Iofina, specialists in the exploration and production of iodine and halogen-based specialty chemical derivatives, today provides an update to the market regarding its activities during the first half of 2018.
As expected, the Company produced a total of 264.1 metric tonnes ("MT") of crystalline iodine from its four IOsorb® plants operating in Oklahoma. This was an increase of 10.8 per cent from the prior year (H1 2017 235.5 MT). During the first half of the year, Iofina successfully opened IO#7 which is now a major contributor to the total iodine production of the Group. With our four operating plants, we anticipate a total of 575-605 MT of IOflo® iodine for the entire year in 2018, which would be a significant increase in output compared to last year (FY 2017: 503 MT).
Iodine prices have risen steadily throughout H1 2018 and Iofina expects prices to continue to rise progressively in the second half of the year as iodine prices continue to lag below historical levels.
Iofina Chemical has continued to invest in its operations and take on new halogen based products. The first half of 2018 saw a substantial increase in some of Iofina's non-iodine based products.
Commenting, President and CEO Dr. Tom Becker, stated: "After a slow start to the year, iodine production has now picked up and is performing well. With IO#7 fully contributing to the Group, we are poised for a strong second half of the year.
"The Directors are committed to growth through expansion of iodine production at Iofina Resources, and ongoing product development at Iofina Chemical. This growth, coupled with increasing iodine prices, will add to the positive progress we have seen in the first half of 2018"