Hot swap

The Guardian has the story of Iran and its uranium:

Iran is willing to satisfy the UN and send its uranium abroad for further enrichment, the president, Mahmoud Ahmadinejad, told state television last night. Iran would have "no problem" giving the west its low-enriched uranium and taking it back several months later when it is enriched by 20%, Ahmadinejad said.
However his timeframe of four or five months appeared to fall short of the full year that western officials say it would take for Iran's enriched fuel to be turned into fuel rods for a reactor. If this difference cannot be bridged it could allow Iranian officials to claim the deal failed due to Western foot-dragging. Ahmadinejad did not address whether Iran was ready to ship out most of its stockpile in one batch, another condition set by the six world powers endorsing the fuel swap.
If Iran agreed to export most of its enriched uranium in one shipment it would delay its ability to make a nuclear weapon by depriving it of material it needs to make the fissile core of a warhead. Experts believe it would need at least a year to replenish its stockpile at its present rate of uranium enrichment. The West suspects that Iran's nuclear programme is geared toward acquiring atomic weapons. Iran denies the charge and says the programme is only for generating energy.
"If we allow them to take it, there is no problem. We sign a contract to give 3.5% enriched uranium and receive 20% enriched after four or five months," Ahmadinejad said. He dismissed concerns by what he called "colleagues" that the West would not return the uranium, saying Iran would respond to that by continuing to produce its own enriched uranium.
The International Atomic Energy Agency plan for shipping the low enriched uranium abroad for treatment was first drawn up in early October in a landmark meeting in Geneva between Iran and the six world powers. It was later refined by Iran, the US, Russia, and France in Vienna. The talks came up with a draft proposal that would take 70% of Iran's low-enriched uranium to reduce its stockpile of material that could be enriched to a higher level, and possibly be used to make nuclear weapons. That uranium would be returned about a year later as refined fuel rods, which can power reactors but cannot be readily turned into weapons-grade material.
A US official said Washington had made "a good faith and balanced offer regarding the Tehran research reactor".
"If Mr Ahmadinejad's comments reflect an updated Iranian position we look forward to Iran informing the IAEA," said national security council spokesman Mike Hammer. The foreign ministries of Britain, France, and Germany had no immediate comment.
In the TV interview, Ahmadinejad repeated his wish for the west to build nuclear power plants in his country. "They want to co-operate? Okay, we co-operate. We do not have any problem. Let them build twenty nuclear power plants. Is there a problem? Russia, France, and the US, come and build."