International Isotopes Extends Lea County Land Agreement

International Isotopes and the Lea County Board of Commissioners have agreed to amend the parameters of its depleted uranium de-conversion facility land agreement so as to allow for the company’s delays in construction, the two announced yesterday. Under the terms of the agreement, Lea County would convey 640 acres of land in Hobbs, N.M. for the construction of the facility, contingent upon construction of the facility beginning by Dec.31, 2014 and hiring a certain number of employees by Dec. 31, 2015. International Isotopes, though, had to suspend construction activities, the company announced in 2013, after it could not secure enough contracts to warrant construction. This amended agreement allows for this suspension by pushing the milestone dates to Dec. 31, 2016 and Dec. 31, 2017, respectively. “The Lea County Board of Commissioners has been very accommodating and welcoming from the time we first approached them about this project, and they are one of the reasons we chose Lea County for the location of our proposed de-conversion facility,” International Isotope President and CEO Steve Laflin said in a statement. “We are appreciative of their understanding regarding the delay we have experienced commencing construction of the facility which has been largely due to the slowdown in nuclear related projects.”