Iofina PLC on Friday said it expects to meet its second-half production guidance, following growth in its third quarter.
The Colorado, US-based iodine producer said it produced 163.9 metric tonnes of crystalline iodide in the third quarter ended September 30, up 4.5% from 156.9 metric tonnes a year before.
Average sale prices for crystalline iodine in the second half are currently higher than the average in the first half of the year of $66.84 per kilogram, Ionfina said. It expects this trend to continue into 2025, as ‘the demand for iodine is expected to exceed supply in the medium term’.
Its seventh operating plant, IO#10, began concentrating iodide towards the end of the three-month period and is now producing crystalline iodine.
Shares in Iofina were up 10% at 19.25 pence each in London on Friday morning.
Chief Executive Officer Tom Becker said: ‘The group has delivered an excellent performance in the period, with major milestones achieved. Not only did we commission IO#10, but by utilising a strong relationship with one of our existing brine suppliers, we managed to finalise an agreement for IO number 11.
‘We continue to execute our business plan of prudent but accelerated growth of our iodine production. Additionally, our restructured and favourable loan terms have enabled us the flexibility to achieve faster growth. We expect to meet the crystalline iodine production range of 355 to 380 metric tonnes for the second half of 2024. The company continues to experience strong sales, driven by sustained demand and increasing iodine prices.’
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