MOSCOW (Sputnik) — The International Atomic Energy Agency (IAEA) has passed an agreement on the establishment of Low Enriched Uranium (LEU) Bank in Kazakhstan that would provide IAEA member states with LEU fuel reserves, the agency's press release issued Thursday said.
"The IAEA Board of Governors today approved an agreement with Kazakhstan to establish and operate in Kazakhstan the IAEA Low Enriched Uranium (LEU) Bank, which will host a reserve of LEU as an assurance of supply mechanism for Member States in case they cannot obtain LEU in the global commercial market, through State-to-State arrangements, or through any other means," the press release read.
IAEA Director General Yukiya Amano said that the conclusion of the two agreements represents a "significant milestone" for the project.
Kazakhstan was appointed an international LEU depository under the auspices of the IAEA in 2010. It will host an LEU fuel reserve of up to 90 metric tons at the Ulba Metallurgical Plant in the country’s northeast.
