1 Jul 2013 07:00
AIM: FOX | 1 July 2013 |
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Offtake agreement signed
Fox Marble, the AIM listed company focused on marble quarrying in Kosovo, is pleased to announce that the Company has signed an offtake agreement to supply cut and polished marble to Pisani Plc ("Pisani"), one of the leading wholesale suppliers of marble in the UK.
Under the agreement, Pisani has agreed to purchase high quality, premium marble from Fox Marble's quarries in Kosovo. The contract is for the longer of either one year or until a minimum of 945 metric tonnes of marble has been supplied to Pisani.
The marble to be supplied to Pisani will be cut and polished under toll arrangements at a third party facility in Italy, which is currently producing sample slabs and tiles for Fox Marble, until such time as Fox Marble's own facility is operational.
Pisani currently sells cut and polished slabs of the highest quality marble sourced from 40 countries around the world. Its flagship showroom and warehouse is in Feltham, Middlesex, and it has a second showroom in Matlock, Derbyshire.
Pisani intends to host a launch party in the Autumn to exhibit Fox Marble's products to its key customers in the construction and architecture industries.
Chris Gilbert, Chief Executive of Fox Marble, said: "We are delighted with this agreement with Pisani, which is undoubtably one of the best and most successful wholesalers of premium quality marble in the UK. We look forward to a long and successful relationship with Pisani, a company with a clear understanding of the quality and desirability of our marble from Kosovo."
Costas Sakellarios, Managing Director of Pisani, said: "We look forward to selling the marble that Fox Marble can supply to us and our wide range of customers who rely on Pisani to provide top quality marble."
Enquiries:
Fox Marble Holdings plc | |
Christopher Gilbert, Chief Executive Officer Fiona Hadfield, Chief Financial Officer | Tel: +44 (0) 20 7380 0999 |
Fox Davies Capital Limited (Nomad and Joint Broker) | |
Susan Walker/Jonathan Evans | Tel: +44 (0) 20 3463 5000 |
Sanlam Securities UK Limited (Joint Broker) | |
Lindsay Mair/Richard Goldsmith | Tel: +44 (0) 20 7628 2200 |
Buchanan | Tel: +44 (0) 20 7466 5000 |
Mark Court / Fiona Henson / Sophie Cowles | www.buchanan.uk.com |
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 licenses in relation to five 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 including white breccia and honey yellow onyx.
Fox Marble also has rights to extract grey marble from the Drini quarry in the West of Kosovo.