Iofina PLC - Q1 2019 Market Update
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
Q1 2019 Market Update
Year-on-Year iodine production up 14%; iodine prices continue to rise
Iofina, specialists in the exploration and production of iodine and manufacturers of other halogen-based derivatives at its specialty chemical company, today provides an update to the market regarding its activities in the first quarter of 2019 ("Q1" or the "Period"), during which the Group increased year-on-year iodine production by 14% and finalised its debt restructuring terms.
At the end of the Period, the Group announced the successful restructuring of its debt. The debt with the Group's long-time Noteholders was extended to
During the Period, the Company produced 134.4 MT of crystalline iodine, a 14% increase from the same period in 2018 (Q1 2018: 118.2 MT) and the highest level of Q1 iodine production in Company history. A full quarter's production at the Group's newest plant, IO#7, which was commissioned during the first quarter of 2018, was a significant factor in the year-on-year increase in output. The Group is encouraged by how well IO#7 has performed over the Period, and it plans to build more plants with similar productivity over the short term.
As anticipated, the extreme winter weather conditions in
During the Period, Iofina Chemical traded strongly, and exceeded the Group's internal forecasts, as it continues to deliver high quality iodine and specialty chemicals to customers globally.
The global iodine market remains robust and iodine prices have continued to rise into early Q2 2019. Large volume spot sales of iodine at the end of the Period were generally over
Commenting, President and CEO Dr.
"Whilst we are behind our aggressive production target for H1 2019, we are confident that production output will resume to normal levels once the appropriate works are completed and look forward to higher production levels in Q2 2019 with warmer weather and lower down time."
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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
THE INFORMATION COMMUNICATED IN THIS ANNOUNCEMENT IS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014.
This information is provided by RNS, the news service of the
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