6th Oct 2014 06:56
LONDON (Alliance News) - Iofina PLC said Monday it saw an 18.6% month-on-month increase in production of crystallized iodine in September, and its US subsidiary was preliminarily granted a water permit in the state of Montana.
Iofina reiterated its year-end production forecast of 325 to 350 metric tonnes of crystallized iodine. The company produced 28.0 metric tonnes of crystallized iodine in September, compared to 23.6 metric tonnes in August, meeting its projected monthly target for the month.
Its output in the second half of the month steadily increased as it focused on optimising its current IOsorb plants, Iofina said.
Year-to-date revenue for the nine months to end September are over USD20 million, compared to its total revenue for 2013 of USD18.8 million.
Iofina's subsidiary Atlantis Water Solutions LLC was preliminarily granted a water permit by Montana's department of natural resources and conservation. The next step will be a short public-notice period, Iofina said. If there are no objections, it will be granted the preliminary permit. It will operate under this permit until it completes its Atlantis water depot, at which point it will be granted a final permit.
The company said it plans to seek a joint-venture partner of specific financing for the project, rather than funding it from its current cash.
"The preliminary granting of Iofina's water permit in Montana is a great accomplishment for the company, and we look forward to updating the market with regards to the future plans of our water division, Atlantis Water Solutions," said Chief Executive Tom Becker in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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