The IAEA and Kazakhstan signed an agreement on August 2015 to build the IAEA low enriched uranium bank in Oskemen, Eastern Kazakhstan. The cost of this project is estimated at USD $150 million.
According to Deputy Head of the Kazakhstan Energy Ministry’s Atomic Committee Mr. Timur Zhantikin, the facility will be operational in the second half of 2017 and located in a separate building at the Ulba Metallurgical Plant*.
The LEU bank is owned and controlled by the IAEA. The reserve of LEU will also be hosted by the IAEA and it will act as a supplier to any member states in the event of disruption of existing fuel supply.
According to the IAEA, the uranium bank in Kazakhstan will have a physical reserve of up to 90 tons of low enriched uranium, which is sufficient to run a 1000, MW light water reactor.
The U.S.A, the European Union, the U.A.E (Unite Arab Emirates), Kuwait, Norway and Kazakhstan took the responsibility to raise the funds for this project.
*Ulba Metallurgical Plant, a subsidiary of Kazatomprom,is one of the world leaders in terms of production of beryllium, tantalum and niobium as well as uranium”
