I don't know if it depletes the body of any beneficial minerals to be honest. It does remove the other harmful halogens I know for sure.
It does increase the need of other beneficial minerals, simply because the other minerals are required in higher doses for the detox process, and to work in concert with Iodine.
Selenium being the highest priority. I take about 300mcgs daily.
Magnesium is another, although I have a pending question about dosage here on another thread.