t
Iofina plc announced on 30 November 2023 an update on its IOsorb® iodine plant, IO#9, in Western Oklahoma. Following upgrades by its partner to its water gathering system, which improved brine flow to the plant, IO#9 is now operating within its expected output range. The Company expects second-half production from its six iodine plants to be at or marginally below the bottom end of its 325-350 MT forecast range.
| Date | 30 Nov 2023 |
| Time | 07:00:11 |
| Category | Corporate updates |
| ID | 1389V |
30 November 2023
Iofina plc
("Iofina", the "Company" or the "Group")
(AIM:IOF)
IO#9 Update
Plant Operating at Expected Rate
Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to provide an update on its IOsorb® iodine plant, IO#9, in Western Oklahoma.
As previously reported, the ramp-up phase of IO#9, since it was switched on in June 2023, took longer than anticipated. Recently our partner completed upgrades to its water gathering system, which has improved the flow of brine water to the plant. Since the completion of this work, the Company has been able to steadily increase crystalline iodine production with the higher water flow and can confirm that the plant is now operating within the expected range of output. The Company expects second-half production at the bottom, or very marginally below the bottom end of the forecast range of 325-350 MT from its six iodine plants.
President and CEO, Dr. Tom Becker, stated: "Whilst IO#9's ramp-up took longer than expected, we are now back on track with the plant producing crystalline iodine at the rate expected. Looking ahead, we feel there is an opportunity with our partner to potentially increase flow even further than the current production rate. In the meantime, IO#10 planning is advancing well and the Company continues to make progress with negotiations relating to our pipeline of further new plants."
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Nomad & Broker:
Henry Fitzgerald-O'Connor/Harry Rees
Canaccord Genuity Limited
Tel: +44 (0)20 7523 8000
Media Contact:
Charles Goodwin/Shivantha Thambirajah/Soraya Jackson
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.