International Isotopes Inc (INIS)

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INIS On Track For NRC License In 2012

International Isotopes on Track For NRC License in 2012
By Dan Yurman, Contributing Reporter

Efforts to secure equity funding to build a $125 million uranium deconversion plant in Hobbs, New Mexico are gaining momentum even though the company announced on March 17 that it would pull a $31 million public stock offering. CEO Steve Laflin told FCW in an exclusive interview that debt financing would take the company most of the way toward its fundraising goal.

Laflin said the firm has applied for a $97 million loan from the U.S. Department of Energy, which approved the first of a two-part application last June. The loan comes from the department’s renewable-energy technology development program, which counts as a key factor for loan approval whether the technology reduces in greenhouse gas emissions.

“Our patented fluorine extraction process uses seven times less energy than conventional industrial processes for making hydrofluoric acid,” Laflin said. “This means we can show reductions of six million pounds of carbon dioxide a year over the life of the plant.”

Laflin expects the agency to issue a conditional commitment for the loan that will require that the firm secure an NRC license. The draft Safety Evaluation Report is to be done by late summer, and a final Environmental Impact Statement could be ready by yearend, depending on the outcome of the public comment process. Laflin would not say when he expected action on the second part of the loan-application process.

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