Sale of uranium agreement scrapped

1 January 1998

Russia has announced that it has decided to sell the natural uranium which the US Enrichment Corp is providing as part of the “Megatons to Megawatts” contract on the world market rather than to a group of three Western companies as announced last August. Under a Memorandum of Agreement signed with Cameco (Canada), Cogema (France) and the German-owned Nukem Inc, the three companies were to have taken possession of the natural uranium, paying an advance to MINATOM.

The Russians have said that while they now plan to sell the uranium on the open market themselves, they were willing to renegotiate the deal with the three companies.

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