29 June 2016
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Increased order book and operational update
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to provide the following update on its order book to the market.
- A further €400,000 purchase order submitted by Pisani plc
- Sales agreement signed with Marble Dino Sh.p.k ("Marble Dino")
- Fox Marble order book increased to €4.6 million for 2016
- Factory nearing completion with new equipment installed
- New bench at Malasheva quarry opened for Bianco Illirico white and Illirico Selene grey marble blocks of commercial size and quality
The Company has signed an agreement with Marble Dino Sh.p.k. for the supply of €1,500,000 worth of marble slabs during 2016 and 2017. The Company expects €250,000 of this to be recognised during the 2016 year with the balance in 2017, and has received an advance payment of €25,000. Marble Dino is a trader of marble and other commodities and is involved in the purchase, shipping and resale of the material in the Balkans.
In addition, Pisani plc has submitted a further purchase order to the Company for the supply of an additional €400,000 worth of Sivec blocks during 2016. Pisani plc will take delivery of the first shipment of this order in the next few days.
Consequently the Board is pleased to report that the Fox Marble order book has increased to €4.6 million for the year.
The factory is nearing completion with two of the three eighty-blade block processing gangsaws now installed, the block yard prepared and the two gantry cranes operational. The resin line is now ready for shipment from Italy, with the polishing line to follow in the next few months. As previously announced, the power and water to supply the processing plant are already in place.
At the Malesheva quarry, which contains both the Bianco Illirico white marble and the Illirico Selene grey marble, we have drilled four holes to distinguish between the two types of material and access the highest grade for quality and consistency. This has resulted in a further bench being opened from which we are now extracting blocks of commercial size and quality.
Chris Gilbert, CEO, commented: "We are pleased to update the market with the continuing strong progress made this year on new orders. The second half of 2016 is going to be an important time for Fox Marble, as we begin to supply processed stone from our own factory and expand our presence in the market, whilst benefiting from improved margins and continuing to deliver a growing order book."
For more information on Fox Marble please visit www.foxmarble.net or contact:
For further information please visit www.foxmarble.net.
Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer
Tel: +44 (0) 20 7380 0999
Cairn Financial Advisers LLP (Nomad)
Tel: +44 (0) 20 7148 7900
Brandon Hill Capital (Broker)
Tel: +44 (0) 20 3463 5000
Yellow Jersey PR
Tel: +44 (0) 75 8408 5670
Notes to Editors:
Fox Marble Holdings Plc is an AIM quoted natural stone extraction Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.
The Company has been granted mining licences in relation to six separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble.
Fox Marble also has rights to extract marble from the Drini and Malesheva quarries, both in Kosovo and from the Prilep Quarry in Macedonia.