Iofina, a London-listed company specializing in iodine production, announced on Thursday that its production of crystalline iodine has risen in the first half of 2023. Additionally, the company has successfully secured lower interest rates on multiple loans.
Iodine Production Highlights
During the first half of the year, Iofina produced a total of 241.5 metric tons of crystalline iodine across its five plants located in Oklahoma. This represents a year-on-year increase of 7.5 metric tons. The production volume falls well within Iofina’s projected range of 235 to 250 metric tons.
Strong Demand and Steady Prices
Iofina continues to experience robust demand for iodine, with prices remaining stable at approximately $70 per kilogram. This consistency in both demand and pricing provides a favorable environment for the company’s operations and growth.
Refinancing and Lower Interest Rates
As part of its refinancing process, Iofina has replaced unused loans of $2.7 million and $1.7 million with a single $4 million capital expenditure loan. The draw-down period for this loan extends until July 1, 2024. Notably, the interest rate has been reduced from 2.4% to 2.1% over a seven-year term, commencing at the end of the draw-down period.
Furthermore, Iofina has extended its $6 million revolving line of credit for an additional year, now expiring on September 16, 2025. The accompanying interest rate has been lowered from 2.4% to 2.11%.
In summary, Iofina’s increased iodine production and successful refinancing initiatives position the company favorably for continued growth.