14 July 2017
("Iofina" or the "Company")
(LSE AIM: IOF)
H1 2017 Market Update
Exceeds anticipated iodine production output
Iofina, specialists in the exploration and production of iodine and halogen based specialty chemical derivatives, today provides an update to the market regarding its activities in the first half ('H1' or the 'Period') of 2017.
Iofina produced 235.5 metric tonnes ('MT') of crystalline iodine in H1 from its Oklahoma based IOsorb® plants, exceeding the Company's expected output of 215-230 MT. During the Period, IOsorb® plant IO#3 was shut-in due to lack of brine supply and the Company continues to make positive strides in its intention to move this facility to a superior location in our core area. At present, final details are being resolved and we will update the market once all the specifics to allow for the relocation are complete.
Iofina Chemical performed well in the Period, with demand for both iodine and non-iodine based halogen products remaining robust. The Company has increased Research and Development activity in the Period in order to meet new market demands and inquiries for specialty chemical products.
Looking forward, Iofina expects to produce between 225-240 MT of crystalline iodine in H2 of 2017 from the four currently operating IOsorb® plants.
Iodine prices were relatively stable over the last two months but remain below historical levels. Whilst not certain, the Board believes there is presently a greater probability for iodine prices to increase in both the near and long term, based on current supply and demand indications for iodine.
Commenting, President and CEO Dr. Tom Becker, stated:
''Despite having to adjust our output forecast following the IO#3 shut-in, the Board is pleased that we were able to exceed our production targets in H1, which is testament to the improved processes and efficiencies. Iofina continues to make positive progress towards the reutilisation of the Company's IO#3 assets. This is critical in order for Iofina to meet its goals of reducing costs and expanding production. We look forward to updating the market once all details are finalised."
Dr. Tom Becker, CEO & President
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Emily Morris
Tel: +44 (0)20 7220 0500
Charles Goodwin/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
Iofina specialises in the exploration and production of iodine, halogen based specialty chemical derivatives and produced water. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America based on Iofina's WET® IOsorb® technology. Iofina has operations in the United States, specifically in Montana, Kentucky and Oklahoma. It has complete vertical integration from the production of iodine in the field to the manufacture of the chemical end-products derived from iodine to the consumer and the recycling of iodine using iodinated side-streams from waste chemical processes. Iofina utilises its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
This information is provided by RNS