Iofina PLC Corporate and Production Update (0327L)
July 14 2017 - 2:00AM
UK Regulatory
TIDMIOF
RNS Number : 0327L
Iofina PLC
14 July 2017
14 July 2017
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
H1 2017 Market Update
Exceeds anticipated iodine production output
Iofina, specialists in the exploration and production of iodine
and halogen based specialty chemical derivatives, today provides an
update to the market regarding its activities in the first half
('H1' or the 'Period') of 2017.
Iofina produced 235.5 metric tonnes ('MT') of crystalline iodine
in H1 from its Oklahoma based IOsorb(R) plants, exceeding the
Company's expected output of 215-230 MT. During the Period,
IOsorb(R) plant IO#3 was shut-in due to lack of brine supply and
the Company continues to make positive strides in its intention to
move this facility to a superior location in our core area. At
present, final details are being resolved and we will update the
market once all the specifics to allow for the relocation are
complete.
Iofina Chemical performed well in the Period, with demand for
both iodine and non-iodine based halogen products remaining robust.
The Company has increased Research and Development activity in the
Period in order to meet new market demands and inquiries for
specialty chemical products.
Looking forward, Iofina expects to produce between 225-240 MT of
crystalline iodine in H2 of 2017 from the four currently operating
IOsorb(R) plants.
Iodine prices were relatively stable over the last two months
but remain below historical levels. Whilst not certain, the Board
believes there is presently a greater probability for iodine prices
to increase in both the near and long term, based on current supply
and demand indications for iodine.
Commenting, President and CEO Dr. Tom Becker, stated:
"Despite having to adjust our output forecast following the IO#3
shut-in, the Board is pleased that we were able to exceed our
production targets in H1, which is testament to the improved
processes and efficiencies. Iofina continues to make positive
progress towards the reutilisation of the Company's IO#3 assets.
This is critical in order for Iofina to meet its goals of reducing
costs and expanding production. We look forward to updating the
market once all details are finalised."
Enquiries:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Emily Morris
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises in the exploration and production of iodine,
halogen based specialty chemical derivatives and produced water.
Iofina's business strategy is to identify, develop, build, own and
operate iodine extraction plants currently focused in North America
based on Iofina's WET(R) IOsorb(R) technology. Iofina has
operations in the United States, specifically in Montana, Kentucky
and Oklahoma. It has complete vertical integration from the
production of iodine in the field to the manufacture of the
chemical end-products derived from iodine to the consumer and the
recycling of iodine using iodinated side-streams from waste
chemical processes. Iofina utilises its portfolio of patented and
patent pending technology, proprietary methods and trademarks
throughout all business lines.
www.iofina.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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