Iofina PLC (AIM:IOF, OTC:IOFNF) said iodine production is on track and prices are continuing to firm with demand strong and supply tight.
in an update for the third quarter of 2021, Iofina said it produced 142.7 metric tonnes of crystalline iodine from its five operating plants in Oklahoma and is on course for second half 2021 production 260-275MTm in line with its target,
Demand for iodine and iodine complexes remains robust, it added, with spot market prices were between $37-39/kg in the third quarter touching US$40k/g at times in October.
Expectations are for the market to remain strong into 2022, Iofina said, which added that negotiations over a new iodine plant (IO#9) are progressing, with the expectation construction will start before this year-end.
Tom Becker, chief executive, said: "We are heading for another strong year.
“The company is on track to meet its H2 crystalline iodine production target and demand for our products continues to be robust.
"With the iodine spot price also climbing higher, the outlook is certainly encouraging.”