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Iofina confirms expected sharp increase in output in 2018

Iofina reiterated that full-year profitability will be hit by just over US$100,000 by the imposition of anti-dumping tariffs by China.

IOsorb plant
Iofina continues to refute the anti-dumping claims and will pursue all options to remedy the situation

Iodine producer Iofina plc (LON:IOF) expects to produce between 575 and 605 tonnes of crystalline iodine in 2018, in line with the market’s expectations.

Last year, the company produced 503 tonnes, and the expected sharp increase this year is largely due to the IO#7 Iosorb plant coming online; the new plant supplanted IO#3 and is producing at a much faster rate.

READ: Iofina expecting increase in production as IO#7 plant scales-up operations

Iofina said the projected output level does not include any contribution from the IO#5.

Iofina said it estimates it produced between 260 and 265 tonnes of its Ioflo crystalline iodine in the first half of 2018 and expects to churn out 315-340 tonnes in the second half.

The company also noted spot prices for iodine continue to strengthen and are currently at or above US$25 a kilogram.

''Our IOsorb plants are performing well and we are pleased that our expected production of near 600MT of crystalline iodine in 2018 is in line with analyst predictions in the market,” said Dr Tom Becker, the president and chief executive officer of Iofina.

“The production from IO#7 has resulted in a lowering of our total per unit iodine production costs and this coupled with higher iodine prices and an increase in year-on-year production are all positive for Iofina's profitability,” he added.

Quick facts: Iofina PLC

Price: 24.7 GBX

LSE:IOF
Market: LSE
Market Cap: £47.39 m
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