Business
Contract Win
Contract Win.
About this update from Iofina Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 6080D Iofina PLC 25 March 2011 \n \n\n \n25 March 2011\n \nIofina plc\n (\"Iofina\" or \"the Company\")\n \n \nCONTRACT WIN\nSignificant iodine agreement to increase production for Iofina\n \nThe Board of Iofina (LSE AIM: IOF), the holding company of a group of companies involved in the exploration and production of iodine and natural gas,is pleased to announce that its subsidiary, Iofina Natural Gas, Inc., has secured a new and significant Iodine and Collection Agreement with Anticline Disposal LLC (\"Anticline Disposal\"), a wholly owned subsidiary of High Sierra Energy L.P. \n \n \nNew Agreement Highlights\n \n· Agreement increases iodine brine streams by 12,000 barrels per day (\"bpd\") or up to c.3.5 metric tons (\"mt\") of iodine per month; greater than 25% increase in contracted volumes;\n· Iodine concentrations exceeding 90 parts per million (\"ppm\");\n· Staged deployment will utilize a single Iofina WET® pod unit and ramp up to multiple pods, or a single iodine mini-plant capable of processing the entire throughput;\n· First commercial iodine extraction in the State of Wyoming, United States; and\n· The site has capacity to increase its throughput to 60,000 bpd from the 12,000 bpd of current production. This incremental production would be covered by the existing Iodine Collection and Extraction (\"ICE\") agreement. \n \nOverview of Agreement\n \nUnder the terms of today's agreement, Iofina will initially be adding an additional 12,000 bpd of iodine rich brine. This throughput of 12,000 bpd has the potential to yield between 3.0mt and 3.5mt of iodine per month with the potential for incremental brine production from this site also adding material upside potential. Iofina will pay 100% of the cost to install and operate its WET®pod and will retain ownership of 100% of the elemental iodine produced from this site. In exchange Anticline Disposal will receive a portion of the sales price of the raw iodine. The Board is also excited about the potential synergies created between the two companies' technical expertise in water treatment. The Company's expertise in iodine extraction and Anticline Disposal's in...