Business
H1 Update and Updated Loan Facilities
H1 Update and Updated Loan Facilities.
About this update from Iofina Plc
[{"type":"text","content":"\n\n \n \n \n \n \n20 July 2023\n \nIofina plc\n(\"Iofina\", the \"Company\" or the \"Group\")\n(AIM:IOF)\n \nH1 Update and Updated Loan Facilities\n \nIofina plc (AIM:IOF), specialists in the exploration and production of iodine and manufacturers of specialty chemical products, today provides an update on H1 2023 (the \"Period\") iodine production as well as an update on its loan facilities.\n \nH1 2023 update\n \nDuring the first half of 2023, Iofina Resources produced 241.5 metric tonnes (\"MT\") of crystalline iodine from its five IOsorb® plants in NW Oklahoma, within the projected range of 235-250 MT for the Period. This was an increase of 7.5 MT compared to H1 2022. \n \nWith IO#9 switched on in June and working through its start-up phases and concentrating iodide, the Company anticipates a significant increase in H2 2023 crystalline iodine production totalling between 325-350 MT (H2 2022: 282 MT). This estimated production range is larger than normal as IO#9 continues to ramp up brine intake and is optimising parameters for its crystalline iodine production. The new plant will be contributing to the Group's total crystalline iodine production from this month.\n \nThe Company notes that the required configuration of IO#9 resulted in additional equipment and installation costs compared to other IOsorb® plants, which increased total expenditure including reused equipment to $5.5m. Future IOsorb® plant costs are anticipated to be less moving forward. Construction of IO#9 was funded entirely by cash generated from operations.\n \nIofina has continued to see strong demand for its crystalline iodine and derivative chemical products. Spot iodine prices have remained steady near $70/kg throughout the period, with iodine demand for use in X-ray contrast media and pharmaceuticals applications particularly strong. The Compa...