Iofina PLC (AIM:IOF, OTC:IOFNF) has increased production slightly in the three months to March even with cooler weather and weather-related disruption.
Output totalled 107.1 metric tonnes (MT) of crystalline iodine from its IOsorb iodine plants in Oklahoma, up 3.3 MT from the same period in 2022.
Demand was healthy throughout the quarter, Iofina said, with iodine spot prices steady at US$70/kg and expected to stay at these levels into the second half of 2023.
Its next plant, IO#9 is also on track to be operational before the end of this quarter, the company said, with the exteriors of the buildings complete.
Talks are also said to be at an advanced stage over the plant after that, IO#10, following a geologist’s report about the supply of brine water at the proposed site.
For the first half of 2023, Iofina said it still expects to produce 235-250 MT of crystalline iodine with IO#9 only making a small contribution. Once operating, IO#9 is expected to add 100-150 MT of crystalline iodine per annum.
In a statement, Tom Becker, Iofina chief executive, commented: "It has been a good start to the year in terms of both Iodine production and sales of our products.
“Importantly, we remain on track to have IO#9 operating before the end of June, which is anticipated to boost our iodine production in the second half.
“We are also encouraged by the progress we are making on IO#10 in terms of the negotiations we are having with several potential brine partners as we continue to execute our growth plans."