Fox Marble Holdings PLC Construction of processing factory commences (2980D)
27 Mars 2014 - 8:01AM
UK Regulatory
TIDMFOX
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 Tel: +44 (0) 20 7380 0999
Officer
Fiona Hadfield, Chief Financial
Officer
Fox Davies Capital Limited
(Nominated Adviser and Joint
Broker)
Simon Leathers/ Jonathan Evans Tel: +44 (0) 20 3463 5000
Yellow Jersey PR
Dominic Barretto/ Kelsey Traynor Tel: +44 (0) 77 9900 3220
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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