Iofina PLC - Trading Update
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
Construction of IO#8 remains on track; IofinaEX advances research
Iofina Resources is currently constructing the Company's latest iodine production plant, IO#8 which, once complete, will take the Group's total number of operating IOsorb® plants in western
Figure 1. Construction of IO#8 in western
Iodine production at the Group's existing production plants continues to perform in line with expectations, with Iofina Resources on track to produce 305-325 metric tonnes of crystalline iodine in H2 2019. Based on results through early December, the Group is confident that it will deliver total volumes of H2 crystalline iodine within this expected range.
Iofina anticipates that the addition of IO#8 will continue to grow production rates in 2020, which comes at an advantageous time for the Group as the iodine global market supply remains tight. As a result, the Directors believe it is likely that iodine prices will continue to gain momentum into 2020, building on the significant increases in 2019 where prices have risen by well over 20%.
IofinaEX, the Group's newest specialty chemical operation focused on the extraction of valuable products such as CBD, CBN and CBG from Hemp, continues to make encouraging progress. IofinaEX has continued to refine its isolation processes in
Recently, Iofina, through its subsidiary IofinaEX Global, has been exploring business opportunities regarding CBD/Hemp in
This significant consideration from the Belize Government will be an important step in ensuring that
Further to the Group's announcement on
Additionally, Directors are diligently exploring various options regarding debt restructuring and are confident of a solution in H1 2020.
Commenting, President and CEO of Iofina, Dr.
"As we seek to continue to grow our production capacity next year, we are well positioned to take advantage of the current, positive environment of the iodine market.
"IofinaEX is continuing to develop its strategy in the CBD/Hemp space and we look forward to providing further information on the developments that we make within our
"Iofina's Directors are appreciative of the hard work and commitment of its employees in 2019, who have worked diligently to continue to execute on the Group's goals to expand operations, develop new and improved technologies, and deliver quality products. We look forward to providing a further update to the market in Q1 2020."
CEO & President
Tel: +44 (0)20 3006 3135
Tel: +44 (0)20 7220 0500
Tel: +44 (0)20 3004 9512
Iofina Resources develops, builds, owns and operates iodine extraction plants using Iofina's WET® IOsorb® technology. Iofina currently operates four producing IOsorb® plants in
Iofina Chemical has manufactured high quality halogen speciality chemicals derived from raw iodine, as well as non-iodine based products for over 35 years.
Iofina's newest subsidiary, IofinaEX, is now fully licensed to process hemp in the state of
IofinaEX Global is a
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
This information is provided by RNS, the news service of the
Quick facts: Iofina PLC
Market Cap: £41.83 m
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