15 Mar 2016 07:00
AIM: FOX |
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Fox Marble Holdings plc
("Fox Marble" or the "Company")
Factory Update and Block Sale Agreement
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 to the market.
The Italian supplier of the equipment needed to complete the slab processing and resining production lines at the Company's factory has confirmed delivery of the lines within the next two months. The purchase agreement has been amended to reflect the delays in 2015. The total discounted cost of this equipment is €900,000. Of this, €400,000 will be a cash payment of which €112,500 has already been paid. The balance of €500,000 will be satisfied by the sale of a range of marble blocks from the Company's quarries to the supplier, upon completion of delivery and installation of the equipment.
The Company is further pleased to confirm broader work at the factory site in Lipjan, Kosovo, is progressing well and as previously announced, commissioning and opening of the factory is anticipated by the middle of the year. Both internal and external gantry cranes have been delivered to the site, with the five tonne internal gantry crane now fully installed and tested. The thirty-five tonne external gantry crane is expected to be installed shortly.
Chris Gilbert, CEO, commented: "This confirmation is a key milestone on the path towards the factory becoming fully operational. We expect to be able to produce cut and polished marble slabs in Kosovo by the middle of the year and in so doing reduce our cost of production. Furthermore, with facilities in country, Fox Marble expects to open up additional sales channels to local Balkan markets for finished stone, as well as allowing the Company to make more efficient use of all of its production and improve yields within the quarries. The progress on installation of equipment and the advance payment from Eboracum shows the Company is making progress towards a new phase in marble processing and revenue generation."
For more information on Fox Marble please visit www.foxmarble.net or contact:
Fox Marble Holdings plc |
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Chris Gilbert, Chief Executive Officer | Tel: +44 (0) 20 7380 0999 |
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Cairn Financial Advisers LLP (Nomad) Avi Robinson / Liam Murray |
Tel: +44 (0) 20 7148 7900
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Brandon Hill Capital (Broker) |
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Oliver Stansfield | Tel: +44 (0) 20 3463 5000 |
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Yellow Jersey PR |
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Dominic Barretto Aidan Stanley | Tel: +44 (0) 77 6853 7739
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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.