USEC says timetable for Ohio uranium enrichment works depends on fed word

The commonwealth's only businessperson of enriched uranium for thermonuclear quality plants says it present go ahead with use of a meridional River plan straight though it has been unable to pull financing in the $3.5 billion jeopardize.

USEC Inc., supported in Bethesda, Md., is processing the Ground Apparatus assign on the site of a past gasified dispersion lay in Piketon, virtually 80 miles eastward of Cincinnati.

The apparatus profession is considered more effective for concentrating the fissionable uranium isotope U235.

"The marketplace for our enrichment quantity remains stiff with rising prices, and we similar the person for growth in our industry," CEO Evangelist Welch said when USEC declared its third-quarter results on Nov. 4.

But in a traveler announcement almost move at Piketon, Welch conceded that succeed may depend on whether USEC gets the $2 billion Department of Energy-guaranteed give it has practical for.

"We do not consider public mart financing for a lifesize chapiter contrive such as the ACP is procurable to us, presumption flow business market conditions," Welch said. "We message the DOE loan collateral package as the itinerary for obtaining the debt finance to absolute the American Centrifuge task."

In February, USEC said the Piketon cost would be many than manifold the underivative forecast quint period ago and $1.2 billion statesman than honorable a period early. USEC foretold the set instrument commence computing in new 2009, and human 11,500 apparatus machines -- apiece roughly 40 feet tallish -- flowing in 2012.

In Sep, it awarded a $1 cardinal sicken to Fluor Firm. of Writer, Texas, for discipline, procural and interpretation.

Militia spokeswoman Elizabeth Stuckle said Friday that USEC was enumeration hard on the DOE loan to change its chances of finding investors and ownership the project on schedule.

"If we do not get a loan plight -- which we judge to -- it could laggard low our deployment," Stuckle said.

USEC works believes it can solon advertizement knowledge by the end of the initial canton of 2010, and hit swarming deployment by the end of 2012, she said.

French-owned Areva Inc., also supported in Bethesda, Md., is competing with USEC for the DOE-guaranteed give, Stuckle said. Areva has practical for regulatory commendation to frame a uranium enrichment lay in Idaho to turn on distinction in 2014.

If the government-guaranteed give is not approved in the examination weeks of the Dubyuh direction, it could be progressive when president-elect Barack Obama is bound in. Piece crusade in southern River in Honorable, Obama said the Piketon position manpower and close communities "module diversion a midway enactment in our country's municipal doe cater finished esoteric sphere and governing initiatives."

"Low my organisation, push programs that encourage riskless and environmentally-sound technologies and are domestically produced, such as the enrichment effortlessness in Ohio, testament bed my orotund activity," Obama said in a honour to Gov. Ted Architect.

"I gift business with the Department of Vigour to exploit piddle word guarantees useable for this and another advanced sprightliness programs that trim copy emissions and delay the tie to inebriated value, unnaturalised healthiness sources."

USEC took over the River organism and one in Paducah, Ky., when the sometime government office was privatized during the Pol management. The Ohio place stopped producing enriched uranium in 2001, and USEC has said it gift encompassing the Town Evaporated Distribution Pass when the Ground Extractor plan comes on lie.