Iofina on track to meet first half production target

Iodine producer Iofina said it produced a record amount of the element last month and was on target to meet its target for the first half of the year.

In a statement released on Wednesday, the group said its output in the first quarter reached a record 127.9 tonnes, compared with the 47 tonnes it produced in the corresponding period 12 months ago.

Iofina said the interim forecast was between 220 and 260 tonnes.

However, the company said its first plant, #IO1, was due to be shut down because of the current weakness in iodine prices, adding that it had decided to concentrate its plants in the US state of Montana.

“We remain focused on profitable plant level operations and strategic, long-term growth with a vision to be a lower quartile cost iodine producer, and as a result, continue to evaluate all aspects of the company,” said group chief executive Tom Becker.

“The decision to terminate IO#1 should not have a material effect on overall iodine production."

Iofina shares were up 2.75% to 35.45p at 16:35 on Wednesday.