Iofina Resources appoints new chief operating officer

Iofina Resources, a subsidiary of the North American specialist in iodine production and exploration, Iofina, has appointed Joseph Duffy as Chief Operating Officer.

Iofina Resources, a subsidiary of the North American specialist in iodine production and exploration, Iofina, has appointed Joseph Duffy as Chief Operating Officer.

The role has been newly created and Duffy's appointmnt is with immediate effect.

Duffy has an MBA in finance and accounting and holds degrees in civil, electrical and chemical engineering.

His appointment coincides with the rebranding of Iofina Natural Gas to Iofina Resources to better reflect the group's business model and a production update covering the period since the group published its interim results.

The group announced that Iofina Chemicals was continuing to trade well with full year EBITDA for 2012 on course to be approximately £1.3m. Historically, the second half of the calendar year has produced lower sales than the first half at Iofina's chemical business.

The group announced that it was experiencing record sales in the second half and record full year sales for a third consecutive time.

The group revealed that it had achieved an iodine yield of between 80% and 95% at one of its plants located in its Southwest Operations Group, which started production late in the third quarter.

The particular plant, formally known as WET IOsorb IO#1, is currently producing approximately one metric tonne of high grade iodine per week although production is presently limited by both a shortfall of brine and issues relating to iodine content.

Commenting on the update, Lance Baller, Chief Executive Officer and President at Iofina Group, said:

"Iodine recovery efficiency results at IO#1 are highly emcouraging. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants based on Iofina's WET and IOsorb technology."

Iofina Group's share price was down 0.78% at 63.50 pence per share at 09.55 GMT.

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