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Fox Marble Signs Contract To Process Third Party Blocks

Thu, 05th Dec 2019 14:12

(Alliance News) - Fox Marble Holdings PLC on Thursday said it has signed its first contract for the processing of third party blocks, which represents an additional revenue stream.

Fox Marble now has three principal sources of revenue from three separate activities, namely those of block sales from its Prilep quarry in North Macedonia, the sale of processed material from blocks of its own material quarried in Kosovo and Macedonia, and now block processing for third parties.

Under the new third-party agreement, Fox Marble will process stone on behalf of Inter Stone LLC at its factory at Lipjan in Kosovo. The contract is for twelve months.

The first order under this contract, expected to be fulfilled this month, will generate around EUR100,000 in revenue. The level of production will be up to a maximum of 1,000 tons per month, depending on the capacity that Fox Marble requires for its production of its own material.

Chief Executive Chris Gilbert commented "This new revenue stream will allow Fox Marble to utilise more of its factory capacity and increase operating efficiency, whilst still processing its own marble for sale globally as well as in the wider Balkan market. We look forward to our ongoing partnership with Inter Stone LLC. I look forward to updating the market in the New Year on our strategy and future growth plans."

Shares in the stone quarrying firm were untraded at 3.05 pence in London on Thursday.

By Lucy Heming; lucyheming@alliancenews.com