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(Sharecast News) - Iofina on Monday said it expects to beat second half iodine production targets thanks to strong third quarter operations at its four IOsorb plants in Oklahoma.
During the three month period ended 30 September, the AIM traded company produced 167.3 metric tonnes (MT) of crystalline iodine, leading it to expect record second half production levels that will exceed its target range of 305-325MT.
Product sales from Iofina's specialty chemicals business remained robust and in line with expectations, while margins benefited from the iodine spot price having increased amid tight global supplies.
With the spot price having generally been above $32 per kilogram at the end of the third quarter, Iofina said it expected further price increases in the remaining months of 2019.
Meanwhile, construction a new IOsorb plant, known as IO#8, has commenced and is on track to last between six and seven months before contributing to first half production in 2020.
President and chief executive Tom Becker said: "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 shares were up 4.02% at 25.22p at 1016 BST.
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