Iofina to Grow Operations in Oklahoma

2 min read | September 27, 2024 03:00 AM PDT | By Team Kalkine Media

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Highlights

Iofina PLC announced plans to develop a new iodine extraction plant, IO#11, in Western Oklahoma.
The facility will utilize proprietary IOsorb® technology and is expected to commence operations in 2025.
Funding for construction will primarily come from cash reserves, with the option to utilize loan facilities.

Article

Iofina PLC {OTC:IOFNF} has unveiled plans to expand its operations with the development of a new iodine extraction plant, designated IO#11, in Western Oklahoma. This site will be strategically located near Iofina's existing facilities in an area renowned for its significant oil and gas development.

The new plant is projected to become operational in 2025 and will employ the company's proprietary IOsorb® technology for the extraction of iodine from brine streams. While the final capacity and associated costs are still under evaluation, Iofina has indicated that the construction will primarily be financed through its cash reserves, with the option to access its loan facilities as needed.

Construction is anticipated to begin in the fourth quarter of 2024, with more detailed timelines to be provided as the project advances. In a statement, CEO Tom Becker expressed enthusiasm regarding the new plant, noting that an agreement has been reached with a selected brine water partner for the initiative.

Becker emphasized that this development is part of Iofina's ongoing commitment to enhancing iodine production, reflecting a consistent growth trajectory over the past three years. He stated that the new plant represents an optimal strategy aimed at driving long-term value for the company and its shareholders.

As Iofina moves forward with this expansion, the company is positioned to strengthen its presence in the iodine market, capitalizing on both its innovative extraction technology and the robust resource landscape in Oklahoma.

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