Iofina (LON:IOF) produced a total of 218.6 MT of crystalline iodine in the second half of 2016 from its five IOsorb plants.
2016 total crystalline iodine production was 474.2 MT.
Iofina says that as previously announced, on 12 December, the company experienced lower than expected output from its IOsorb plants in November and early December due largely to an acceleration of its partners' fracking operations, which affected 2016 H2 production totals.
Iofina says the board is pleased to report that more normalised production levels resumed in late December. As also previously announced, Salt Water Disposal well 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 iodine and its halogen based derivatives.
President and chief executive Dr Tom Becker said: "While November and December of 2016 proved to be a challenging period at our IOsorb 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."
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