The International Atomic Energy Agency (IAEA) and Kazakhstan have signed an agreement to set up the IAEA Low Enriched Uranium (LEU) Bank in Oskemen, Kazakhstan. The IAEA LEU Bank will be a physical reserve of up to 90 Mt of LEU, the basic ingredient of nuclear fuel, and will be sufficient to run a 1,000 MWe light-water reactor. This reserve will act as a supplier of last resort for Member States in case they cannot obtain LEU on the global commercial market or otherwise. It will be located at the Ulba Metallurgical Plant in Oskemen in north-eastern Kazakhstan that has been handling and storing nuclear material for more than 60 years.
Safety and security will meet the applicable provisions of the IAEA’s safety standards and security guidance documents.
The IAEA LEU Bank is part of global efforts to create an assured supply of nuclear fuel to countries in case of disruptions to the open market or other existing supply arrangements for LEU. Other assurance of supply mechanisms established with IAEA approval includes a guaranteed physical reserve of LEU maintained by the Russian Federation at the International Uranium Enrichment Centre in Angarsk, and a UK assurance of supply guarantee for supplies of LEU enrichment services. The United States also operates its own LEU reserve.