3rd Feb 2014 09:42
LONDON (Alliance News) - Iofina PLC Monday said the Department of Natural Resources and Conservation in the US state of Montana has given positive feedback on the company's non-core water rights application.
The iodine maker said the DRNC has determined that the requested amount of water is both physically and legally available, and there would be no adverse affect at the point of diversion due to the engineering and design consideration outlined in the study.
The company announced in December that the meeting had been set up to review the company's planned engineering design on the water depot for the water necessary in its iodine operations.
Iofina said it has been granted up to 60 days from January 30 to provide clarity to its strategy and address any further questions from the DNRC.
If approved, there is a 30-day notice period for a public hearing, and the company said it will update the market in due course.
Iofina shares were up 9.5% to 83.50 pence in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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