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LONDON (Alliance News) - Iofina PLC on Monday said it anticipates crystalline iodine production to increase year-on-year after it updated producing plants.
The iodine exploration firm said it expects to produce from 575 to 605 metric tonnes of crystalline iodine in 2018 from its four currently operating IOsorb plants. The prior year, it reported production of 503 metric tonnes.
Iofina said the result was driven by IO No 7 producing plant, which replace IO No 3 in mid-February. The new IO No 7 plant is producing at a much greater rate than its predecessor, the company said.
Additionally, Iofina said spot prices continued to strengthen for iodine and are at or above USD25 per kilogram for large volume purchases.
''Our IOsorb plants are performing well, and we are pleased that our expected production of near 600 metric tonnes of crystalline iodine in 2018 is in line with analyst predictions in the market," said Chief Executive Tom Becker.
Separately, the company said last Saturday it received a preliminary determination from China's Ministry of Commerce regarding Iofina's chemical product hydriodic acid. The company said it has produced and imported the product, which is used in a catalytic process to produce acetic acid, in China for the last 15 years.
In 2017, Iofina along with other other foreign suppliers were accused of dumping hydriodic acid by a new Chinese manufacturer of the product, claimed sales of hydriodic acid were being made below market value.
The preliminary determination from China's Ministry of Commerce concluded there was dumping by Iofina and the other manufacturers from the USA and Japan. However, the company believes this preliminary determination is incorrect and will investigate all means to reverse this decision before the final determination in the autumn 2018.
"The preliminary determination in the hydriodic acid anti-dumping inquiry in China is extremely disappointing," added Becker. "We continue to refute these claims and will investigate and pursue all options to remedy the situation."
Shares in Iofina were trading 4.4% lower on Monday at 15.40 pence per share.
