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.
www.iofina.com