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Iofina plc announced on 14 June 2023 that its IO#9 IOsorb® plant is operational. The plant has undergone hydrotesting and begun flowing brine water, marking the company's sixth plant operating in Oklahoma. IO#9 is expected to increase the Group's crystalline iodine production by 100MT-150MT per year.
| Date | 14 Jun 2023 |
| Time | 07:00:08 |
| Category | Miscellaneous |
| ID | 6138C |
14 June 2023
Iofina plc
("Iofina", the "Group", or the "Company")
(AIM:IOF)
IO#9 Iodine Plant Operating
Iofina plc (AIM:IOF), specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce that the Company's IO#9 IOsorb® plant is operational. IO#9 has undergone hydrotesting and has begun flowing brine water through the plant.
IO#9 is the Company's sixth plant now operating in Oklahoma, constructed with a new partner and in a new core area with high oil and gas drilling activity. Iofina expects a rapid payback on the investment in the plant as production from IO#9 will favourably impact the Group's overall production output, with the rates expected to increase by 100MT-150MT of crystalline iodine per year. IO#9 is currently flowing brine water through our system and will shortly concentrate and isolate iodine, as the plant is set to ramp up its production over the coming weeks.
Commenting, President and CEO Dr. Tom Becker, stated: We are delighted to have IO#9 flowing brine water through our system, and meeting our end of Q2 target for the start of production. The new plant is on track to make a significant contribution to our total crystalline Iodine production through the second half of the year."
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Nomad & Broker:
Henry Fitzgerald-O'Connor/Patrick Dolaghan/Andrew Potts
Canaccord Genuity Limited
Tel: +44 (0)20 7523 8000
Financial Adviser:
Kingsley Wilson
Chrystal Capital Partners LLP
Tel: +44 (0)20 7850 4761
Media Contact:
Charles Goodwin/Shivantha Thambirajah/Jazmine Clemens
Yellow Jersey PR Limited
Tel: +44 (0)7747 788 221/+44 (0)7983 521 488
About Iofina:
Iofina plc (AIM:IOF) is a vertically integrated company that specialises in the production of Iodine and the manufacturing of specialty chemical products. Iofina is the second largest producer of iodine in North America and operates the manufacturing entities Iofina Resources and Iofina Chemical.
LEI: 213800QDMFYVRJYYTQ84
ISIN: GB00B2QL5C79
Iofina Resources
Iofina Resources develops, builds, owns, and operates iodine extraction plants using Iofina's WET® IOsorb® technology. Iofina currently operates five producing IOsorb® plants in Oklahoma and is consistently using technology and innovation to improve and expand its operations.
Iofina Chemical
Iofina Chemical has manufactured high quality halogen speciality chemicals derived from raw iodine, as well as non-iodine-based products. Iofina Chemical will be celebrating its 40th anniversary in 2023 as a preeminent halogen-based specialty chemicals company.