10 October 2017
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
Q3 2017 Market Update
IOsorb® plants perform well, construction of IO#7 on track
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 third quarter ("Q3" or the "Period") of 2017.
The Group produced 125 metric tonnes ("MT") of crystalline iodine in the Period at its four operating IOsorb® plants for a total year to date production of 360.5 MT. This output puts Iofina on track to meet or exceed the Company's forecasted H2 2017 production of 225-240 MT as it moves into the fourth quarter.
Progress to disassemble IO#3 and construct IO#7 is continuing within the Company's anticipated timeline and budget, with the Company expecting IO#7 to be online in early 2018. In addition, Iofina Chemical had a successful Period and has continued the trend identified at the interim stage with a continued, diverse product mix of halogen based derivative products that have seen improved margins over those historically achieved in this business unit.
Commenting, President and CEO Dr. Tom Becker, stated:
''The third quarter of 2017 was a landmark period for Iofina. The Group produced more iodine than expected and began implementing management's strategic expansion plans by starting the construction of IO#7, at a time when global iodine prices continue to recover.
"We expect IO#7 to be online in early 2018, which will take our total number of IOsorb® plants back to five. IO#7 will immediately increase production and reduce our overall plant level iodine unit production costs, thereby well positioning the Group for the future."
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
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