[cdn-nucl-l] 5000 Russian nuclear warheads have been converted to energy since 1993!

["Adam McLean" <adam.mclean@utoronto.ca>]

Posted on the CCN Newswire on November 26th, 2001 and at:
http://www2.cdn-news.com/scripts/ccn-release.pl?/2001/11/26/1126111n.html

Adam

-------------

Cameco Corporation: Companies Amend Deal for Uranium from
Russian Nuclear Weapons

SASKATOON, SASKATCHEWAN--Cameco, COGEMA and RWE NUKEM (western 
companies) announced they have signed an amendment to the 
commercial agreement, originally signed in March 1999. This 
agreement gave the western companies the right to purchase, from 
Techsnabexport (Tenex), natural uranium derived from highly 
enriched uranium (HEU) contained in Russian nuclear weapons. The 
HEU is blended down to low enriched uranium (LEU) in Russia and 
delivered to the United States for use in western nuclear power 
plants. 

Upon delivery of the LEU to the United States, the parties to the 
commercial agreement have options to purchase the uranium 
component. While these options can be exercised for total annual 
deliveries of approximately 24 million pounds per year, sales to 
utility end users in the US are subject to annual quotas according
to the following schedule:  

Sales quotas into the United States

Year                                    Quota
                                 (million lbs U3O8)
2002                                      10
2003                                      12
2004                                      14
2005                                      16
2006                                      17
2007                                      18
2008                                      19
2009 to 2013                         20 per year

Under the terms of the amendment, the western companies have 
committed to exercise their options to purchase quantities of 
natural uranium at least equal to their respective US quota shares
each year for the period 2002 through 2013. The quotas are 
approximately 53 million pounds for both Cameco and COGEMA and 18 
million pounds for RWE NUKEM. Tenex has retained to sell, through 
its agent Globe Nuclear Services and Supply (GNSS), approximately 
82 million pounds over the period. These purchases will provide 
predictable revenue to the Russian Federation and predictable 
supplies to the companies. 

To the extent the natural uranium component is not purchased by 
the western companies, or sold by Tenex or its affiliate, it is 
returned to Russia to be held in a specially designated and 
monitored inventory and used either as blend stock for future HEU 
or for purchase by the western companies in the commercial 
agreement. 

Since the signing of the 1993 HEU government - to - government 
agreement between the United States and Russia, some 5000 Russian 
nuclear warheads have been dismantled. 

-30-

FOR FURTHER INFORMATION PLEASE CONTACT:
Cameco Corporation
Jamie McIntyre
Director, Investor and Corporate Relations
(306) 956-6337
(306) 956-6318  (FAX)
or
Cameco Corporation
Bob Lillie
Manager, Investor Relations
(306) 956-6639
(306) 956-6318  (FAX)
or
COGEMA
Yves Dufour
Mining Business Unit, Public Relations Manager
01 39 26 32 95
01 39 26 27 11  (FAX)
or
RWE NUKEM Inc.
James C. Cornell
President
(203) 778-9420
(203) 778-9430  (FAX)
For further Cameco information, please go to the company's web
site at www.cameco.com to obtain the news release on the original
HEU agreement and background information.