Iofina targets April completion of new iodine plant; eyes US cannabidiol market


Iodine manufacturer Iofina said a new manufacturing facility in Oklahoma was likely to be brought on line in April.

The company also said it was continuing to make progress developing technology to isolate specialty chemicals from hemp and would initially focus on cannabidiol opportunities in the US.

For the IO#8 iodine plant, installation of steel, tanks, electrical and plumbing had progressed well, with other key components expected to be fitted within the next few weeks.

Iofina said the new plant would contribute fully to its 2020 second-half output, adding four operating iodine plants in Oklahoma.

Iodine prices, meanwhile, rose over 20% in 2019 and continued to rise in early 2020,' the company said.

The spot price now sat in the mid $30's per kilogram and was rising towards the upper $30's as a result of continuing demand and tightness in supply.

The company said it had not seen any impact on its sales supply chain to date from the coronavirus.

'Iodine markets have remained strong, after a solid 2019, and the directors are confident that prices will continue to favour the group as it progresses through 2020,' chief executive Tom Becker said.

At 1:30pm: (LON:IOF) Iofina PLC share price was -0.65p at 20.1p

Related content

Iofina secures two-month debt repayment extension from Stena Investments

Iodine producer Iofina said it had secured a two-month loan repayment extension while it looks to refinance its debt.

The company said it was in...

Fri, 26/06/2020 - 14:53

Iofina swings to profit on higher sales, iodine prices

Iodine manufacturer Iofina swung to annual profit as revenue increased by more than a fifth on higher sales and iodine prices.

For the 12 months...

Wed, 27/05/2020 - 08:36

Broker Forecast - finnCap issues a broker note on Iofina PLC

finnCap today reaffirms its corporate investment rating on Iofina PLC (LON:IOF) and cut its price target to 32p (from 35p).

Broker Forecasts data provided by...

Wed, 27/05/2020 - 08:30

Iofina warns production to fall short as brine supply to dry up in coming days

Iodine producer Iofina said warned on first-half iodine production on expectations for a shortage of brine supply needed for iodine isolation at its plant IO#8....

Mon, 04/05/2020 - 09:02

Iofina urges investors to reject Arron Banks move on board

Iodine producer Iofina urged its shareholders to reject an attempt by investor and Brexit campaigner Arron Banks to remove chairman and co-founder Lance Baller from...

Tue, 10/03/2020 - 13:51