Iofina PLC Construction of IO#7 to Expand Iodine Production (4274Q)
12 September 2017 - 4:00PM
UK Regulatory
TIDMIOF
RNS Number : 4274Q
Iofina PLC
12 September 2017
12 September 2017
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
Construction of IO#7 to Expand Iodine Production
Iofina, specialists in the exploration and production of iodine
and halogen based specialty chemical derivatives, today provides an
update to the market regarding the replacement of its IO#3 plant at
a superior production site.
In the Company's recent H1 2017 update, released on 14 July
2017, it was announced that IO#3, its highest per kilo iodine
production cost plant, would be reutilised. The Board is pleased to
confirm that it has completed the necessary items to begin to
replace this plant at a new location. This newest IOsorb(R) plant
location will be called 'IO#7' and is located in the core area of
the Company's current Oklahoma operations.
The Company expects IO#7 to have similar production capabilities
and cost structure to Iofina's current lowest per kilo production
cost plant. The Company believes the construction and commissioning
of IO#7 is in the best interest of its long term goals of
increasing production of iodine while also reducing our overall
cost to produce iodine. The Company is likely to draw on its Term
Loan Facility to fund this project.
The Company expects to begin construction immediately and will
update the market as construction progresses. Completion is
expected in four to five months. Iofina projects that IO#7, once
fully operational, is expected to contribute more than a 40%
increase in annual iodine production for the Company, along with a
significant reduction in overall per kilo cost of production.
Commenting, President and CEO Dr. Tom Becker, stated:
"The Board is excited to announce the start of construction of
IO#7, utilising some of IO#3's resources, so helping to reduce the
overall cost of IO#7. This new plant is the beginning of the next
stage of management's vision of prudent expansion and continued
reductions in the cost of iodine production. We are committed to
controlling costs for the creation of IO#7. We look forward to
periodically updating the market on the progress of IO#7."
Enquiries:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Emily Morris
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises in the exploration and production of iodine,
halogen based specialty chemical derivatives and produced water.
Iofina's business strategy is to identify, develop, build, own and
operate iodine extraction plants currently focused in North America
based on Iofina's WET(R) IOsorb(R) technology. Iofina has
operations in the United States, specifically in Montana, Kentucky
and Oklahoma. It has complete vertical integration from the
production of iodine in the field to the manufacture of the
chemical end-products derived from iodine to the consumer and the
recycling of iodine using iodinated side-streams from waste
chemical processes. Iofina utilises its portfolio of patented and
patent pending technology, proprietary methods and trademarks
throughout all business lines.
www.iofina.com
This information is provided by RNS
The company news service from the London Stock Exchange
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