Last checked at 15 Oct 2021 07:00
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
15 October 2021
Iofina Plc
("Iofina" or the "Company")
(LSE AIM: IOF)
Q3 2021 Update
Production on Track and Iodine Demand Strong
Iofina plc, specialists in the exploration and production of iodine and manufacturers of specialty chemical products, today provides a brief update to the market regarding its activities during the third quarter of 2021 ("Q3" or the "Period").
During the Period, the Company produced 142.7 metric tonnes ("MT") of crystalline iodine from its five operating IOsorb® plants in Oklahoma. The Company remains on track to meet its H2 2021 production target of 260-275MT.
Demand for iodine and iodine complexes remains robust. Recently Iofina indicated that iodine spot prices were increasing and late Q3 spot market prices were between $37-39/kg. The strong demand and tight supply of iodine have continued into October, with spot prices now touching $40/kg in some instances.
The Company believes the outlook for demand of iodine will remain strong into 2022. As recently reported, Iofina is in negotiations with brine partners to create a new iodine plant, IO#9. These negotiations are progressing, with the expectation to commence construction before year end.
Commenting, President and CEO of Iofina Dr. Tom Becker, stated: "We are heading for another strong year. The Company is on track to meet its H2 crystalline iodine production target and demand for our products continues to be robust. With the iodine spot price also climbing higher, the outlook is certainly encouraging.
"Importantly, we remain focused on increasing our production capacity and continue to negotiate terms for our latest plant, IO#9, with construction expected to start before the year end. We look forward to providing further updates in due course."
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Tim Harper (corporate finance)
Tim Redfern (ECM)
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Joe Burgess
Yellow Jersey PR Limited
Tel: +44 (0)20 3004 9512
About Iofina:
Iofina plc (AIM: IOF) is a vertically integrated Company that specialises in the production of Iodine and the manufacturing of specialty chemical products. Iofina is the second largest producer of iodine in North America and operates the manufacturing entities Iofina Resources and Iofina Chemical.
LEI: 213800QDMFYVRJYYTQ84
ISIN: GB00B2QL5C79
Iofina Resources
Iofina Resources develops, builds, owns and operates iodine extraction plants using Iofina's WET® IOsorb® technology. Iofina currently operates five producing IOsorb® plants in Oklahoma and is consistently using technology and innovation to improve and expand its operations.
Iofina Chemical
Iofina Chemical has manufactured high quality halogen speciality chemicals derived from raw iodine, as well as non-iodine based products for over 37 years.
www.iofina.com