Iofina amends freshwater marketing permit application

AIM-listed Iofina, a specialist in the exploration and production of iodine, has amended its application for a permit to market freshwater in eastern Montana.

AIM-listed Iofina, a specialist in the exploration and production of iodine, has amended its application for a permit to market freshwater in eastern Montana.

In an update issued on Monday, the company said it had elected to amend its water permit application in an effort to expedite its plan to market approximately 200,000 barrels per day of freshwater in eastern Montana.

It said that the decision was based on discussions with the Montana Department of Natural Resource Conservation (DNRC) Water Resources Office following its receipt of the Iofina's water right permit application.

The company's revised application is to develop a water depot for 3,800 acre-feet per year based on customers' needs at the current planned location. The company said that it had secured strategic locations for the first water pumping station and place of sale for its initial terminal and recently submitted an amended application to reflect this.

After discussing the status of the application with the central Water Resources Office, Iofina said it was informed that the department removed the original application from its website, but did not terminate the original application. It said that the original application remained valid pending receipt of the amended application.

Iofina has iodine production operations in Texas, California, Montana, Oklahoma and Wyoming.

Its share price was up 6.29% to 190p at 09:58 on Monday.

MF

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021
How you can profit from the power of the grey pound
Share tips

How you can profit from the power of the grey pound

Higher life expectancy and surging asset prices have proved a boon for the baby-boomer generation, which has accumulated vast wealth. Younger generati…
10 Sep 2021