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USEC said yesterday that net income was 58.5 million US dollars (USD) (about 43 million euro) – an increase of USD 9.8 million compared to 2008.
However, USEC president and chief executive officer John Welch said 2009 was also “a year with disappointments” regarding the American Centrifuge programme.
The DOE said in August 2009 that it was delaying a final review of USEC’s loan guarantee application for the project, which would allow the company to address issues relating to the readiness of its uranium enrichment technology.
“While we made progress in several important areas, we believed our application for a loan guarantee from the DOE was on track for a conditional commitment in 2009. That didn’t happen. We demobilised construction of the American Centrifuge Plant (ACP) in August and we are now focused on addressing the technical and financial concerns of the DOE in the first half of 2010,” Mr Welch said.
Construction in Piketon, Ohio, of the ACP infrastructure and work to finalise the balance-of-plant design ceased in August 2009. The plant design work is about 80 percent complete.
“We expect to be revisiting our spending plan on the American Centrifuge project regularly in 2010 and if additional development funding is made available from DOE we would expect the amount of our spending to increase. However, we cannot continue a high level of spending on the project without additional capital and a clear path to a DOE loan guarantee commitment,” USEC said.
USEC’s results are available in full on the company’s website (http://www.usec.com).
>>Related reports in the NucNet database (available to subscribers)
USEC Warns Of Difficult Path Ahead For American Centrifuge Project (News No. 67, 29 September 2009)
Financial Advisor To ‘Explore Strategic Alternatives’ For USEC (News in Brief No. 140, 3 November 2009)
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