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Iofina starts work on next iodine extraction plant as it finds oil and gas partner

Iofina’s IOsorb technology extracts iodine from the waste brine produced by oil and gas wells.

Iofina PLC - Iofina starts work on next iodine extraction plant as it finds oil and gas partner
IOsorb extracts iodine from brine produced from onshore oil and gas wells

Iofina PLC (LON:IOF) has found a partner to supply brine for its next iodine extraction plant in the US with construction to start immediately.

The company recently raised £7mln, which will cover the US$3m capital cost of the new plant.

WATCH: Iofina starts construction of its next iodine extraction plant IO#8

Known as IO#8, the new plant is in a different part of Oklahoma from its four existing sites, will take between six-seven months to build and is scheduled to be in production in the first half of 2020.

Tom Becker, the chief executive, said: “Through IO#8 we now have active working agreements with three different brine suppliers. 

“It is encouraging to report that companies in the oil and gas industry are finding value in partnering with Iofina and utilising our IOsorb technology to remove iodine from their brine stream.” 

Iofina’s IOsorb technology extracts iodine from the waste brine produced by oil and gas wells.

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Price: 25.1875 GBX

LSE:IOF
Market: LSE
Market Cap: £48.32 m
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Headlines from the Proactive UK newsroom. Iofina (LON:IOF) expects the iodine price will continue to rise in 2020 after a 20% rise in 2019. Production of iodine over the year will also likely be a record said the extraction specialist with a fifth plant expected to come onstream in Oklahoma...

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