Fox Marble Holdings PLC Resumption of production and new sales (8128R)
05 March 2019 - 6:01PM
UK Regulatory
TIDMFOX
RNS Number : 8128R
Fox Marble Holdings PLC
05 March 2019
5 March 2019
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Resumption of production in Northern Macedonia and new sales
-- Commercial extraction resumed of Alexandrian marble from Prilep Quarry.
-- 400 tonne order of Alexandrian White completed and paid for in February 2019.
-- New equipment deployed in quarry to increase production.
Fox Marble is pleased to announce the resumption of production
after the usual winter shut down in our Prilep quarry in Northern
Macedonia. The quarry, which contains white marble marketed as
Alexandrian White, is now also producing substantial quantities of
Alexandrian Blue from a newly developed section on the east side of
the site. The quarry is expected to benefit from the deployment of
additional equipment to significantly increase production levels to
satisfy growing demand.
In February Fox Marble sold, and received payment for, 400
tonnes of Alexandrian White blocks to a new customer. The customer
is shipping these blocks to their facility in Drama in Northern
Greece for processing. This customer was responsible for supplying
similar material to the Sheik Zayed Grand Mosque in Abu Dhabi and
has indicated their intention to purchase additional quantities of
this marble on a regular basis throughout the year.
Chris Gilbert, CEO, commented "This large volume block order to
a new customer so early in the year following the winter break is
an encouraging sign for the upcoming year. The customer, who has a
long history of selling material from the Prilep area throughout
the world, has indicated an intent to buy further quantities of
this material throughout 2019. The increase in monthly production
at this quarry, following the investment made in equipment and
resourcing, gives us the ability to supply more significant orders
having developed robust markets for our stone worldwide".
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer Tel: +44 (0) 20 7380
0999
Fiona Hadfield, Finance Director Tel: +44 (0) 20 7380
0999
Brandon Hill Capital (Broker)
Oliver Stansfield Tel: +44 (0) 20 3463
5000
Cairn Financial Advisers LLP (Nomad)
Liam Murray Tel: +44 (0) 20 7213
Sandy Jamieson 0880
Notes to Editors:
Fox Marble (AIM: FOX), is a marble production, processing and
distribution company in Kosovo and the Balkans region.
Its marble products, which includes Illirico Bianco, Illirico
Selene, Grigio Argento and are gaining traction globally both to
international wholesale companies as well as being supplied
directly into luxury residential properties. In the UK these
include among others St George's Homes and Capital and Counties
Plc's Lillie Square development. In Sydney, Australia Rosso Cait,
Alexandrian White and Breccia Paradisea marble have been used in
what is expected to be Australia's most expensive residential
property. These sales serve to demonstrate the desirability of
Fox's premium marble products as the stone of choice in some of the
most prestigious and expensive residential developments around the
world.
Fox Marble holds 40 year mining licences for six separate marble
quarries with a maiden JORC resource indicating an in-situ
valuation of approximately Euro 16.5 billion. Fox has taken three
of the six sites into production (the Drini and Maleshevë quarries,
both in Kosovo and from the Prilep Quarry in Macedonia) and
continues to increase production. Notably, Fox has access to over
300 million cubic metres (over 1bn tons) of premium quality
marble.
Marble demand continues to grow with stable pricing,
predominantly driven by the construction and real-estate
industries, on which Fox is looking to capitalise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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