Iofina PLC (AIM:IOF, OTC:IOFNF) has reported a notable 15.5% increase in crystalline iodine production year-over-year, reaching 123.7 metric tonnes in the first quarter. This growth is primarily due to the operational commencement of the IO#9 plant in the latter half of the previous year. With six plants currently extracting iodine from brine water co-produced with oil and gas, Iofina anticipates producing between 275 and 295 metric tonnes of iodine in the first half of the year.
The company's CEO, Dr. Tom Becker, highlighted the sustained strong demand for Iofina's iodine products, with prices remaining stable in Huntsville as the company moves into the second quarter. Iofina is not only catering to its existing clientele but also making inroads into new markets, especially in Europe. The sales of biocide derivatives, used in paints and coatings, have been particularly successful, marking a significant achievement for the company.
Looking forward, Iofina is progressing with the construction of the IO#10 plant, expected to be operational by the third quarter, which will further enhance production capacity. The company is also in the process of identifying potential sites for future iodine extraction plants, including IO#11, across the United States. Additionally, Iofina has successfully renegotiated a brine supply contract, securing a stable supply at market rates. While this may have a slight impact on profits this year, it is considered a strategic move for long-term growth and sustainability.
For more information on Iofina's operations and market strategies, visit https://www.iofina.com.
