Iofina said it expected to produce a record level of Iodine amid expectations to meet or exceed its production target in the second half of the year.
'The company fully expects to meet or exceed its H2 2019 production target range of 305-325MT and to produce a record level of crystalline iodine for the full year, the company said.
The update followed an uptick in production in the third quarter. The company produced 167.3 metric tonnes of crystalline in the third quarter and 454MT of crystalline iodine in the nine months to 30 September 2019, which was a record level of production through the first three quarters of a year.
The spot price at the end of the quarter was generally above $32 per kilogram and the company anticipated a further price rise in the fourth quarter.
The company also signed an agreement with a new brine supplier for a new IOsorb plant, IO#8, construction of which had already commenced. The construction time was track to be six to seven months and IO#8 was expected to contribute to first half of 2020 production, the company said.
At 10:04am: (LON:IOF) Iofina PLC share price was +1p at 25.25p