Iofina PLC Corporate Update (0765U)
13 January 2017 - 7:00AM
UK Regulatory
TIDMIOF
RNS Number : 0765U
Iofina PLC
13 January 2017
13 January 2017
Iofina plc
("Iofina" or the "Company")
(LSE AIM: IOF)
Corporate update
2016 Production totals
Iofina, specialists in the exploration and production of iodine
and iodine specialty chemical derivatives, today provides an update
to the market regarding 2016 crystalline iodine production totals
and iodine production expectations for H1 2017.
Iofina produced a total of 218.6 MT of crystalline iodine in H2
2016 from its five IOsorb(R) plants. 2016 total crystalline iodine
production was 474.2 MT. As previously announced, on 12 December
2016, the Company experienced lower than expected output from its
IOsorb(R) plants in November and early December due largely to an
acceleration of its partners' fracking operations, which affected
2016 H2 production totals. The Board is pleased to report that more
normalised production levels resumed in late December.
As also previously announced, Salt Water Disposal well ("SWD")
injection restrictions by the state of Oklahoma impacted the brine
supply during 2016 and consequently production output. The Company
has implemented measures to mitigate the effects of these
restrictions, and continues to work to good effect with its
partners to optimise the volume and quality of brine available to
its plants.
Looking towards 2017 production, Iofina expects to produce 235 -
255 MT of crystalline iodine in H1 2017 from the Company's Oklahoma
iodine plants. Production revenues are currently held back by low
iodine prices, but the chemical processing activity continues to
trade successfully, with solid demand for its crystalline IOflo(R)
iodine and its halogen based derivatives.
Commenting, President and CEO Dr. Tom Becker, stated:
"While November and December of 2016 proved to be a challenging
period at our IOsorb(R) plants, we are encouraged that as of late
December we have returned to typical iodine production rates.
Moreover our chemical processing activity has traded successfully
throughout the year. We continue to evaluate new opportunities and
are committed to growth at both Iofina Resources and Iofina
Chemical in 2017, and will update the market accordingly."
Enquiries:
Dr. Tom Becker, CEO & President
Iofina plc
Tel: +44 (0)20 3006 3135
Christopher Raggett/Giles Rolls/Emily Morris
finnCap Ltd
Tel: +44 (0)20 7220 0500
Media Contact:
Charles Goodwin/Harriet Jackson
Yellow Jersey PR Limited
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises in the exploration and production of iodine,
iodine specialty chemical derivatives and produced water. Iofina's
business strategy is to identify, develop, build, own and operate
iodine extraction plants currently focused in North America based
on Iofina's WET(R) IOsorb(R) technology. Iofina has operations in
the United States, specifically in Montana, Kentucky and Oklahoma.
It has complete vertical integration from the production of iodine
in the field to the manufacture of the chemical end-products
derived from iodine to the consumer and the recycling of iodine
using iodinated side-streams from waste chemical processes. Iofina
utilises its portfolio of patented and patent pending technology,
proprietary methods and trademarks throughout all business
lines.
www.iofina.com
This information is provided by RNS
The company news service from the London Stock Exchange
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January 13, 2017 02:00 ET (07:00 GMT)