Last checked at 15 Apr 2015 07:00
15 April 2015
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
Production Update for Q1 2015
&
Notice of Final Results
Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, today provides an update to the market and confirms that it intends to publish its Final Results for the 12 months to 31 December 2014 on 12 May 2015.
The Board is pleased to announce that the Company produced a total of 127.9 MT of crystalline iodine in Q1 2015 (Q1 2014: 47MT). This total includes a record month of production for crystalline iodine in March. Following an operational review, the Company's IO#1 'proof of concept' IOsorb® plant, will be shut down within the next few weeks. The lack of volume of brine water at this site and the current iodine price were some of the main determining factors in this decision. This decision now allows the Company to concentrate its iodine production resources in one geographical area.
Iofina continues to expect to produce between 220-260MT of crystalline iodine in H1 2015 from its IOsorb® plants, with the termination of IO#1 not anticipated to affect this target.
On 19 February 2015, Iofina participated in a hearing regarding an objection to its Montana water permit (No. 40S 30066181). The Company expects a ruling on this objection on or before 6 June 2015. Additionally, and separately, The Department of Natural Resources and Conservation ("DNRC") examiner denied the objector's request for an additional hearing with respect to discovery.
Commenting on today's news, President and CEO Dr. Tom Becker, stated: "I am delighted that we have started the year with record quarterly and monthly production from our operations. We remain focused on profitable plant level operations and strategic, long-term growth with a vision to be a lower quartile cost iodine producer, and as a result, continue to evaluate all aspects of the Company. The decision to terminate IO#1 should not have a material effect on overall iodine production and we continue to be on track to produce 220-260MT of crystalline iodine in H1 2015, as previously guided."
For further information, please contact:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
John Prior/Rupert Krefting/Paul Gillam
Numis Securities
Tel: +44 (0)20 7260 1000
Rob Collins/Emily Morris
GMP Securities
Tel: +44(0)20 7647 2800
Media Contact:
Dominic Barretto/Anna Legge
Yellow Jersey PR
Tel: +44 (0)7768 537 739
About Iofina:
Iofina specializes in the exploration and production of iodine, iodine 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® IOsorb® technology. Iofina has production operations in the United States, specifically in Texas, 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 utilizes its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
www.iofina.com