Iofina produced 123.7 metric tonnes (M') of crystalline iodine from its six plants in Oklahoma in the first three months of 2024, up 15.5% from a year ago.
Demand remained strong throughout the period and was supported by a further expansion in the customer base while the iodine spot price remained steady in the mid to upper sixties per kg.
Prices are expected to remain at these levels in the second quarter with sales channels described as robust.
Iofina's newest plant, IO#10, is on track and progressing well with the final steps for completion scheduled for the early summer months.
Talks are said to be advanced for the next plant, IO#11.
Additionally, Iofina said it had signed new multi-year agreements for brine water supply to two of the current IOsorb plants with an existing supplier.
Brine water supply fees for these two plants were lower than the standard market rates due to their historical nature and are higher for the new contracts.
As a result of these new fees, which came into effect at the start of January, underlying profits [EBITDA] will be reduced and be in the range of US$8.5-$9.0 million for 2024.
For the first half of 2o24, Iofina reiterated an earlier production forecast of 275-295 MT of crystalline iodine from its six existing plants (H1 2023: 241.5 MT).
Second-half production should get a “healthy” additional contribution from IO#10, added the statement.
Tom Becker, chief executive, added: "The group has made a strong start to the year across its operations.
"It is important to have signed new agreements with our partner and secured future water supply to two IOsorb plants.
“Guaranteeing this security means that Iofina can continue its future growth plans with confidence in our partners and focus on the development of new plants and products."