Nuclear fuel bank gets $50 million boost

A proposal to create a nuclear fuel reserve or bank to provide enriched uranium fuel to countries that want nuclear power but lack a domestic source of fuel got a boost last week from a $50 million donation by investor Warren Buffett. The nonprofit Nuclear Threat Initiative, of which Buffett is an adviser, announced the donation during a meeting of the International Atomic Energy Agency in Vienna. IAEA has sought a reserve to provide low-enriched nuclear fuel to nations that have agreed not to develop nuclear weapons but want nuclear energy. The reserve would serve as a source of fuel so nations would not need to develop domestic uranium enrichment capabilities or to turn to spent fuel reprocessing to obtain fuel for nuclear reactors. Both approaches could lead to production of weapons-grade uranium and plutonium, which NTI and IAEA want to avoid. To obtain Buffett's and NTI's contribution, however, IAEA must establish the reserve and nations must contribute another $100 million in funds or in value of enriched uranium.