Iofina says outlook ‘encouraging’ as iodine fundamentals turn ‘favourable’
Iofina PLC (AIM:IOF, OTC:IOFNF) described the outlook for 2022 as “encouraging” following strong demand for its iodine in the fourth quarter of 2021 and a 25% jump in iodine spot prices compared with October last year.
These trends are expected to continue through the first half of 2022, the company said in a statement.
The company forecast production of 225-240 metric tonnes (MT) of crystalline iodine from its five operating IOsorb plants in Oklahoma for the first six months of the current year, compared with 268.8MT in the latter half of last year and 518.2MT for 2021 as a whole.
Iofina said two of its plants continue to receive lower brine volumes compared to pre-pandemic levels, due to less reinvestment by its partner in their oil operations.
The company said it expects to finalise a deal with a new brine partner soon.
READ: Iofina hits second-half production target but Omicron delays new plant agreement
It said it is making progress towards finalising an agreement for the construction of a new plant, IO#9, and has begun to order long lead time items to minimise the total construction time for the plant.
President and CEO of Iofina Dr Tom Becker said: ”As highlighted in our last update, with production stabilised, our specialty chemical business performing well, and the iodine market fundamentals turning increasingly favourable, the outlook for 2022 is certainly encouraging.”
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/971298/iofina-says-outlook-encouraging-as-iodine-fundamentals-turn-favourable-971298.html
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