Production and Corporate Update

RNS Number : 7454B

Iofina PLC

09 October 2015

 

Iofina plc

("Iofina" or the "Company")

(LSE AIM: IOF)

Production & Corporate Update

On track to meet production targets for H2 2015

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 Company produced 143.6 metric tons ("MT") of crystalline iodine in Q3 2015, an 88.7% like for like increase (Q3 2014: 76.1 MT) and a record of 437.7 MT year to date. As recently communicated, the Q3 production total was slightly impacted by maintenance work performed by the Company's Partners at their brine disposal wells.  Our Partners' downtime allowed Iofina to move forward some of its maintenance items into Q3 which was scheduled for later in the year. The Company reaffirms its H2 production target of 260-300 MT of crystalline iodine from its five IOsorb® plants, located in Oklahoma. 

During Q3 2015, the Company had been successful in marketing and selling its produced crystalline iodine.  Additionally, Iofina Chemical was recently awarded a significant and long-term contract for one of its chemical derivatives beginning in 2016.

Finally, a scheduling hearing for the Company's petition for review of the final order file of the Beneficial Water Use Permit No 40S 30066181 in Montana recently took place. Brief filings will take place in Q4 2015 and Q1 2016 and a hearing before the court is currently scheduled in February 2016.   A ruling on this petition is likely to be announced in Q2 2016.

Commenting on today's update, President and CEO Dr. Tom Becker, stated: "Iofina continues to perform well despite some unanticipated necessary upkeep by our partners in the period. I am pleased with our production for the quarter - we are on track to meet production targets for the second half of 2015."

For further information, please contact:                                                                                             

Dr. Tom Becker, CEO & President

Iofina plc

Tel: [phone]

Christopher Raggett/Giles Rolls/Joanna Weaving

finnCap Ltd

Tel: [phone]

Rob Collins/Emily Morris

GMP Securities

Tel: [phone]

Dominic Barretto/Harriet Jackson

Yellow Jersey PR Limited

Tel: [phone]

About Iofina:

Iofina specializes 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 production 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 utilizes its portfolio of patented and patent pending technology, proprietary methods and trademarks throughout all business lines.

www.iofina.com 

 

END

 

 

MSCUKOARVRARRRA