Construction of processing factory commences

RNS Number : 2980D

Fox Marble Holdings PLC

27 March 2014

 



AIM: FOX                                                                                                                             27 March 2014

Fox Marble Holdings plc

("Fox Marble" or the "Company")

Construction of processing factory commences

Fox Marble, the AIM quoted Company focused on marble quarrying extraction and production in Kosovo and the Balkans region, is pleased to announce the acquisition of a double skinned steel factory which is now being erected at the Company's factory site in Kosovo. Today also marks the Company's final results announcement for the period ended 31 December 2013.

It was announced in the first half of the year that the Company had started to prepare the 10 hectare site in Lipjan, just outside of Pristina in Kosovo on which to build a processing factory. The Company has purchased a double skinned steel factory building from a site in Greece, which has been shipped to Kosovo to be erected and construction should be completed by the end of Q2 of this financial year.

The construction includes the laying of the concrete floor on which the specialist marble processing equipment will be sited. With respect to this, Fox Marble has started to acquire the necessary equipment needed to process the marble, including three Barsanti gang saws.

During the construction period and until the processing factory is operational, the Company will maintain and extend the third party production facilities it has secured in Carrara, Italy in order to fulfill orders of cut and polished marble slabs.

Commenting on today's update, Chris Gilbert, Chief Executive of Fox Marble, said: "It has always been the intention of the Company to build a processing site and bring this part of the process in-house. We are pleased to be reporting the progress we have made and most importantly, we acquired this factory at a significant discount to market value and well within our budget set aside for this development. We look forward to updating shareholders with the progress of the site."

For more information on Fox Marble please visit www.foxmarble.net  or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer	Tel: [phone]
Fiona Hadfield, Chief Financial Officer
Fox Davies Capital Limited (Nominated Adviser and Joint Broker)
Simon Leathers/ Jonathan Evans	Tel: [phone]
Yellow Jersey PR
Dominic Barretto/ Kelsey Traynor	Tel: [phone]

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 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 including white breccia and honey yellow onyx.

Fox Marble also has rights to extract grey marble from the Drini quarry and cream and white grey marble from the Malesheva quarry, both in Kosovo and white Sivec marble from the Prilep Quarry in Macedonia.

 

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