Iofina Moves Forward with Plans for Innovative Iodine Extraction Plant

September 27, 2024 12:16 PM PDT | By Team Kalkine Media

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Iofina Moves Forward with Plans for Innovative Iodine Extraction Plant — Image source: Shutterstock

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Highlights

Iofina is expanding in Oklahoma with a new iodine extraction facility strategically located near its current operations.

The facility, set to utilize proprietary IOsorb technology, aims to enhance iodine production and is scheduled to begin operations in 2025.

This expansion reflects Iofina's commitment to solidifying its position in the iodine market through strategic partnerships and investments.

Iofina PLC, operating within the Oil & Gas sector, has announced plans for expansion in Oklahoma with the development of a new iodine extraction facility, IO#11. This facility will be strategically located in Western Oklahoma, close to Iofina's existing operations, in an area recognized for its extensive oil and gas development.

The new plant is projected to begin operations in 2025, utilizing the company's proprietary IOsorb technology to efficiently extract iodine from brine streams. While the final capacity and cost estimates for the facility are still being evaluated, Iofina has indicated plans to finance the construction primarily through its cash reserves, with the possibility of utilizing loan facilities if necessary.

Construction of IO#11 is scheduled to commence in the fourth quarter of 2024, with Iofina committing to provide more detailed timelines as the project progresses. This initiative marks a continuation of Iofina (OTC: IOFNF) 's strategy to enhance its iodine production capabilities, reflecting the company's commitment to long-term growth.

In a statement, CEO Tom Becker expressed enthusiasm about the recent developments, highlighting that an agreement has been finalized with a brine water partner for the new plant. This partnership reinforces Iofina's efforts to solidify its position in the iodine market and build on the growth rates in iodine production observed over the past three years.

Becker noted that the expansion is aligned with the company's strategy to drive long-term value, emphasizing that the new facility represents a crucial step in Iofina's operational and growth ambitions. The decision to enhance production capacity through this new plant is indicative of Iofina's proactive approach to capitalize on opportunities in the market, aiming to position itself favorably for future growth in the iodine sector.

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