Iofina PLC - Market Update
("Iofina", the "Group", or the "Company")
(LSE AIM: IOF)
Construction of IO#8 on budget and on track
Iodine prices continue to rise
IofinaEX, continues to make progress in developing its technology to isolate specialty chemicals from hemp. Active trials continue at our facility in
As part of the initial work to set up IofinaEX, the Group has been evaluating business opportunities in
IofinaEX continues to develop its strategy in the CBD/Hemp space and will update the market as the business plan evolves in this dynamic market. Fully developing and communicating this business plan has taken longer than anticipated as the CBD/hemp global market is changing rapidly. Furthermore, despite now focusing on
The construction of IO#8 continues to progress well, on budget and on track to be brought online likely in
Figure 1. Construction of IO#8 in western
Iodine prices rose over 20% in 2019 and continue to rise in early 2020. The spot price now sits in the mid
Commenting, President and CEO of Iofina, Dr.
"Iodine markets have remained strong, after a solid 2019, and the Directors are confident that prices will continue to favour the Group as it progresses through 2020.
"Having now refocused efforts for IofinaEX, along with the Group's core iodine business lines to concentrate on opportunities in the
CEO & President
Tel: +44 (0)20 3006 3135
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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 fully licensed to process hemp in the state of
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: £37.8 m
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