Iofina PLC Q1 2022 and IO#9 Update (5014I)
19 Abril 2022 - 1:01AM
UK Regulatory
TIDMIOF
RNS Number : 5014I
Iofina PLC
19 April 2022
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
19 April 2022
Iofina plc
("Iofina", the "Company" or the "Group")
(LSE AIM: IOF)
Q1 2022 and IO#9 Update
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 first quarter of 2022 ("Q1" or the "Period") and progress on
IO#9 plant.
Highlights
-- Company experiencing robust demand for iodine and iodine derivatives
-- Current global iodine spot prices have reached $60/kg and
above, up 20% since the beginning of the year
-- Production of 103.8 MT of crystalline iodine from our five IOsorb(R) plants
-- Finalising terms with new brine supply partner for IO#9 plant
Iofina produced 103.8 metric tonnes ("MT") of crystalline iodine
from its five operating IOsorb(R) plants in Oklahoma in the Period.
This production is in line with the Company's internal budgeted
projections for the Period. Iofina is on track to achieve its H1
projection of approximately 225-240MT of crystalline iodine.
Recently, two plants experienced lower than expected water
supplies due to saltwater disposal maintenance work undertaken by
one of our partners, which will help to provide more reliable water
flow in the longer-term. This maintenance work is now complete.
Encouragingly, the Company has witnessed increased levels of oil
and gas workover activity in its core areas from our partners, with
reinvestment happening in their fields due to the higher oil prices
and stabilised markets.
Iodine prices have continued to rise on the back of the ongoing
strong global demand for iodine and iodine derivatives, especially
in Asia. Currently, iodine spot prices are $60/kg and above and the
Company projects iodine prices to remain robust throughout
2022.
Iofina is also pleased to report that it is close to finalising
an agreement for the construction of IO#9 with a new brine supply
partner. Beyond the impact of Covid-19, negotiations were further
prolonged due to personnel changes on the partner's side. In order
to minimise supply chain impacts, the effects of inflation and
contractor availability, a number of major items have been ordered,
contractors secured, and plans put in place to execute IO#9. The
construction timelines should be similar to the Company's
performance on IO#7 and IO#8. The Company is also evaluating
further sites and partners for future iodine plants.
Iofina Chemical's iodine derivatives are in high demand and is
currently working on enhancements to improve efficiencies and
increase capacities for certain iodine and non-iodine products.
Additionally, Iofina Chemical expects to complete a laboratory
upgrade in Q2 that will improve the Company's R&D
capabilities.
Lastly, the Group is working with its current lending partner on
terms to extend its Revolving Line of Credit and other items to
expedite growth opportunities.
Commenting, President and CEO Dr. Tom Becker, stated: "The
market continues to move in our favour with the ongoing strong
demand for our products and iodine prices rising to $60/kg and
above, a trend we expect to continue over the course of the
year.
"We are encouraged to see that our oil and gas partners are now
reinvesting in their assets in order to increase production on the
back of the higher oil and gas prices.
"We are also pleased to confirm that good progress has been made
on IO#9 location and construction. We expect the final agreements
to be executed very soon and we will confirm this to the market as
soon it is completed."
Enquiries:
Dr. Tom Becker
CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Tim Harper (Corporate Finance)
Tim Redfern/Barney Hayward (ECM)
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Annabel Atkins
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. Iofina is the second largest producer
of iodine in North America and operates the manufacturing entities
Iofina Resources and Iofina Chemical.
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 specialty
chemicals derived from raw iodine, as well as non-iodine based
products for over 38 years.
www.iofina.com
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