Most of Centrus current business is just as a US agent for resale of Orano and Tenex fuel services (i.e enrichment - Russian and French). No doubt the LEU part of Centrus costs are related to the SWU price and thus a price goes up their costs also go up (but so also does their income. It maybe that there are floors and ceilings in their contracts (but a suspect not) and so they just get a percentage of the SWU price for this part of their business. The "technical solutions" component is different and no doubt includes their HALEU production fo the DoE (they don't own it - the owner is DoE) they just operate the centrifuge chain on a cost plus basis for the DoE. Centrus (and USEC before them) have a poor record of keeping to timescales and budgets. MG said atg the last AGM that centrifuge Capex was likely to be about twice that of the LIS capex but as I understand it as that with LIS this advantage reduces with product assay (i.e we are essentially unbeatable for tails but less so for HALEU but unsuitable for HEU (unless we are stripping U238))
SLX Price at posting:
$4.94 Sentiment: Buy Disclosure: Held
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