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Iofina plc announced on 27 September 2024 that it has signed an agreement for a new plant, IO#11, with an existing brine water supply partner. The plant will deploy IOsorb® technology in Iofina's newest core area of brine water production, near IO#9 and IO#10. Initial work on IO#11 is expected to commence in Q4 2024, with the plant anticipated to become operational in 2025, financed through the Company's cash facilities with an option for loan facilities.
| Date | 27 Sept 2024 |
| Time | 07:00:02 |
| Category | Acquisitions and alliances |
| ID | 8812F |
27 September 2024
Iofina plc
("Iofina", the "Group", or the "Company")
(AIM: IOF)
IO#11 Signed Agreement for New Plant
Iofina plc (AIM: IOF), specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to announce that an agreement has been signed for IO#11. Working with an existing brine water supply partner, the plant will be situated in Iofina's newest core area of brine water production, near IO#9 and IO#10. The plant is expected to become operational in 2025.
This region of Western Oklahoma is an area of significant oil and gas development, with an established brine supply. The Board believes the site is an excellent location for the new plant, which will deploy IOsorb® technology to isolate iodine from the iodine-rich brine stream.
The Company is already working with its partner on the design elements to maximise iodine production at the IO#11 site. The final expected capacities and plant costs will be shared in due course. The new plant will be financed through the Company's cash facilities, with an option to utilise the Company's loan facilities. The Board expects the initial work of IO#11 to commence in Q4 2024. A more specific timeline will be shared with the market as construction develops.
Commenting, President and CEO, Dr. Tom Becker stated:
"We are pleased to announce that an agreement has been signed with our chosen brine water partner for our next plant, IO#11 in our newest core area in Oklahoma. This continues our recent track record over the past three years of increased growth rates in iodine production, as we believe this is the optimal strategy to help drive long-term value for the Company and its shareholders."
Enquiries:
Iofina plc
Dr. Tom Becker
CEO & President
Tel: +44 (0)20 3006 3135
Nomad & Broker:
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor/Harry Rees
Tel: +44 (0)20 7523 8000
Financial PR and Media Contact:
Yellow Jersey PR Limited
Charles Goodwin/Shivantha Thambirajah/Zara McKinlay
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 operates seven commissioning IOsorb® plants in Oklahoma and consistently uses 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 celebrated its 40th anniversary in 2023 as a preeminent halogen-based specialty chemicals company.