9th Oct 2015 07:47
LONDON (Alliance News) - Iofina PLC shares rose on Friday after it said production in the first nine months of 2015 hit record levels and reaffirmed its production guidance for the second half of the year.
Iofina shares were trading up 7% to 19.0 pence per share on Friday morning.
The company, which produces iodine and iodine speciality chemical derivatives, said it produced 143.6 metric tonnes of crystalline iodine in the third quarter of 2015, up 88.7% year-on-year on a like-for-like basis from 76.1 metric tonnes.
"As recently communicated, the third quarter production total was slightly impacted by maintenance work performed by the company's partners at their brine disposal wells. Our partners' downtime allowed Iofina to move forward some of its maintenance items into the third quarter which was scheduled for later in the year," it said.
Year-to-date production stands at 437.7 metric tonnes, which the company said is a record. Iofina reaffirmed its second half production guidance of 260 to 300 metric tonnes of crystalline iodine from its five plants, all based in Oklahoma in the US.
"Iofina continues to perform well despite some unanticipated necessary upkeep by our partners in the period. I am pleased with our production for the quarter - we are on track to meet production targets for the second half of 2015," said Tom Becker, president and chief executive of the company.
Sales in the third quarter were "successful" and the company said it recently awarded a "significant and long-term contract" for one of its chemical derivatives beginning in 2016.
Lastly, the company said the final review concerning the company's beneficial water use permit in Montana "recently took place" and said brief filings will take place in the fourth quarter of 2015, stretching into the first quarter of 2016.
A hearing in court is currently scheduled for February 2016 with a ruling expected in the second quarter of 2016.
By Joshua Warner; [email protected]; @JoshAlliance
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