Fox Marble Holdings PLC New Factory Opening to Process Marble In-House (8862R)
December 15 2016 - 2:00AM
UK Regulatory
TIDMFOX
RNS Number : 8862R
Fox Marble Holdings PLC
15 December 2016
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 Tel: +44 (0) 20 7380
Executive Officer 0999
Cairn Financial Advisers
LLP (Nomad) Tel: +44 (0) 20 7213
Liam Murray / Sandy 0880
Jamieson
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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