Operational Update

RNS Number : 4504T

Iofina PLC

20 November 2013

 



20 November 2013

Iofina plc

("Iofina" or the "Group")

(LSE AIM: IOF)

IO#3 Producing Iodine

Record October Production

Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, is pleased to announce the Group's IO#3 iodine production plant has recently been approved for brine water delivery by the well operator and is now producing iodine. The complex tie-in and the automated computerized integration with the operator's systems were finalized last week and with that approval the brine stream was turned on, allowing production to commence. The initial production batches of iodine meet the Group's quality standards.

The Group is also pleased to announce that October production set a new monthly record. This achievement was based on increased brine stream at IO#2 and the continuing production improvement at IO#1. The Group is looking forward to surpassing this record, at the current locations, and adding to this total with the production at IO#3. Construction continues on IO#4 and IO#5. The tower delivery times have been extended and this will cause the expected completion timeframe to be extended into Q1 2014.  The new management team is working with multiple vendors for improved delivery performance going forward.  As announced on 31 October 2013 the Group is continuing to evaluate the brine stream at IO#2 to determine the advantages of repositioning IO#6 to a location nearer to IO#2.

Commenting on today's news, CEO George Lantz, said: "Record iodine production coupled with production commencing at the state of the art IO#3 facility is an exciting achievement for the team.  We look forward to steadily increasing production as additional plants continue to come on line."

For further information, please contact:

George Lantz, CEO

Iofina plc

Tel: [phone]

www.iofina.com 

Ben Colegrave/Chris Sim/ James Rudd

Investec

Tel: [phone]

Media Contact:

Dominic Barretto/Anna Legge

Yellow Jersey PR Limited

Tel: [phone]

About Iofina

Iofina specializes in the exploration and production of iodine, iodine specialty chemical derivatives, produced water and natural gas. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America based on Iofina's WET® IOsorb™ technology. Iofina has iodine production operations in the United States, specifically in Texas, California, Montana, Oklahoma and Wyoming. The Group has complete vertical integration from the production of iodine in the field to the manufacture of the chemical end products derived from iodine to the consumer and the recycling of iodine using iodinated side-streams from waste chemical processes in Europe, North America and Asia. The Group utilizes its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.

 

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