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Iofina says construction of IO#8 remains on schedule

"As we seek to continue to grow our production capacity next year, we are well-positioned to take advantage of the current, positive environment of the iodine market."

Iofina PLC -

Iofina PLC (LON:IOF), the iodine producer, said construction of its latest production plant, IO#8, remains on track.

Work on the Oklahoma plant began in late September of this year and continues to make progress as expected within Iofina Resources' timeline and budget.

Iofina expects the plant to come online in the first half of next year, with concrete, electrical work and tank placement and larger infrastructure to be installed in early 2020.

Iodine production at the group's existing production plants continues to perform in line with expectations, with Iofina Resources on track to produce 305-325 tonnes of crystalline iodine in the second half of 2019.

IofinaEX, the group's newest speciality chemical operation focused on the extraction of valuable products such as cannabidiol (CBD), cannabinol and cannabigerol from hemp, continues to make encouraging progress, Iofina said.

The company has recently been exploring business opportunities regarding CBD/hemp in Central America. IofinaEX Global has strong relationships with business leaders and government officials in Belize and has been in extensive talks for some time about potential operations and regulations in this area. The government of Belize is currently considering an intention to amend new hemp regulations in the country, to mirror the USA Farm Bill (2018) stipulating that CBD/hemp production can only produce a tetrahydrocannabinol value of less than 0.3%.

“This recent regulatory and security improvement provides a path forward whereby IofinaEX Global will continue to investigate investment options in Belize such as a CBD processing operation or a full 'seed-to-sale' solution for hemp. A final statement from the government of Belize is expected in the next few weeks,” Iofina said.

Regarding Iofina’s recently announced investment in Organic Vines, a hemp seed production and genetics firm based in Colorado, the project is progressing well and as scheduled.

"We are delighted to report on the excellent progress being made on the construction of IO#8, which will have a similar cost structure to Iofina's current lowest per kilo production cost plants. In addition, we are pleased with this year's production rates, with the final year-end total expected to be a record yearly production volume of iodine for the company,” said Tom Becker, the chief executive officer of Iofina.

Quick facts: Iofina PLC

Price: 21.8 GBX

LSE:IOF
Market: LSE
Market Cap: £41.83 m
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Morning Report: Iofina expecting record year-end production

Headlines from the Proactive UK newsroom. Iofina (LON:IOF) expects the iodine price will continue to rise in 2020 after a 20% rise in 2019. Production of iodine over the year will also likely be a record said the extraction specialist with a fifth plant expected to come onstream in Oklahoma...

on 20/12/19

2 min read