Cloud PRWire

Iofina reveals strong start to 2024 with increased iodine production

–News Direct–

Iofina PLC (AIM:IOF, OTC:IOFNF) CEO Dr Tom Becker takes Proactive's Stephen Gunnion through the company's first-quarter operating performance, which included a 15.5% year-over-year increase in production to 123.7 metric tonnes of crystalline iodine.

This growth is attributed largely to the addition of the IO#9 plant, which commenced operations in the latter half of the previous year. Iofina operates six plants that extract iodine from brine water co-produced with oil and gas, with expectations to produce between 275 and 295 metric tonnes of iodine in the first half of the year.

Becker said the company has maintained strong demand for its iodine products, holding steady prices in Huntsville through the first and entering the second quarter. He noted the company is supplying both existing and new customers, including breaking into new markets, particularly in Europe. Notably, sales of biocide derivatives used in paints and coatings have been successful.

Looking ahead, Becker said Iofina is on track with the construction of IO#10, slated for the third quarter, which will further boost production. The company is also exploring potential sites for IO#11 and other future iodine extraction plants across the United States.

Moreover, Iofina has renegotiated a brine supply contract, ensuring stable supply at market rates, which is expected to impact profits slightly this year but is seen as beneficial for long-term growth.