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In October 2004, USEC and DOE entered into an agreement that obligates DOE to transfer title and custody of 2,116 metric tons of uranium to USEC in exchange for 2,116 metric tons of out-of-specification uranium, subject to certain conditions, including inspection and acceptance by USEC. In June, DOE notified the Company that it is authorizing the transfer of 2,116 metric tons of uranium to USEC in exchange for 2,116 metric tons of out-of-specification uranium. USEC exceeded its goal of cleaning up 2,800 metric tons of uranium pursuant to the DOE-USEC Agreement by processing 2,909 metric tons during the 15-month project, which was completed within its $21 million budget. |
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