Iofina PLC (AIM:IOF, OTC:IOFNF), a specialist in producing iodine from the brine extracted during oil production, reported a significant increase in output during the fourth quarter of 2023.
Production rose by 16% year over year to 160.9 metric tonnes (MT), marking a robust end to the year. This uptick came as the IO#9 plant began operating at an improved rate, but also as the spot price of the element softened by around 5%.
In the second half, total output reached 317.8MT, aligning with Iofina's forecasts and representing a 13% increase over the same period a year earlier.
Looking ahead to the first half of 2024, Iofina Resources projects a production volume of 275MT-295MT, representing a 13% to 22% year-on-year increase.
As the company moves forward, significant progress has been made on constructing the IO#10 plant, with production commencement targeted for the third quarter.
Additionally, negotiations are advancing with current and potential new brine supply partners for the upcoming IO#11 facility.
Iofina said it plans to expand its range of iodine derivatives in the first half of 2024, catering to strong market demand. The company will also enhance its crystalline iodine sales in Europe through existing and new partnerships.
"With continued robust iodine prices, strong demand for the group's crystalline iodine, and the ongoing execution of Iofina's growth plans, the board of Iofina is confident that the momentum built during 2023 will continue to drive progress throughout 2024," said chief executive Dr Tom Becker.