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

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