched uranium bank meant to function as an international fuel reserve.

The deal was signed in the Kazakh capital, Astana, on Thursday during a visit by IAEA Director-General Yukiya Amano, paving the way for the construction of the USD-150-million (EUR-133-million) reservoir, which is expected to open in the northeastern city of Oskemen in 2017.

To be administered by the IAEA and funded by the United States and European Union, among other parties, the bank will contain 90 metric tons of low enriched uranium.

“As the world’s largest uranium producer, with expertise in peaceful nuclear technology, Kazakhstan is well suited to hosting the IAEA low-enriched uranium (LEU) bank,” Amano said after signing the deal in Astana, according to a statement by the agency.

Kazakh Foreign Minister Erlan Idrissov also said the bank would provide IAEA member states with “safe access to fuel for their nuclear power plants.”

“The LEU can be used to make enough nuclear fuel to power a large city for three years,” the UN nuclear watchdog stated.

According to the IAEA, the bank would provide confidence to countries that there was an assured supply of nuclear fuel in case of disruption on the open market.

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