Cameco helps recycle thousands of nuclear weapons
Quantities of highly enriched uranium (HEU) equivalent to over 13,000 nuclear warheads have been recycled to fuel electricity generation under the "megatons to megawatts" agreement.
In 1993, the US and Russia entered into an agreement to recycle a significant portion of Russian nuclear material by 2013. As of March 2008, 325 tonnes of weapons-grade uranium have been diverted from military stockpiles to peaceful purposes under the program.
"The world is a safer, cleaner and brighter place thanks to this agreement and we're proud of our part in it," said Jerry Grandey, Cameco's president and CEO.
The initiative is funded entirely through the sale of the downblended uranium to utilities and operates at no cost to governments.
Under the agreement, nuclear warheads are dismantled in Russia and the weapons material is blended down to become low-enriched uranium (LEU) suitable for use as fuel in light water reactors that generate electricity. The LEU is shipped to the US where it is sold to utilities in the US and other countries, who arrange for it to be fabricated into fuel bundles for their nuclear reactors.
The agreement is implemented through a series of commercial agreements involving major players in the nuclear industry. Several western companies pay Russia for the components of the LEU – enrichment, natural uranium and conversion services. These companies are in turn paid by the utilities on delivery of the reactor fuel.
As the world's largest uranium producer and a significant conversion supplier, Cameco played a major role in negotiation of the agreement. Cameco, AREVA and Nukem purchase the uranium and conversion components of the fuel and USEC Inc. purchases the enrichment component of the fuel under a separate contract.
Russia's increasing domestic and export requirements have strained the agreement over the years, but Cameco and other western companies demonstrated flexibility in negotiating amendments to make it work in a changing market.
For more information
'Megatons to Megawatts' milestones - World Nuclear News
(March 7, 2008)
Cold War Weapons Fuel Clean Energy for America - Megatons to Megawatts Program Fuels Nuclear Power Plants across America
(April 16, 2007)
Cameco Provides Details of Previously Announced Uranium Agreement
Companies Amend Deal for Uranium from Dismantled Russian Nuclear Weapons
June 16, 2004
Companies Amend Deal for Uranium from Russian Nuclear Weapons
(November 26, 2001)
Cameco Announces Deal For Uranium Derived from Russian Nuclear Weapons
(March 24, 1999)
