15 Dec 2014 07:00
15 December 2014
AIM: FOX
FOX MARBLE HOLDINGS PLC
("Fox Marble" or the "Company")
Sales Agency Agreement
Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that Fox Marble Kosovo Sh.p.K, a wholly-owned subsidiary of the Company, has entered into a sales agency agreement ("Agreement") with Zhong Shengdestone Co., Ltd, ("ZSC") headquartered in Beijing, China.
Under the terms of the Agreement, which is for an initial period of 12 months effective 1 January 2015, the Company has granted to ZSC exclusivity to sell the Company's block marble in China conditional on ZSC selling a minimum of 10,000 tons of marble per annum ("Minimum Quantity"). As well as acting as agent, ZSC is a purchaser of marble and intends to buy block product from Fox Marble on its own account. ZSC indicated that, in 2013, it purchased in excess of 100,000 tons of marble in total and hopes to exceed the Minimum Quantity specified in the Agreement.
The Company retains the right to terminate exclusivity if quarterly sales achieved through ZSC are not in line with the stated Minimum Quantity. If the Minimum Quantity of sales is achieved, this would translate to incremental revenues of between US$2.5 million and US$5.0 million per annum.
CEO Chris Gilbert commented: "We are pleased to have finalised an agreement with a company in China which itself is a buyer of marble as well as having extensive relationships with other significant buyers who have indicated their interest in our stone. These buyers will be visiting our quarries in Kosovo after the Chinese New Year (February 2015) in order to start selecting blocks under the terms of the Agreement. China is of course a large market and this arrangement forms part of our planned strategy to sell our stone around the world."
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, Chief Financial Officer | |
Cairn Financial Advisers LLP (Nomad) Avi Robinson / Liam Murray | Tel: +44 (0) 20 7148 7900
|
Fox Davies Capital Limited (Broker) | |
Jonathan Evans | Tel: +44 (0) 20 3463 5000 |
Yellow Jersey PR | |
Dominic Barretto Kelsey Traynor | Tel: +44 (0) 77 6853 7739 Tel: +44 (0) 77 9900 3220 |
Notes to Editors
Fox Marble Holdings Plc is an AIM quoted natural stone extraction and production Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.
Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. As announced in October 2013, it now has four quarries in operation and in August 2014 it completed the acquisition of the Prilep Omega Sivec Quarry, thus increasing its exposure to the highly desirable Sivec marble.