Corporate Update

RNS Number : 0765U

Iofina PLC

13 January 2017

 

13 January 2017

Iofina plc

("Iofina" or the "Company")

(LSE AIM: IOF)

Corporate update

2016 Production totals

Iofina, specialists in the exploration and production of iodine and iodine specialty chemical derivatives, today provides an update to the market regarding 2016 crystalline iodine production totals and iodine production expectations for H1 2017.

Iofina produced a total of 218.6 MT of crystalline iodine in H2 2016 from its five IOsorb® plants.  2016 total crystalline iodine production was 474.2 MT. As previously announced, on 12 December 2016, the Company experienced lower than expected output from its IOsorb® plants in November and early December due largely to an acceleration of its partners' fracking operations, which affected 2016 H2 production totals.  The Board is pleased to report that more normalised production levels resumed in late December.

As also previously announced, Salt Water Disposal well ("SWD") injection restrictions by the state of Oklahoma impacted the brine supply during 2016 and consequently production output. The Company has implemented measures to mitigate the effects of these restrictions, and continues to work to good effect with its partners to optimise the volume and quality of brine available to its plants.

Looking towards 2017 production, Iofina expects to produce 235 - 255 MT of crystalline iodine in H1 2017 from the Company's Oklahoma iodine plants.  Production revenues are currently held back by low iodine prices, but the chemical processing activity continues to trade successfully, with solid demand for its crystalline IOflo® iodine and its halogen based derivatives.

Commenting, President and CEO Dr. Tom Becker, stated: 

"While November and December of 2016 proved to be a challenging period at our IOsorb® plants, we are encouraged that as of late December we have returned to typical iodine production rates. Moreover our chemical processing activity has traded successfully throughout the year. We continue to evaluate new opportunities and are committed to growth at both Iofina Resources and Iofina Chemical in 2017, and will update the market accordingly." 

Enquiries:

Dr. Tom Becker, CEO & President

Iofina plc

Tel: [phone]

Christopher Raggett/Giles Rolls/Emily Morris

finnCap Ltd

Tel: [phone]

Media Contact:

Charles Goodwin/Harriet Jackson

Yellow Jersey PR Limited

Tel: [phone]

About Iofina:

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.

www.iofina.com

 

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