Iofina PLC (AIM:IOF, OTC:IOFNF) CEO Dr Tom Becker speaks to Thomas Warner from Proactive after publishing a production update for the first half of 2023 – a period that included the very early phases of the startup of its latest IOsorb production plant, IO#9.
Dr Becker gives an overview of the first half before going on to discuss how IO#9 has been performing during the post-period. He acknowledges that the plant required more expense to set up than previous examples due to what he describes as unique challenges in water management and adverse weather conditions.
He also addresses a decision to alter the company's credit arrangements despite not currently making any of the facilities available. The $2.7 million and $1.66 million term loans, which had not been utilized by Iofina, have been replaced by a $4 million term loan with a drawdown period open now through to July 1, 2024 to be used for IO#10 expenditures and other Capex projects as appropriate. Dr. Becker re-emphasises the company's focus on growth, saying that despite IO#9 "still ramping up" he's currently "very focused on negotiations for our next iodine plant."
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