Iofina PLC (AIM:IOF, OTC:IOFNF) reported record first-half iodine production on Thursday and confirmed that its latest processing plant, IO#11, is set to begin output this month following successful commissioning.
The specialist iodine producer said it delivered 305.5 metric tonnes of crystalline iodine in the six months to 30 June, up 10.6% on the same period last year and ahead of its revised guidance of around 300 tonnes.
The performance was driven by stronger water flows at its existing plants and a solid second-quarter output.
IO#11, Iofina’s eighth iodine extraction facility and its third in central Oklahoma since mid-2023, has now entered the final stages of testing and is expected to contribute materially to second-half production.
The plant is designed to produce around 100 tonnes of iodine per year once fully operational.
Looking ahead, the company expects total production from its Oklahoma facilities to reach between 400 and 440 tonnes in the second half of 2025, depending on the ramp-up speed of IO#11.
It also confirmed that planning is underway for its next site, IO#12, with groundworks expected to start before the end of the year.
Spot iodine prices remain above $70 per kilogram, reflecting continued demand and favourable market conditions.
Iofina said sales remain in line with expectations and noted its ongoing four-year safety record with no lost time incidents.
Chief executive Tom Becker said: “After experiencing some initial production challenges in the first quarter of the year, our team has successfully worked with our brine supply partners to improve water flows to the plants, culminating in a record first half production of 305.5MT.
"We are also pleased to have completed IO#11 on time and on budget.”