XML 115 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Event
3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Event
SUBSEQUENT EVENT

On April 27, 2018, the Company’s operating subsidiary, Enrichment Corp., entered into the Orano Supply Agreement for the long-term supply of SWU contained in LEU to the Company, nominally commencing in 2023.  
Under the Agreement, the Company is obligated to purchase a minimum of approximately 2.4 million SWU over six (6) years.  The Company may elect to begin to accept deliveries as early as 2021 or to defer the commencement of purchases until 2024 and has the option to extend the six-year purchase period for an additional two (2) years. If the Company exercises its options for the two additional years, the minimum amount that the Company must purchase shall increase to approximately 3.7 million SWU. The Orano Supply Agreement provides significant flexibility to adjust purchase volumes, subject to annual minimums and maximums that vary year by year.  The pricing for the SWU purchased by the Company is determined by a formula that uses a combination of market-related price points and other factors, and is subject to certain floors and ceilings. Prices are payable in a combination of dollars and Euros.
In addition to paying for the SWU in the LEU delivered by Orano, the Company will supply natural uranium for the natural uranium feed material component of the LEU.  U.S. imports of LEU from France are currently subject to an antidumping order that will remain in effect through at least the second quarter of 2019.  Under the terms of the Orano Supply Agreement, Orano will have the right to partially limit the amount of LEU that can be delivered in the United States for so long as the LEU is subject to the antidumping order.