USEC has worked out a plan with the Department of Energy to provide access to short-term funding for the American Centrifuge plant, which the company says is needed to keep the project moving forward. The move is essentially an accounting maneuver, with DOE agreeing to assume liability for $44 million of USEC’s uranium tails in order to free up money on USEC’s balance sheet that will allow the project to continue in the short-term. “This path would provide the basis for funding of the RD&D program activities through the end of March,” USEC said in release on Friday. “In the meantime, USEC will continue to work with DOE and Congress to secure funding to complete the RD&D program.” The announcement comes after Congress failed to provide $150 million in funding requested by DOE for the program in the Fiscal Year 2012 spending bill, which USEC officials said put the project in a perilous position financially.
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