Uranium Revitalization and Tailings Reclamation Act of 1987

Uranium Revitalization and Tailings Reclamation Act of 1987 - Title I: Uranium Revitalization - Directs the President, acting through the United States Trade Representative, to undertake negotiations with all major uranium producing countries to obtain voluntary restraint agreements to assure that a specified percentage (up to 50 percent by 1989) of the uranium that is loaded into domestic civilian nuclear power reactors is mined and milled in the United States. Requires the United States Trade Representative to monitor compliance with such agreements and to report the results annually to the Congress. Imposes mandatory import restrictions based on such specified percentages if voluntary restraint agreements are not effective.

Imposes a fine upon nuclear power reactor owners or licensees who violate such uranium import restrictions. Suspends, from September 8, 1986, to December 31, 2000, certain requirements under the Atomic Energy Act of 1954 prohibiting the Secretary of Energy (the Secretary) from offering enrichment services for nuclear material of foreign origin intended for use in the United States. Requires civilian nuclear power reactor licensees to certify annually to the Secretary that the requirements of this Act have been met. Requires the Federal Government to purchase only domestically produced uranium. Prohibits the use of the Federal uranium stockpile for commercial power production.

Title II: Remedial Action Performed by the Owner or Licensee of Active Sites - Requires that reclamation, decommissioning, and other remedial actions be performed by the owner or licensee of active sites according to specified standards. Establishes the Uranium Mill Tailings Fund in the Treasury to reimburse the costs incurred for such remedial action.

States that such Fund shall consist of contributions from: (1) the States in which active sites are located; (2) the owners or licensees of active sites; (3) the Federal Government; and (4) all fees received from owners or operators of civilian nuclear power reactors. Prescribes guidelines for Fund administration by the Secretary. Authorizes contributions to the Fund by States in which active sites are located. Requires specified contributions from owners or licensees of an active site. Authorizes appropriations to the Fund from Department of Energy Uranium Enrichment Program revenues.

Prescribes a fee schedule for contribution into the Fund by licensees of civilian nuclear power reactors. Declares that the owner or licensee of certain active sites may elect to perform remedial action through the Fund, and to receive reimbursement under this Act for such action. Prescribes guidelines for the reimbursement of costs incurred for reclamation, decommissioning, and other remedial action from the fund. Sets forth a $4.50 per ton limitation on reimbursements, with annual adjustments based on an inflation escalation index to be determined by the Secretary.

Provides that remedial action costs at active thorium sites shall be borne by the licensee or owner, but that the United States shall bear a portion of the costs if tailings generated at a site were an incident of sales to the Federal Government.

Title III: Utility Services Contract - Approves the Department of Energy's Utility Services Enrichment Contract. Precludes the Department from charging a certain percentage range authorized by such contract for the selection of a variable tails assay option.

Title IV: Uranium Enrichment - Amends the Atomic Energy Act of 1954 to provide that any prices established for uranium enrichment services shall be based, as a first priority, on the acquisition and retention of market share by the Department of Energy. Relegates to second priority the current sole basis, which is recovery of Federal enrichment services costs over a reasonable period of time. Requires that: (1) revenues from uranium enrichment services in excess of expenditures, up to a certain amount, shall be deposited in the Fund and thereafter in the Treasury generally; (2) the Secretary report to the Congress alternative plans for the full recovery of Federal enrichment services costs if the revenues received in any fiscal year are less that 95 percent of such costs: and (3) the President report to the Congress on alternative methods of managing the Federal uranium enrichment enterprise.

Title V: Separability of Provisions - Declares that if any provision of this Act is declared invalid the remaining provisions shall remain unaffected.

Title VI: Effective Date - Makes the effective date 60 days following the date of enactment of this Act.