Nuclear Fuels Corporation

Nuclear Fuels Corporation (NFC) was formed in 1991 by General Atomics (GA) to market uranium produced from GA mining assets as well as to develop additional uranium projects. NFC is a long-term contract supplier to both U.S. and foreign utilities and actively participates in uranium trading.

NFC is the marketing representative for other GA affiliates, Heathgate Resources and Cotter Corporation. The company also has an agreement to purchase all uranium recovered by Wismut GmbH from reclamation of the Königstein mine in eastern Germany.

Wismut
Umwelt-und Ingenieurtechnic GmbH Dresden (UIT) is a GA affiliate in Dresden, Germany, specializing in environmental remediation. UIT works with Wismut GmbH to optimize the recovery of uranium from mine water during the environmental clean-up of the Königstein mine in eastern Germany. NFC purchases a uranium-bearing slurry from Wismut and ships it to Spain for processing by ENUSA Industrias Avanzadas, S.A. to yield a standard, commercially acceptable uranium concentrate.

From 1947 to 1990, the East German uranium mines of Saxony and Thuringia were the most prolific uranium producers of the former Soviet Union, but with little regard to the environment. Wismut GmbH is directing the environmental remediation, which could take 15-20 years to complete. Wismut plans to slowly flood the Königstein mine and continue pumping acidic waters from the mine until all uranium is removed. An estimated 2 million plus pounds U3O8 (770 mtU) will be produced from these operations.