Iofina crystalline iodine production grows in Q3

18th Oct 2024 07:41

(Sharecast News) - Chemicals business Iofina said on Friday that it had produced 168.9 metric tonnes of crystalline iodine from its six IOsorb plants in Western Oklahoma during Q3, up from 156.9mt a year earlier.

Iofina stated its seventh operating plant, IO#10, also began concentrating iodide towards the end of the period and was now producing crystalline iodine. As total production ramps up in Q4, as it stands, second-half production was said to be on track to achieve within the forecast range of 355-380mt.

The AIM-listed group also stated iodine demand remained high, with average H2 iodine sales prices for crystalline iodine currently higher than that seen in the first half of the year - a trend it expects to continue into 2025 as the demand for iodine was projected to exceed supply in the medium term.

Chief executive Dr Tom Becker said: " The group has delivered an excellent performance in the period, with major milestones achieved. Not only did we commission IO#10, but by utilising a strong relationship with one of our existing brine suppliers, we managed to finalise an agreement for IO#11.

"We expect to meet the crystalline iodine production range of 355-380 MT for H2 2024. The company continues to experience strong sales, driven by sustained demand and increasing iodine prices. We look forward to reporting on further progress in our Q4 2024 update."

As of 1045 BST, Iofina shares were up 10% at 19.25p.

Reporting by Iain Gilbert at Sharecast.com