Business
IO#9 Update
IO#9 Update.
About this update from Iofina Plc
[{"type":"text","content":"\n\n\n30 November 2023\n \nIofina plc\n(\"Iofina\", the \"Company\" or the \"Group\")\n(AIM:IOF)\n \nIO#9 Update\n \nPlant Operating at Expected Rate \n \nIofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, is pleased to provide an update on its IOsorb® iodine plant, IO#9, in Western Oklahoma.\n \nAs previously reported, the ramp-up phase of IO#9, since it was switched on in June 2023, took longer than anticipated. Recently our partner completed upgrades to its water gathering system, which has improved the flow of brine water to the plant. Since the completion of this work, the Company has been able to steadily increase crystalline iodine production with the higher water flow and can confirm that the plant is now operating within the expected range of output. The Company expects second-half production at the bottom, or very marginally below the bottom end of the forecast range of 325-350 MT from its six iodine plants.\n \nPresident and CEO, Dr. Tom Becker, stated: \"Whilst IO#9's ramp-up took longer than expected, we are now back on track with the plant producing crystalline iodine at the rate expected. Looking ahead, we feel there is an opportunity with our partner to potentially increase flow even further than the current production rate. In the meantime, IO#10 planning is advancing well and the Company continues to make progress with negotiations relating to our pipeline of further new plants.\"\n \nThis announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.\n \n \nEnquiries:\n \nDr. Tom Becker\nCEO & President\nIofina plc\nTel: +44 (0)20 3006 3135\n \nNomad & Broker:\nHenry Fitzgerald-O'Connor/Harry Rees\nCanaccord Genuity Limited\nTel: +44 (0)20 7523 8000\n \nMedia Contact:\nCharles Goodwin/Shivantha Thambirajah/Soraya Jackson\nYellow Jersey PR Limited\nTel: +44 (0)7747 788 221/+44 (0)7983 521 488\nAbout Iofina:\nIofina plc (AIM:IOF) is a vertically integrated company that specialises in the production of Iodine and the manufacturing of specialty chemical products. Iofina is the second largest producer of iodine in North Ame...