The bullish update followed production of 125Mt of iodine in the three months to September, making year to date production of 360.5Mt.
Tom Becker, Iofina’s chief executive, described it as a landmark quarter for the company with improved sales of halogen-based derivatives also boosting its chemicals arm.
“The group produced more iodine than expected and began implementing management's strategic expansion plans by starting the construction of IO#7, at a time when global iodine prices continue to recover.”
Spot prices of iodine have risen by 25% this year.
Iofina extracts iodine from the brine produced from onshore oil and gas well using its IOsorb technology.
One plant, IO#3 has been taken off line and is being replaced by a much more efficient unit, IO#7, which is scheduled to come on stream in early 2018.
Becker added: "We expect IO#7 to be online in early 2018, which will take our total number of IOsorb plants back to five.
“IO#7 will immediately increase production and reduce our overall plant level iodine unit production costs, thereby well positioning the group for the future."