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Iofina completes construction of fourth iodine plant

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Iofina (LON:IOF) has completed construction of its fourth iodine extracting plant, though the recent exceptionally bad weather in Oklahoma has slightly delayed the start of testing.

The group added its operations team had now taken control of IO#4 from the building contractor, with the tie-in to the well operator also complete and approved. The new plant is located near to the IO#2 and IO#3 plants, which are already in operation.

A  fifth plant, IO#5, is on course  to be completed in March. The start of production from both of the new facilities is dependent on final regulatory approval, with inspection expected to occur in mid-March.

Construction of a sixth plant, IO#6, is scheduled for completion in the second quarter of 2014.

George Lantz, Iofina's chief executive, said:  "The completion of IO#4 solidifies Iofina's capabilities of constructing and operating multiple plants simultaneously. 

“Production from IO#1-IO#3, shortly to be complemented by IO#4, together with anticipated production from IO5# and IO6#, further advances Iofina as a major player in the iodine market."

Iofina’s IOsorb technology extracts iodine from the brine taken from US onshore oil and gas fields.

Quick facts: Iofina PLC

Price: 13.25 GBX

LSE:IOF
Market: LSE
Market Cap: £25.42 m
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