Uranium Revitalization Tailings Reclamation and Enrichment Act of 1987

Uranium Revitalization, Tailings Reclamation and Enrichment Act of 1987 - Title I: Uranium Revitalization - Amends the Atomic Energy Act of 1954 to extend from 1983 to the year 2000 the period during which the Secretary of Energy (the Secretary) is required to monitor the viability of the domestic uranium mining and milling industry.

Sets forth a formula for the calculation of user charges to be paid by civilian nuclear power reactor licensees with fuel assemblies containing foreign uranium between January 1, 1988, to January 1, 2001. Prohibits Federal bodies from entering into foreign uranium purchase contracts.

Restricts the use of Federally owned natural uranium stockpiles to: (1) military purposes; (2) Federal research; and (3) production activities by the United States Enrichment Corporation.

Exempts the Tennessee Valley Authority from the foreign purchase prohibition.

Title II: Tailings Reclamation - Provides that remedial action with respect to uranium shall be performed according to statutory guidelines by the site owner or licensee at the active site. Requires that such owners' reclamation expenses be reimbursed from the Uranium Mill Tailings Fund (established by this Act). Identifies the active sites that qualify for such reimbursement.

Establishes the Uranium Mill Tailings Fund, which shall consist of contributions from: (1) States in which active sites are located; (2) site owners or licensees; (3) the Federal Government; and (4) user fees. Prescribes guidelines for: (1) Fund administration; (2) contributions; (3) participation; and (4) reimbursement for expenditures for remedial actions (including at thorium sites).

States that the sole liability and financial obligation under Federal law for remedial action at active uranium and thorium sites shall consist of the contributions, fines, and work performed by: (1) active site owner licensees; or (2) persons using source or special nuclear material for a civilian nuclear power reactor to generate electrical energy.

Title III: United States Enrichment Corporation - Establishes the United States Enrichment Corporation as a wholly-owned Government corporation to acquire, operate, and market uranium enrichment activities on a commercial, profitable basis. States that the Corporation Administrator shall be appointed by the President with the advice and consent of the Senate.

Establishes an Advisory Board to review Corporation policies and performance.

Requires the Corporation to report annually regarding its activities to the President, the Secretary, and certain congressional committees. Prescribes licensing and taxation guidelines for the Corporation. Sets guidelines for payments in lieu of taxes by the corporation to States and local governments. Requires the Administrator to make recommendations to the President and the Congress by December 31, 1998, regarding the transfer of the Corporation's functions and assets to private ownership. Directs the Secretary to indemnify Corporation contractors for nuclear hazards incidents as if such contractors were contractors of the Secretary.