Iofina expects record full year iodine production
, the iodine and specialty chemical product manufacturer, is set for a record level of crystalline iodine production for the year.
The company said on Monday that it produced 167.3 metric tonnes of crystalline iodine in the third quarter, and that it fully expects to meet or exceed its H2 2019 target of 305-325 tonnes.
Thus far Iofina has produced 454 tonnes of crystalline iodine for the three quarters, a record level.
Shares in Iofina were up 4% at 25.22p during Monday morning trading
President and CEO Dr. Tom Becker, stated: "The Company remains on track to achieve a record year of crystalline iodine production. Product sales are in line with our targets and we are further benefiting from the rising iodine spot price.”
Iofina’s margins have been benefiting from the increasing prices, which at the end of the third quarter was above $32/kg of Iodine. The company said that it expects prices to rise further in Q4 2019.
The company also said it has begun construction of its new plant, expecting production to start in the first half of 2020. In September Iofina secured an agreement with a new brine supplier for a new IOsorb® plant IO#8.
Mr. Becker added: “Importantly, we are continuing to execute on our stated strategy of increasing production capacity, through the construction of IO#8, and expanding our specialty chemical business, all of which is putting Iofina in a stronger position for 2020 and beyond."
Iofina also said it is progressing its process development work and business plans for its new specialty chemical division IofinaEX, which specialises in hemp derived products such as CBD.
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