Iofina PLC Q3 2020 Update (2503C)
16 Octubre 2020 - 01:00AM
UK Regulatory
TIDMIOF
RNS Number : 2503C
Iofina PLC
16 October 2020
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
16 October 2020
Iofina plc
("Iofina", the "Company" or the "Group")
(LSE AIM: IOF)
Q3 2020 Update
Debt Refinanced, Production on Track
Iofina plc, specialists in the exploration and production of
iodine and manufacturers of specialty chemical products, today
provides an update to the market regarding its activities during
the third quarter ("Q3" or the "Period") of 2020.
During the Period, the Company produced 170.8 metric tonnes
("MT") of crystalline iodine from its five operating IOsorb(R)
plants in Oklahoma versus 167.3 MT in the same Period in 2019. The
Company is on track to achieve the lower end of its 340-360 MT H2
forecast. The Company has produced 455MT of crystalline iodine in
the nine months to 30 September 2020.
IO#4 experienced a brief pause in activity during Q3 as our
partner performed some required maintenance work at their disposal
well. In conjunction with this work, Iofina executed planned
improvements to the engineering of its water take-up system at the
same site, with a view to increasing the amount of brine available.
The Company has initiatives ongoing with its partners at all of its
iodine production sites aimed at increasing water volumes available
for processing at each IOsorb(R) plant.
Iodine prices and demand have softened recently. Iodine prices
began the quarter above $35/kg and Iofina now sees iodine prices
for large quantities in the $33-35/kg on the spot market. These
prices are still above the price range of around $32/kg for the
same period last year, and the Company remains well placed to
deliver good margins on its sales.
The outlook for iodine prices and demand is likely to be
directly related to the rate of the global economic recovery. The
automotive sector, which utilises cuprous iodide and other iodides
as heat stabilising agents, is already showing improvement and the
health care applications of iodine products are increasing, but are
not as yet at levels we experienced pre-COVID-19.
In September 2020, the Group announced that it had refinanced
its entire debt with First Financial Bank of Ohio. The debt
refinance included a 7-year $10m term loan and a revolving line of
credit of up to $8m. Initially the company has drawn $3m on the
line of credit. Interest rates on Company debt have been lowered
from 7.5% to below 4%. Significantly, since March 2019 the Group
has reduced its debt from $25.6m to just below $13m, thus achieving
substantial reductions in both debt and interest outgoings moving
forward.
Commenting, President and CEO Dr. Tom Becker, stated: "Iofina is
currently in the strongest position it has ever been, both
operationally and financially. We are on track for record iodine
production in 2020, iodine prices are still strong, and our debt
has been refinanced and significantly reduced. These factors in
combination with consistent production diversified across plants
and product lines, as part of a prudent growth strategy, have
allowed Iofina to continue to excel in spite of the global economic
issues caused by the COVID-19 pandemic."
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +1 859 356 8000
Christopher Raggett/Giles Rolls/Matthew Radley (corporate
finance)
Tim Redfern (ECM)
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Joe Burgess
Yellow Jersey PR Limited
Tel: +44 (0)7747 788 221
About Iofina:
Iofina plc (AIM: IOF) is a vertically integrated Company that
specialises in the production of Iodine and the manufacturing of
specialty chemical products. As the second largest producer of
iodine in North America, it comprises three USA entities; Iofina
Resources, Iofina Chemical and IofinaEX.
LEI: 213800QDMFYVRJYYTQ84
ISIN: GB00B2QL5C79
Iofina Resources
Iofina Resources develops, builds, owns and operates iodine
extraction plants using Iofina's WET(R) IOsorb(R) technology.
Iofina currently operates five producing IOsorb(R) plants in
Oklahoma and is consistently using technology and innovation to
improve and expand its operations.
Iofina Chemical
Iofina Chemical has manufactured high quality halogen speciality
chemicals derived from raw iodine, as well as non-iodine based
products for over 35 years.
IofinaEX
Iofina's newest subsidiary, IofinaEX, is fully licensed to
process hemp in the state of Kentucky and holds an investment in a
hemp seed production project.
www.iofina.com
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