The remaining three are due at the end of in conjunction with the completion of the program. USEC and the program's prime contractors and suppliers have added workers since June, raising the project workforce to more than 1, workers. DOE's contribution is incrementally funded. USEC Inc. This news release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of - that is, statements related to future events.
In this context, forward-looking statements may address our expected future business and financial performance, and often contain words such as "expects", "anticipates", "intends", "plans", "believes", "will" and other words of similar meaning. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. We do not undertake to update our forward-looking statements except as required by law. The company estimates the plant will have an initial annual capacity of 3.
A demonstration cascade at the plant began in September and a lead cascade of commercial centrifuges started operation in March This year, USEC successfully completed three major milestones set by the DOE for the program, announcing that its full production-scale cascade of machines achieved 20 machine-years of operations at commercial plant specifications.
A number of factors could affect this plan, including key variables related to project cost, schedule, market demand and market prices for low enriched uranium, financing costs, and other financing terms. Meanwhile, USEC has experienced snowballing cost pressures due to delays in deployment of the project. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.
We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience. Necessary Necessary. In order to accomplish the goal of having the core manufacturing base in place and ready to go, our suppliers would selectively continue to produce components for the AC production machine.
As envisioned in the memorandum of understanding, the joint venture would manage all aspects of manufacturing the AC machines, including supply chain management through the integration of all suppliers and subcontractors and the assembly of the machines at Piketon.
As we seek the most cost-effective deployment plan, we are evaluating the scope and scale of the plant, the deployment of machines over a longer time period, alternate financing structures, and the cost and feasibility of remobilizing at a later date. Based on the results of this evaluation of our strategic options for the future of the project or in the event of a further delay in or a decrease in the likelihood of obtaining DOE loan guarantee funding or for other reasons, we may reduce spending and staffing on the project even further or might be forced to take other actions, including terminating the project.
Our near-term goals for the American Centrifuge project include the following:. USEC will hold a conference call with shareholders and the financial community on September 29 at 11 a. A link to the call will be located in the Investor Relations section and a webcast replay will be available through October Anonymous comments will be moderated. Join for free and post now!
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