Tenex contract expiration

6 October 2009

URENCO has had a contractual agreement with the Russian company Techsnabexport for the upgrading of depleted uranium since 1995, an arrangement approved by the governments involved and monitored by EURATOM. This successful partnership has proved beneficial to both parties as the re-enrichment of depleted uranium back to natural levels utilised available Russian enrichment capacities.

The current contract is due to expire in 2009. Indications are that given the high demand for nuclear fuel, Russian enrichers prefer utilising their enrichment capacities for the fulfilment of this demand.

As depleted uranium still has a residual amount of the useful fissionable U235, necessary for nuclear fuel, URENCO continues its policy to consider depleted uranium as a future resource. This policy is a combination of storing and reserving this material as UF6 for future re-enrichment, and chemical deconversion to (and storage of) U3O8 in those cases where further re-enrichment is uneconomical because of low levels of U235. This policy meets the objective of safeguarding such a valuable resource to provide security of supply for URENCO’s customers.

Ends

Contact:

Name:   Jayne Hallett
Title:       Head of Group Communications
Tel:         +44 (0) 1628 486 941
Email:     Jayne.hallett@urenco.com