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World’s first low Enriched Uranium bank
August 30 , 2017
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- The International Atomic Energy Agency, the U.N. global nuclear watchdog, opened a uranium bank in Kazakhstan, a $150-million facility designed to discourage new nations from enriching the nuclear fuel.
- The Low Enriched Uranium (LEU) Bank in the city of Oskemen, in eastern Kazakhstan, will store up to 90 tonnes of the fuel and sell it to IAEA members if they are unable to procure it elsewhere.
- This project ensures a steady supply of fuel for nuclear power plants, and the idea behind the bank is to make such supply available without domestic enrichment.
- Russia has operated a similar bank since 2010 but the one in Kazakhstan will be the first one fully owned and operated by the global nuclear watchdog.
- The project was funded by donors, including the United States, the European Union, Kuwait, the United Arab Emirates, Norway and the Nuclear Threat Initiative.
- The IAEA was created in 1957 in response to the deep fears and expectations generated by the discoveries and diverse uses of nuclear technology. The Agency’s genesis was U.S. President Eisenhower’s “Atoms for Peace” address to the General Assembly of the United Nations on 8 December 1953.
- In October 1957, the delegates to the First General Conference decided to establish the IAEA’s headquarters in Vienna, Austria.
- Theme for 60-year anniversary of IAEA (1957-2017): Our motto is Atoms for Peace and Development
- IAEA Director General: Yukiya Amano
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