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TENEX – Three Decades on the US Uranium Market

The spring of 2017 marked the 30-th anniversary of implementing the first delivery – from the former USSR – of uranium products to the USA. Under the contract for providing uranium enrichment services concluded in October 1986 with the US company SWUCO Inventory Storage Corporation, the Company exported to the USA about 70 thousand SWUs used for nuclear fuel fabrication.

Of the three decades of the Company’s operation in the USA, 20 years were marked by participation in the unique «Megatons to Megawatts» Program. From 1994 to 2013 TENEX within the framework of implementing the Russian-US intergovernmental agreement dated 1993 on utilizing the HEU extracted from nuclear weapons, delivered to the USA uranium enrichment services in the total amount of about 90 million SWUs. In the same period the US nuclear power plants generate ~7 trillion kW/h electric power using the Russian LEU.

Impeccable execution by TENEX of its contractual obligations under the «Megatons to Megawatts» Program allowed the US utilities to be confident in Russian exporter’s reliability, thereby creating a solid groundwork for further development of direct contract relations, the formation of which has always been in the focus of the Company’s attention.

The US utilities actively supported the Russian efforts on overcoming the anti-dumping restrictions entered in 1992, and in 2008 access to the USA was open for commercial deliveries of Russian uranium products in volumes agreed upon with Department of Commerce.

Today TENEX’s export portfolio comprises 25 contracts worth nearly US$ 6.5 billion concluded with 19 American companies with the deliveries horizon up to 2028. The volumes of Russian uranium products deliveries are agreed upon till the end of 2020 – 20 percent of the annual reactor requirements by the US NPP’s (~3 million SWUs) – are used 95 percent. The limits for the 2011-2016 period are completely consumed.

The Company highly values the long-term relations with the US partners, and is confident that they will continue to further develop in a stable manner.