Iofina advances following update on iodine-recovering technology

Shares in AIM-listed chemical company Iofina lifted on Thursday after the company published an operational update showing it had been able to recover high percentages of iodine from iodine rich brine streams using its specialist technology IOsorb.

The company reported that its IOsorb iodine production process achieved 80-to-95% recovery of iodine contained in iodine rich brine streams.

The company said that production at the 'IO#2' plant was in line with expectations and further optimisation was planned. Delivery of 'IO#3' was expected into the US by the end of March and IO#1 and IO#2 were expected to be producing cumulatively over 300 metric tonnes per year, the group said.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Lance Baller, Chief Executive Officer of Iofina, commented: "We are excited about our WET IOsorb and the opportunity they afford to the group. Iofina remains focused on becoming a world leader in the production of Iodine and Iodine derivatives and the board looks forward to what it anticipates to be a fourth consecutive year of record revenues in 2013."

Iofina specialises in the exploration and production of iodine, iodine specialty chemical derivatives, produced water and natural gas. Its 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.

Iodine is a chemical element which has a purple-coloured vapour. It has numerous applications in disinfectants, water treatment and medicine.

Iofina's share price was up 5.48% to 154p at 11:40 on Thursday.

MF