Nordion seeks new Russian isotope supplier: http://www.obj.ca/Technology/2012-10-29/article-3109534/Nordion-seeks-new-Russian-isotope-supplier/1
"Medical isotope provider Nordion Inc. (TSX: NDN) is planning to enter
an agreement with a Russian research institute that will provide the
Ottawa-based company with a supply of isotopes, after ending an
agreement with another Russian supplier on Friday. The agreement
with the Research Institute of Atomic Reactors means that Molybdenum-99,
commonly referred to as Mo-99, would be produced by RIAR’s reactors in
Dimtrovgrad, Russia. Nordion says that it expects the agreement
could “potentially meet a portion of Nordion’s long-term supply
requirements,” according to a company release published Monday."....
"Currently, Nordion obtains most of its medical isotopes through Atomic
Energy of Canada Ltd., which owns and manages the National Research
Universal reactor that has been in service since 1957. The NRU, located
in Chalk River, has seen multiple scheduled shutdowns for maintenance as
it ages. To address long-term supply security, Nordion and AECL
entered a contractual agreement in 1996 that committed AECL to construct
and deliver two new nuclear reactors and a processing facility known as
the Maple project, to replace the aging NRU reactor. The project
was cancelled in 2008, however, and Nordion began a three-year battle
with AECL and the federal government, arguing that a flaw in the design
was “manageable.” An arbitrator ruled against Nordion on Sept. 10, which
led Nordion to suspend its quarterly dividend payments and halt a share
buy-back program, resulting in a 36 per cent plunge in Nordion stocks.
Those stocks rose by three per cent soon after when the company
announced that its primary customer, Lantheus Medical Imaging Inc., had
extended its deal with Nordion until 2015."
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