The International Atomic Energy Agency has signed a deal with Kazakhstan, a former member of the Soviet Union. It will open the first internationally-run bank for low-enriched uranium, the fuel for nuclear power plants. Carnegie's James Acton talked to KCRW about the deal.
Acton said that the international market for buying enrichment services is dominated by one Russian company and one European consortium that have been in the business for a very long time and the barriers of entry are now relatively high for newcomers.
Acton also explained the details of the deal between Kazakhstan and the IAEA, emphasizing that the IAEA will buy the low-enriched uranium, put out a tender, and then accept the cheapest bid from the international market.