15 Dec 2016 07:00
AIM: FOX | 15 December 2016 |
Fox Marble Holdings plc
("Fox Marble" or the "Company")
New Factory Opening in Kosovo to Process Marble In-House for Global Distribution
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce the opening of its new marble processing factory in Kosovo, where the Company today has processed its first block of marble (Illyric White) through its gangsaws. The opening of the factory is in line with Fox Marble's strategy of offering a low-capex and integrated approach to its marble production, processing and distribution globally.
Notably, the processing of marble in Kosovo is an historic first, with Fox Marble's factory being the first in the country.
Fox Marble's factory is equipped with an Italian plant comprising Barsanti gangsaws, a Gaspari Menotti polishing line and a Promotec designed resin line and will have the capacity to produce up to 400,000 sq metres per annum of cut and polished slabs once the factory is in full production.
The factory currently has two gangsaws installed which are designed to cut and trim large blocks of marble up to 24 tonnes (typically between 12 and 20 tonnes) which are then cut into slabs (usually 2-3cm in thickness). A third gangsaw, which will optmimise factory efficiencies, will be installed in 2017. The slabs, after cutting, could then be processed if required through the installed resin line and then through the polishing line, which is in the process of final installation, to produce a finished polished marble product.
A video showing the first block of Illryic White is available to view on the website (www.foxmarble.net) along with photos of the factory.
Chris Gilbert, CEO, commented: "The opening of the factory and commencement of marble processing is a major milestone on the path towards Fox Marble offering a fully integrated marble production to sales service to its customers. This is particularly relevant for the domestic Balkans market where customers have already paid contract deposits to ensure supply once the construction season starts again in Q2 2017. This will also reduce our costs, as well as allowing the Company greater flexibility of its production and improve yields within the quarries."
This announcement contains inside information for the purposes of Article 7 of EU 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 |
Cairn Financial Advisers LLP (Nomad) Liam Murray / Sandy Jamieson |
Tel: +44 (0) 20 7213 0880
|
Brandon Hill Capital (Broker) | |
Oliver Stansfield | Tel: +44 (0) 20 3463 5000 |
Yellow Jersey PR | |
Felicity Winkles | Tel: +44 (0) 7748 843 871 |
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 40 year mining licences for six separate marble quarries of which three are now in production 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 (over 1bn tons) of marble of premium quality marble.
In addition, Fox Marble has rights to extract marble from two further premium quality marble quarries, at Drini and at Malesheva in Kosovo, which is in full production, and from the Prilep Quarry in Macedonia which is also in full production and, one of only two sources worldwide of the highly prized white sivec marble.