We achieved record iodine production whilst also executing on our expansion at the right time when iodine prices are continuing to build momentum
CEO Tom Becker
What does the company do?
The company is the second-largest producer of iodine in North America and comprises three entities: Iofina Resources, Iofina Chemical and IofinaEX.
The AIM-listed group‘s strategy is to identify, develop, build, own and operate iodine extraction plants based on its well-head extraction technology.
IofinaEX has been set up to produce cannabidiol (CBD), the non-psychoactive ingredient of cannabis.
How’s Iofina performing?
In June, Iofina said its IO#8 iodine extraction plant in the US iwas back on stream after the restart of supplies of source material brine, which comes from onshore oilfields.
The company said it would “explore options” to further increase supply to the plant.
In the same update, Iofina told investors that senior debt holder Stena had extended the repayment deadline on monies owed. This has been pushed to September 1 from July 1 to allow it to conclude talks with a new primary lender.
What the CEO says, Tom Becker
“We are extremely pleased with the progress that we have made despite the delays to the process caused by the COVID-19 outbreak and we are confident that we can complete the refinancing within this extended timeframe."
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- Iodine prices stable
- The CBD business - although broker finnCap cautions it is “still early days” for the new division.
- “Iofina continues to refine its process development work and mature its CBD strategy for both the US and international markets,” said analyst Jonathan Wright.