Fox Marble Holdings PLC New Order (3949C)
June 17 2019 - 2:00AM
UK Regulatory
TIDMFOX
RNS Number : 3949C
Fox Marble Holdings PLC
17 June 2019
17 June 2019
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region is pleased to
announce the largest single order of its highly prized Illirico
Selene marble from the Maleshevë quarry in Kosovo.
Fox Marble has received an order for 1,850 tons of Illirico
Selene (the silver grey marble) from an existing customer. Loading
of the material has begun, and the order will only be recognised as
revenue as the material is despatched from the quarry over the next
few weeks.
The order is notable because it consists not only of the higher
quality large blocks of stone but also large quantities of small
and semi blocks which constitute a lesser grade of block. This has
the additional effect of clearing out old stock extracted some
years ago and freeing up space in the quarry to further extend the
quarrying area and reach additional resources of good quality
stone.
This has taken place in part because the demand for this
material is expanding with the increased penetration in various
markets and the competition for this material from our quarry is
growing.
Fox Marble is now focussing on penetrating these markets with
material from Fox Marble's other quarries including Grigio Argento,
Rosso Cait and Flora from the Cervenilla quarry and the Breccia
Paradisea and Etrusco Dorato from its Syriganë quarry.
Chris Gilbert, CEO, commented "Demand for Illirico Selene is
high, with sales being constrained by our ability to extract
sufficient quantities to sell into these growing markets and our
success in selling our lesser grades of blocks is a consequence of
this demand. As a result, we expect to see growth in our sales in
2019 and 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: +44 (0) 20 7380
0999
Fiona Hadfield, Finance Director Tel: +44 (0) 20 7380
0999
Brandon Hill Capital (Joint Broker)
Oliver Stansfield Tel: +44 (0) 20 3463
Optiva Securities (Joint Broker) 5000
Christian Dennis/Jeremy King Tel:+44 (0) 20 3137
1903
Cairn Financial Advisers LLP (Nomad)
Liam Murray / Sandy Jamieson Tel: +44 (0) 20 7213
Ludovico Lazzaretti 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.
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
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 rns@lseg.com or visit www.rns.com.
END
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