Iofina commissions new Oklahoma iodine plant

13th Sep 2024 12:10

(Sharecast News) - Iofina, a specialist in the exploration and production of iodine and the manufacturing of specialty chemical products, announced the commissioning of its new IO10 IOsorb plant in Oklahoma on Friday.

The AIM-traded firm said the plant was currently undergoing hydro-testing, with brine water now flowing through its system.

In the coming days, IO10 would begin concentrating and isolating iodine, with production expected to ramp up over the coming weeks.

The board said IO10 is the company's seventh operating plant in Oklahoma, and was constructed with a new partner in Iofina's recently-established core area, where oil and gas drilling activity was notably high.

It said the addition of the plant was anticipated to make a significant contribution to the company's crystalline iodine production for the rest of the year.

IO10 had the capacity to produce between 100 to 150 metric tonnes of iodine annually.

"IO10 is another major milestone in our growth plans," said president and chief executive officer Dr Tom Becker .

"The new plant is set to make a material contribution to Iofina's total crystalline iodine production through the remainder of the year.

"We continue to advance discussions with our chosen brine water partner for our next plant, IO11, and will make a further update on this soon."

At 1116 BST, shares in Iofina were up 1.95% at 21.67p.

Reporting by Josh White for Sharecast.com.