Fox Marble Holdings PLC New Material and Orders (3188N)

TIDMFOX

RNS Number : 3188N

Fox Marble Holdings PLC

17 January 2019

17 January 2019

Fox Marble Holdings plc

("Fox Marble" or the "Company")

New Material and Orders

   --     Commercial extraction commenced of Alexandrian Blue marble from Prilep Quarry. 
   --     441 tonne order of Alexandrian Blue completed and paid in December 2018. 
   --     Sales agreement entered into with an indicative value in excess of EUR1 million. 

Fox Marble announces the start of commercial extraction of Alexandrian Blue from our Prilep quarry in Northern Macedonia. Alexandrian Blue has dense blue grey banding with smaller bands of white which produce a marked blue tone and is akin to the highly desirable Zebrino marble from Northern Italy. The quarry, which is already producing the highly sought after white marble marketed as Alexandrian White, is now also producing substantial quantities of Alexandrian Blue from a newly developed section on the East side of the quarry.

Fox Marble sold, and received payment for, 441 tonnes of Alexandrian Blue extracted in December 2018 to a single customer. This material compliments the Alexandrian White from the same quarry, as well as the highly popular Illirico Selene from the Maleshevë quarry in Kosovo.

Following this order, the Company entered into a sales agreement with this customer to purchase Alexandrian Blue with an expected value in excess of EUR1 million over the next twelve months.

Under this sale and purchase deed the Company agrees to supply a minimum monthly quantity of Alexandrian Blue blocks for a 12 month period, commencing 16 January 2019. The indicative value of the agreement is dependent upon the company making available sufficient material to the client to meet the minimum monthly commitment.

Fox Marble is now focussing on penetrating the markets in Italy, India, China, Turkey and Dubai where it has established a base with its most popular marbles, the Alexandrian White and Illirico Selene, with material from the Cervenilla quarry including Argento Grey, Rosso Cait and Flora, and Syriganë quarry which contains Breccia Paradisea and Etrusco Dorato.

Chris Gilbert, CEO, commented "Orders of our premium material are gaining traction and we expect to see growth in our sales in 2019. This will produce a corresponding increase in our revenues during the year as a result, and l look forward to updating the market accordingly".

The information communicated in this announcement is inside information for the purposes of Article 7 of 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: [phone] 
                                           0999 
 Fiona Hadfield, Finance Director         Tel: [phone] 
                                           0999 
 
 Brandon Hill Capital (Broker) 
 Oliver Stansfield                        Tel: [phone] 
                                           5000 
 Cairn Financial Advisers LLP (Nomad) 
 Liam Murray / Sandy Jamieson             Tel: [phone] 
                                           0880 
 
 

Notes to Editors:

Fox Marble (AIM: FOX), is a marble production, processing and distribution company in Kosovo and the Balkans region.

Its marble products, which includes Illirico Bianco, Illirico Selene, Grigio Argento and are gaining traction globally both to international wholesale companies as well as being supplied directly into luxury residential properties. In the UK these include among others St George's Homes and Capital and Counties Plc's Lillie Square development. In Sydney, Australia Rosso Cait, Alexandrian White and Breccia Paradisea marble have been used in what is expected to be Australia's most expensive residential property. These sales serve to demonstrate the desirability of Fox's premium marble products as the stone of choice in some of the most prestigious and expensive residential developments around the world.

Fox Marble holds 40 year mining licences for six separate marble quarries with a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion. Fox has taken three of the six sites into production (the Drini and Maleshevë quarries, both in Kosovo and from the Prilep Quarry in Macedonia) and continues to increase production. Notably, Fox has access to over 300 million cubic metres (over 1bn tons) of premium quality marble.

Marble demand continues to grow with stable pricing, predominantly driven by the construction and real-estate industries, on which Fox is looking to capitalise.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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January 17, 2019 02:00 ET (07:00 GMT)