Fox Marble Holdings PLC Completion of Acquisition of Prilep Omega Quarry (3347P)
18 Août 2014 - 8:00AM
UK Regulatory
TIDMFOX
RNS Number : 3347P
Fox Marble Holdings PLC
18 August 2014
AIM: FOX 18 August 2014
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Completion of Acquisition of Prilep Omega Sivec Quarry
Fox Marble (AIM:FOX), is pleased to announce that it has entered
into a sub-lease arrangement with New World Holdings (Malta)
Limited in relation to the new Omega Sivec marble quarry at Prilep
in Macedonia. This new quarry site is adjacent to the Company's
existing operations in Prilep.
As previously announced the consideration for the sub-lease is
GBP1,000,000 and a subsequent 40 per cent. gross revenue royalty
obligation. The sub-lease has an initial term of 20 years,
extendable by the Company for a further 20 years. The sub-lease
grants the Company the exclusive right to quarry, process, remove
and sell marble from the quarry.
The Company will pay for and provide all the equipment and staff
required to operate this quarry. Fox Marble estimates that the
quarry will require approximately GBP600,000 of capital expenditure
investment to reach commercial production, which is expected within
six months.
Sivec marble is currently amongst the most desirable marble in
the market and is in short supply. The Company is aware of only one
other quarry that currently produces commercial quantities of Sivec
marble and supply of the highest quality material is being
exhausted. Sivec marble prices begin from EUR500 per metric tonne
(unprocessed) for the lesser grades, and is the highest value
marble in the Company's range.
Chris Gilbert, CEO, commented: "Following the placing to raise
GBP4.75 million last month, we are pleased to already be on track
with regards to this acquisition. Sivec is a highly sought after
marble and key for the development of Fox Marble's portfolio. We
look forward to updating shareholders with the progress of the
Prilep Omega Sivec quarry."
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 Broker)
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 has 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.
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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