By Tariq Rauf*
ASTANA (IDN) – The International Atomic Energy Agency (IAEA) and Kazakhstan will formally inaugurate a Low Enriched Uranium (LEU) Bank located at the Ulba Metallurgical Plant at Öskemen (formerly Ust Kamenogorsk) on August 29.
This event will mark an important milestone in the long march for the IAEA to set up an IAEA owned and operated nuclear fuel bank as envisaged in the 1957 IAEA Statute. This initiative was proposed in September 2006 by the Washington, DC-based Nuclear Threat Initiative (NTI) which offered US$50 million to the IAEA, provided by global investor Warren Buffet, to set up an IAEA LEU Bank by raising an additional $100 million.