Bloomberg header inaccurate!!!
Iran could produce enough enriched uranium to build a bomb in 16 days AFTER it completes a planned expansion of its centrifuge plant to have somewhat in excess of 50,000 centrifuges, which will take an undetermined amount of time.

Iran Could Produce Nuclear Bomb in 16 Days, U.S. Says

Iran, defying United Nations Security Council demands to halt its nuclear program, may be capable of making a nuclear bomb within 16 days, a U.S. State Department official said.

Iran will move to “industrial scale” uranium enrichment involving 54,000 centrifuges at its Natanz plant, the Associated Press quoted deputy nuclear chief Mohammad Saeedi as telling state-run television today.

“Using those 50,000 centrifuges they could produce enough highly enriched uranium for a nuclear weapon in 16 days,” Stephen Rademaker, U.S. Assistant Secretary of State for International Security and Nonproliferation, told reporters today in Moscow.

OK. Now that they know how to do the job, all they have to do is ramp up production facilities. The London Telegraph had a more straighforward report on the situation:

Our nuclear drive is unstoppable, says defiant Iran

Iran yesterday defied international outcry and a threat of sanctions by announcing that it would push ahead with plans for a huge underground uranium enrichment plant with tens of thousands of high-speed centrifuges. A day after proclaiming the “historic” achievement of mastering the technology to enrich uranium to make nuclear fuel, Iranian officials dismissed criticism from the United States, Europe and even Russia and China.

Mohammad Saeedi, Iran’s deputy nuclear chief, said his country would expand the experimental “cascade” of 164 enrichment centrifuges to a plant with 3,000 machines by the end of the year. It would then build a full-scale factory with 54,000 centrifuges in a cavernous bunker in Natanz. Mr Saeedi did not, however, say how long this would take.

Something still has got to give, as indicated by Secretary of State Condoleeza Rice:

Rice: ‘Time for Action’ on Iran

Secretary of State Condoleezza Rice on Wednesday said the world is very concerned about Iran’s defiant pursuit of nuclear technology, and when the U.N. Security Council meets later this month, “I do think it will be time for action,” she said.

Stay tuned for further developments!