Iofina is involved in the exploration and production of iodine and natural gas which have been discovered on acreages which the Group has acquired, or is currently acquiring, in the state of Montana USA.
Iodine is a rare mineral in North America, which has resulted in the US becoming a major net importer to meet growing domestic demand from pharmaceutical and industrial manufacturers.
The Company plans to market its iodine to the largest commercial customers in the US and Europe including the pharmaceutical industry and the dairy industry. Uses include pharmaceutical manufacturing, LCD screen manufacturing, medical X-ray contrast media, human and animal consumption, pesticides and biocides.
The Group’s proprietary Wellhead Extraction Technology™ (WET™) method will allow low cost production metrics and high operational efficiencies compared to other large gas/iodine fields in Mobara, Japan and Oklahoma, USA.
Iofina shares were admitted to AIM at 55p, giving the company a market capitalisation of £51.6 million.