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55.00 3.00 (5.77%)

Bid:

54.00

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56.00

Spread: 2.00 (3.704%)

Market Cap: £105.52m

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Iofina Completes A Third Extraction Facility In Oklahoma

Thu, 31st Oct 2013 11:23

LONDON (Alliance News) - AIM-listed Iodine producer Iofina PLC Thursday said its new IO#3 iodine extraction plan is fully commissioned and ready to accept brinewater once it gets final approval from the well operator.

Its production staff have taken charge of the new plant in Oklahoma, while its construction crews are continuing to work on the IO#4, IO#5 and IO#6 extraction plants.

It also said that large, productive brine flows which currently exceed the capacity of its IO#2 plant may be diverted to an adjacent location and its engineers are currently studying the merits of that plan.

"We are looking forward to steadily increasing production as additional plants come on line,"newly appointed Chief Executive George Lantz said in a statement.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1