13 October 2016
("Iofina", the "Group" or the "Company")
(LSE AIM: IOF)
Q3 Production & Corporate Update
On track to meet production targets for H2 2016
Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, is pleased to update the market today on the Company's Q3 iodine production.
The Group produced 125.1 metric tonnes ("MT") of crystalline iodine in Q3 2016 (the "Period"), and has produced 380.7 MT year to date from our five IOsorb® plants in Oklahoma. The Group remains on track to meet our production targets of 250-270 MT of crystalline iodine in H2 2016. As recently communicated, Iofina and its partners have completed improvement projects at three plants during the Period. The design improvements will provide a more consistent brine input to our IOsorb® plants, which is necessary under a changing regulatory environment. Iofina continues to work closely with its partners on a variety of strategies to maximise productive throughput at all of its IOsorb® plants.
In addition, Iofina Chemical has performed well in a competitive market, selling the Company's IOflo® iodine along with Iofina's portfolio of iodine and specialty halogen derivatives, to customers worldwide.
Commenting on today's update, President and CEO Dr. Tom Becker, stated:
"Our five IOsorb® plants continue to produce on a reliable basis in line with Company forecasts. Improvements to brine tie-ins and other measures will help ensure consistency of raw brine for the future."
For further information, please contact:
Dr. Tom Becker, CEO & President
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Joanna Scott
Tel: +44 (0)20 7220 0500
Dominic Barretto/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
Iofina specialises 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 operations in the United States, specifically in 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 utilises its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.
This information is provided by RNS