16 November 2017
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
IO#7 Progress and Market Update
Iofina, specialists in the exploration and production of iodine and halogen-based specialty chemical derivatives, is pleased to announce that the construction of IO#7 is progressing on time and within budget.
All concrete work is complete, the steel erection is 90% complete and piping and electrical works are underway. We estimate first production from IO#7 to start in February 2018, barring any significant weather delays.
An image of the IO#7 construction progress can be viewed on the Company's website www.iofina.com or by clicking the link below:
The company has experienced continuing improvement in crystalline iodine production from the Company's IOsorb® plants in Oklahoma in the second half of 2017. Despite the closure of IO#3, total production in Q3 2017 was 125 metric tonnes ("MT"), 6% above Q2 2017 production, which demonstrates the Company's ability to improve productivity from a lower cost base.
In Q4 2017 Iofina's plants continue to perform well. The Company expects to meet or exceed the upper end of its H2 2017 production forecast of 225-240 MT. These improved production numbers are due in large measure to continued operational improvements at our plants, including increased efficiencies due to less downtime and better process controls. This has been achieved by the efforts of our Operational Team, and begins with the personnel at each plant and includes maintenance, health and safety, and cost control initiatives throughout the Company. The benefits of these team efforts are especially rewarding given the recent firming of global iodine pricing.
Commenting, President and CEO Dr. Tom Becker, stated: ''Against the backdrop of the operational improvements that have been realised company-wide, we are excited to bring IO#7 into production. We look forward to this plant being a significant contributor to our overall production goals for 2018 and for many years to come."
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 is a vertically integrated company, covering the process from the production of iodine in the field, to the manufacture of the chemical end-products derived from iodine, supplying them 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, and proprietary methods and trademarks throughout all business lines.
This information is provided by RNS