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Highlights:
Iofina PLC reported a production increase of crystalline iodine, reaching 163.9 metric tonnes in the third quarter, up from 156.9 MT the previous year.
The company plans to begin construction on its new IO#11 plant later this year, furthering its growth strategy in response to strong market demand.
CEO Tom Becker emphasized the company's successful performance, noting that improved relationships with suppliers and restructured loan terms have facilitated accelerated growth.
Iofina PLC (LSE:IOF) has reported an "excellent" performance in its third quarter, characterized by increased iodine production and ambitious plans for future expansion. CEO Tom Becker highlighted that the company produced 163.9 metric tonnes of crystalline iodine, a notable rise from 156.9 MT recorded in the same period last year. The new IO#10 plants have commenced operations, contributing to this growth.
The demand for iodine has surged, leading to increased prices, a trend that is anticipated to persist into 2025. In alignment with its growth strategy, Iofina is set to begin construction on its next facility, IO#11, later this year. The company is also in the process of planning additional plants to further enhance its production capabilities.
Becker expressed confidence in the company's trajectory, stating, “The group has delivered an excellent performance in the period, with major milestones achieved.” He pointed out that the successful commissioning of IO#10 and the establishment of a strong relationship with an existing brine supplier allowed for the finalization of the agreement for IO#11.
Iofina remains on track to meet its production goals for the second half of the year, aiming for a total output between 355 and 380 metric tonnes. The company’s strategic focus on prudent but accelerated growth in iodine production, coupled with favorable restructuring of its loan terms, has provided the necessary flexibility to pursue faster expansion.
This strategic direction underscores Iofina’s commitment to enhancing its market position and meeting the rising demand for iodine in various applications.
