5th Jun 2015 07:34
LONDON (Alliance News) - Iofina PLC's shares took a hit Friday after it said the Department of Natural Resources and Conservation of the State of Montana denied the granting of a water permit for Iofina's subsidiary Atlantis Water Solutions on Thursday.
Shares in Iofina were trading down 11.7% at 26.50 pence early Friday.
Iofina, which specialises in the production of iodine and chemical derivatives, was granted a preliminary water permit in October last year, but received numerous objections against it. The DNRC rejected all but one objection from a local water-supply competitor, and a hearing was held in February. However, following the hearing, the DNRC has decided to the deny the permit.
Iofina says it intends to take further legal action against the ruling. "The company will continue to maintain its leases and right of ways in anticipation of a future favourable ruling," it said.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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