The Contract for Establishing the First Nuclear Fuel Bank in Kazakhstan Signed

The contract for the establishment of the world's first nuclear fuel bank in Kazakhstan was signed on Thursday, September 5, by the Director General of the International Atomic Energy Agency (IAEA) and the Prime Minister of Kazakhstan. A portion of Iran's low-enriched uranium is likely to be stored in this bank. This nuclear fuel bank, which is set to be fully operational by 2017, will meet the needs of IAEA member countries for this type of fuel. According to Reuters, the goal of establishing this bank is to provide fuel for power plants and to 'prevent the proliferation of nuclear weapons.' The report states that after its opening, the bank will be subject to the laws of Kazakhstan, but its management and operations will be entirely under the control of the IAEA. Yukiya Amano, the Director General of the IAEA, also mentioned at the signing ceremony in Astana, the capital of Kazakhstan, that 'probably' a portion of Iran's low-enriched uranium reserves will be stored in this bank in the future. Mr. Amano referred to the 'JCPOA', the Joint Comprehensive Plan of Action, or the comprehensive nuclear agreement between Iran and the six members of the P5+1, which was officially unveiled on July 14 of this year. According to estimates from the IAEA, the cost of establishing this bank is cited as $150 million, with $50 million of that funded by the famous American billionaire Warren Buffett. According to the agency's announced plan, the nuclear fuel bank in Kazakhstan will store 90 tons of low-enriched uranium, which is sufficient for the operation of a 1,000-megawatt light water reactor. Kazakhstan, located in Central Asia with a population of 17.5 million, is the largest producer of uranium in the world and holds over 15% of the world's total uranium reserves. In terms of uranium reserves, Australia ranks first.