Iofina PLC - Q3 2020 Update
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014
("Iofina", the "Company" or the "Group")
(LSE AIM: IOF)
Q3 2020 Update
Debt Refinanced, Production on Track
Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, today provides an update to the market regarding its activities during the third quarter ("Q3" or the "Period") of 2020.
During the Period, the Company produced 170.8 metric tonnes ("MT") of crystalline iodine from its five operating IOsorb® plants in
IO#4 experienced a brief pause in activity during Q3 as our partner performed some required maintenance work at their disposal well. In conjunction with this work, Iofina executed planned improvements to the engineering of its water take-up system at the same site, with a view to increasing the amount of brine available. The Company has initiatives ongoing with its partners at all of its iodine production sites aimed at increasing water volumes available for processing at each IOsorb® plant.
Iodine prices and demand have softened recently. Iodine prices began the quarter above
The outlook for iodine prices and demand is likely to be directly related to the rate of the global economic recovery. The automotive sector, which utilises cuprous iodide and other iodides as heat stabilising agents, is already showing improvement and the health care applications of iodine products are increasing, but are not as yet at levels we experienced pre-COVID-19.
Commenting, President and CEO Dr.
CEO & President
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Iofina plc (AIM: IOF) is a vertically integrated Company that specialises in the production of Iodine and the manufacturing of specialty chemical products. As the second largest producer of iodine in
Iofina Resources develops, builds, owns and operates iodine extraction plants using Iofina's WET® IOsorb® technology. Iofina currently operates five producing IOsorb® plants in
Iofina Chemical has manufactured high quality halogen speciality chemicals derived from raw iodine, as well as non-iodine based products for over 35 years.
Iofina's newest subsidiary, IofinaEX, is fully licensed to process hemp in the state of
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