Characterizing an Emerging Market for High-Assay,

The input for the enrichment process is termed the process “feed” and is characterized by the quantity of material and the enrichment level of the material. [...] The “product” is the desired output stream of the enrichment process (with a higher enrichment of U-235 compared with the feed) and the “tails” are the remaining output of the enrichment process (with a lower enrichment of U-235 compared with the feed). [...] • 𝑥𝑃 is the enrichment of the “product” from the enrichment process (%U-235 enrichment) • 𝑇 is the mass of “tailings” output from the enrichment process measured in kilograms • 𝑥𝑇 is the enrichment of the “tailings” from the enrichment process (%U-235 enrichment) • 𝐹 is the mass of “feed” input to the enrichment process measured in kilograms • 𝑥𝐹 is the enrichment of the “feed” into the en. [...] Figure 10 illustrates the calculation of the HALEU Enrichment cost component based on the amount of separative work required for HALEU enrichment (SWU) and the separative work cost for HALEU enrichment ($/SWU). [...] A much larger range of costs are considered in the sensitivity analysis for the costs of HALEU enrichment due to the significant uncertainties associated with the costs of HALEU SWU and the impact of licensing, construction, and financing costs associated with new HALEU enrichment facilities on the enrichment cost paid by HALEU producers.