New Iofina facility on track for first production in February 2018

Chemical production company Iofina announced on Thursday that construction of its newest iodine production plant IO#7 was progressing on time and budget with concrete work complete and steel erection, piping and electrical works all underway.

Barring any significant weather delays, Iofina estimated first production would begin in February 2018.

The firm also noted that it had experienced continuing improvement in production of crystalline iodine from the company's IOsorb plants in Oklahoma over the second half, and that, despite the closure of the IO#3 production plant, total production in the third quarter reached 125 metric tonnes, 6% above that of the second quarter.

Iofina said its plants had continued to perform well and expected to meet or exceed the upper end of its second half production forecasts of 225-240 metric tonnes thanks to operational improvements at its plants, increased efficiency levels and better process controls.

President and chief executive Dr Tom Becker, said, ''Against the backdrop of the operational improvements that have been realised company-wide, we are excited to bring IO#7 into production. We look forward to this plant being a significant contributor to our overall production goals for 2018 and for many years to come."

As of 1000 GMT, shares had gained 0.84% to 15.00p.