AIM: FOX 25 October 2017
Fox Marble Holdings plc (“Fox Marble” or the “Company”)
First consignment of polished marble to Marble Dino, Kosovo
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, announces that it has completed its first sale of polished marble slabs from its newly operational factory in Lipjan, Kosovo. The material was purchased by Marble Dino Sh.p.k. a division of a large, local construction company in Kosovo.
As announced on the 29 June 2016, the Company signed an agreement with Marble Dino Sh.p.k. in June 2016 for the supply of €1,500,000 worth of resined and polished marble over a twelve month period from the date the factory became operational. Marble Dino is a trader of marble and other commodities and is involved in the purchase, shipping and resale of the material in the Kosovo and the Balkans. The first consignment of just over 13 tonnes of polished slabs of Bianco Illirico and Illirico Selene material was collected from the factory site by Marble Dino on the 24 October 2017. The Company expects to continue delivering marble against the agreement over the remainder of 2017 and the 2018 financial years.
Further orders are being prepared in Fox Marble’s factory for delivery to the local Kosovo and Balkans market and other international customers.
Chris Gilbert, CEO, commented: “Our fully operational factory gives Fox Marble access to a wider market for its processed material, and contributes to the continuing progress of the Company in 2017 and future years.”
A short video showing the operation of the polishing line is available on our website at https://www.foxmarble.net/photos-and-videos/
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
Cairn Financial Advisers LLP (Nomad)
Tel: +44 (0) 20 7213 0880
Brandon Hill Capital (Joint Broker)
Tel: +44 (0) 20 3463 5000
Beaufort Securities Limited (Joint Broker)
Tel: +44 (0) 207 382 8300
Tel: +44 (0) 7748 843 871
Tel: +44 (0) 7825 916 715
Tel: +44 (0) 7946 424 651
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 Illyric White, 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 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.