Iofina To Construct New Iodine Production Plant In Oklahoma

(Alliance News) - Iofina PLC on Wednesday said it has completed an agreement with a new brine ...

Alliance News 18 September, 2019 | 3:46PM
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(Alliance News) - Iofina PLC on Wednesday said it has completed an agreement with a new brine supply partner for the location of a new iodine plant.

Construction of the new plant is set to commence immediately, iodine maker Iofina said.

Iofina said its recent recent fundraise has provided the necessary resources to start construction of the new plant, which is expected to cost USD3 million.

The new plant is expected to start contributing to the company's iodine production in first half of 2020.

"Whilst this new location in Oklahoma is further away from the company's current core area, it is in an area of active oil and gas development and thus growing brine supply and the company is likely to consider this area for future IOsorb plants. The timeline for construction is anticipated to be about six to seven months and the company will update the market on the progress of construction of IO No 8," Iofina said.

London-listed shares in Iofina were up 1.2% at 30.00 pence each on Wednesday afternoon.

By Tapan Panchal; tapanpanchal@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Iofina PLC 17.16 GBX -1.94 -

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