Clinton. "We think that (Kazakh President) Nursultan Nazarbayev's idea to host a nuclear fuel bank is a very good proposal," Iranian President Mahmoud Ahmadinejad has said. Iran has said it may stop sensitive uranium enrichment if guaranteed a supply of nuclear fuel from abroad, but has also insisted on its right to master the complete nuclear fuel cycle for what it says are peaceful purposes. Mahmoud Ahmadinejad has said Tehran places importance on international nuclear cooperation, including "Iran's presence in the global fuel bank." Iran has resisted sending its low-enriched uranium abroad and has proposed the IAEA supervise uranium enrichment inside the country. Russian proposal Sergey Kiriyenko, head of Russian nuclear corporation Rosatom, has told the IAEA General Conference that Russia planned to put under IAEA control a reserve of $300 million worth of low enriched uranium. The fuel would be stored at a multinational uranium-enrichment facility in the Siberian city of Angarsk and would be sufficient for two reactor-loads of low-enriched uranium. “We should carry out the preparatory work required for the IAEA Director-General to propose to the IAEA Board of Governors that they consider Russia’s plans for establishing guaranteed nuclear fuel reserves in the first half of 2008,” Kiriyenko said. He further said that Russia is ready to process 4,000 tons of Australian uranium a year. Russia established its International Uranium Enrichment Center (IUEC) at the Angarsk Electrolysis Chemical Combine “to provide guaranteed access to uranium enrichment capabilities to the Centre’s participating organizations”. On 10 May 2007 the first agreement in the framework of the IUEC was signed by the Russian Federation and the Republic of Kazakhstan. In November 2009, the IAEA Board of Governors approved the Russian proposal to set up a low enriched uranium reserve available to Member States upon request from the Agency. Russia and the IAEA agreed on March 30, 2010, to set up the world's first nuclear fuel bank, at Angarsk in Siberia. Six-Country Concept The "Six-Country Concept" was proposed by France, Germany, the Netherlands, Russia, the UK, and the U.S. to provide reliable access to nuclear fuel. In 2008, all six of these nations had enrichment facilities. The proposal would require customer states to forego sensitive indigenous nuclear facilities, and if a supply disruption were to occur the recipient country would be able to approach the IAEA to facilitate new arrangements with other suppliers as long as nonproliferation conditions had been met