TIDMFOX
RNS Number : 6752L
Fox Marble Holdings PLC
04 October 2016
4 October 2016
Fox Marble Holdings plc
("Fox Marble" or the "Company")
Landmark venture formed in cooperation with the Government of
Kosovo
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region, is pleased to
announce that it is participating in a new project through a newly
formed company registered in the U.S., Stone Alliance LLC ("Stone
Alliance"), a company which is 59% owned by Fox Marble.
Key Points:
-- On 4 October 2016 Stone Alliance signed a non-binding
Memorandum of Understanding ("MoU") with the Parliament of
Kosovo.
-- Stone Alliance will need to raise a minimum EUR100m from
external sources to facilitate the opening of 40 proposed marble
quarries and factories over a five year period in the region with a
view to establish Kosovo as a global presence in the stone
industry, creating in excess of 2,000 jobs.
-- Stone Alliance granted Commercial Advocacy by the Advocacy
Centre of the United States Department of Commerce, ensuring the
company benefits from the active support of the U.S.
Government.
-- Fox Marble will provide the expertise on technical and
strategic planning, implementation and quarry operations; as well
as the initial marketing, sales and distribution platforms for all
Stone Alliance products.
Having recognised Fox Marble's success in developing quarries in
the country and the high quality of the marble being produced, the
Government of Kosovo is keen to accelerate the wider development of
the large number of marble deposits which have been identified in
the country and to attract inward investment. Through Stone
Alliance they aim to realise this ambition, drawing on Fox Marble's
existing management and operational expertise.
Stone Alliance has reserved exploration licences for 40 quarry
sites with the Independent Commission for Mining and Minerals, the
licensing body in Kosovo. These quarries have been surveyed and
contain large quantities of high quality dimension stone.
Further, Stone Alliance has been granted Commercial Advocacy by
the Advocacy Centre of the United States Department of Commerce
based in Washington DC. This ensures that the company benefits from
the active support of the U.S. Government. That support will be
primarily delivered by the US Ambassador to Kosovo, HE Ambassador
Greg Delawie, and his staff.
Building on an official letter of welcome from the Kosovo Prime
Minister, Dr Isa Mustafa, and with the strong support of Ambassador
Delawie and his team, on 4 October 2016 Stone Alliance signed a
non-binding Memorandum of Understanding ("MoU") with the Parliament
of Kosovo, led by its President and Dr Mustafa's senior coalition
Partner, President of Parliament Kadri Veseli.
The MoU sets out to achieve the following objectives:
- Creation of a world class new stone industry for Kosovo and in
excess of 2,000 jobs in the first five years of the business plan
implementation;
- International board of directors led by the Chairman, Lt. Gen.
(Ret.) Michael D. Barbero; and
- Enhanced reputation of Kosovo through the transformation of
the international perception of investment risk as well as through
the global marketing and sales of prestigious Kosovan stone.
In accordance with the MOU, Stone Alliance has agreed to raise
the capital necessary to facilitate the opening of forty quarries
in Kosovo, creating not only direct employment in the quarries
themselves but also jobs in the support industries, such as
transport and logistics, consumables provision, as well as
maintenance and catering services where all providers are expected
to be local businesses. Stone Alliance will also commit to build at
least two new factories which will process the extracted raw marble
into the higher value cut and polished slab products.
Stone Alliance is seeking to raise at least EUR100m from new
investors as the business plan dictates. It is envisaged that the
fundraising will commence shortly.
Stone Alliance shall facilitate the opening of the proposed
quarries and factories over a five year period. Each of the 40
quarries are expected to be the subject of a joint venture with a
local minority partner responsible for operations under the
direction of Fox Marble. Fox Marble, which will be the operating
company for Stone Alliance in addition to continuing with its
current operations, will provide the expertise on technical and
strategic planning, implementation and quarry operations; as well
as the initial marketing, sales and distribution platforms for all
Stone Alliance products.
Directors and former Directors of Fox Marble, who have interests
in Stone Alliance, are Mr Andrew Allner (1%), who will act as the
Deputy Chairman of Stone Alliance and Dr Etrur Albani (10%). Chris
Gilbert, who will act as the CEO, will receive an interest of up to
3%, subject to specific performance criteria being met. These
holdings reflect the work they have done in order to establish
Stone Alliance. The balance of the interests in Stone Alliance are
held by a variety of local partners, consultants and advisers.
Chris Gilbert, Fox Marble's CEO commented: "Fox Marble is
delighted to participate in this exciting project which we expect
will help to establish Kosovo as a global presence in the stone
industry. Fox Marble will provide all the practical expertise
required to achieve the stated objectives of Stone Alliance and
manage the business, which has rights to very attractive stone in
40 sites across the country. Fox Marble will continue to build on
its own successes in its quarries and work hard to deliver on its
previously stated business model. The additional responsibilities
Fox Marble will assume for Stone Alliance, in which it holds a
majority stake, will enhance its abilities to meet its objectives
on a much wider marketing, sales and distribution platform."
Andrew Allner, Fox Marble's Chairman commented: "Fox Marble was
formed with the objectives of establishing Kosovo as a leading
global supplier of marble whilst at the same time providing
attractive returns for shareholders. The establishment of Stone
Alliance as a subsidiary company of Fox Marble is a major
development and provides a powerful structure for the future. Fox
Marble must now put this structure into operation and execute its
plans to ensure that Kosovo's potential as a leading global
supplier of marble is delivered, thus creating employment and
wealth in Kosovo and providing additional value to our
shareholders.
I would like to welcome Lt. General Mike Barbero as Chairman of
Stone Alliance. He has played an important role in obtaining the
support of the US Government and reaching agreement in Kosovo. I
look forward to working closely with him in the years ahead."
Michael D. Barbero, Stone Alliance's Chairman commented: "We are
excited to build upon this MoU, which we have signed with the
Government of Kosovo, to develop Stone Alliance into an economic
and employment leader in Kosovo. With the support of the U.S.
Government and in partnership with the Government of Kosovo, Stone
Alliance is committed to the long term success of this
project."
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 Executive Tel: +44 (0) 20 7380 0999
Officer
Cairn Financial Advisers LLP Tel: +44 (0) 20 7148 7900
(Nomad)
James Caithie
Liam Murray
Brandon Hill Capital (Broker)
Oliver Stansfield Tel: +44 (0) 20 3463 5000
Yellow Jersey PR
Dominic Barretto Tel: +44 (0) 77 6853 7739
Aiden Stanley
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 licences 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.
Fox Marble also has rights to extract marble from the Drini and
Malesheva quarries, both in Kosovo and 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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