14 December 2017
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
December 2017 Market Update
H2 Iodine Production to Exceed Targets; IO#7 Update
Iofina, specialists in the exploration and production of iodine and halogen-based specialty chemical derivatives, is pleased to update the market on its H2 2017 iodine production and the progress being made on the construction of IO#7.
Crystalline iodine production at the Company's four operating IOsorb® plants has continued to deliver encouraging results. Measures executed by Iofina's operations team, as well as by the Company's brine supply partners, have resulted in better than expected iodine volumes. Iofina had expected H2 2017 crystalline iodine production totals in the range of 225-240 metric tonnes ("MT"). Barring significant weather or other year end issues, the Directors now anticipate H2 crystalline iodine production to exceed 265 MT, taking the Company's full year 2017 crystalline iodine production total to over 500 MT (2016: 474.2 MT).
Construction at IO#7 continues to progress well within expected timeframes and budget. Most of the large infrastructure is complete and the next stage of construction will shift to finalizing electrical and plumbing requirements. Barring significant changes in weather, hydrostatic and other plant testing is expected in January 2018 with first production commencing in February 2018.
A new image of the IO#7 construction progress can be viewed on the Company's website www.iofina.com or by clicking the link below:
Commenting, President and CEO Dr. Tom Becker, stated: ''I am very pleased to report that Q4 crystalline iodine production has continued to be robust and remains at levels which should bring full year aggregate amounts to over 500 metric tonnes. The 2017 crystalline iodine production total will exceed the 2016 total, despite having one fewer IOsorb® plant in operation for most of the year. This increase in production is a testament to our goal of continuous improvement. IO#7 construction is on track and, when operational in early 2018, will be a significant contributor to Iofina."
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