New long-term offtake agreement signed

RNS Number : 3224U

Fox Marble Holdings PLC

15 October 2014

 



AIM: FOX                                                                                                                                       15 October 2014

Fox Marble Holdings plc

("Fox Marble" or the "Company")    

New long-term offtake agreement signed

€300,000 expected annually

Fox Marble, the AIM listed company focused on marble quarrying and finishing in Kosovo and the Balkans region, is pleased to announce that it has entered into a long-term offtake agreement ("Agreement") with Marmi E Graniti D'Italia S.r.l. (MGI) headquartered in Carrara, Italy. 

MGI was founded in in 1948 and is one of the largest and most distinguished marble companies in Italy with sales that span the globe with a particular focus on the North American market. MGI has entered into this Agreement under which it will extend its range of stone by taking a minimum quantity of 100 tons per month of Fox Marble's grey, red and breccia stones for the next two years starting this month. The Agreement excludes Fox Marble's Illyric white and Sivec stones.

The estimated value of this Agreement is €300,000 of revenue per year and the Board expects this could increase over the life of this two year Agreement as volumes climb. 

Chris Gilbert, CEO commented: "This Agreement, with such a prestigious company, further validates the quality of our marble and will assist us in continuing to penetrate the worldwide market for premium quality marble as it further establishes our marble as a premium product worthy of sitting alongside Italian marble."

For more information on Fox Marble please visit www.foxmarble.net or contact:

Fox Marble Holdings plc
Chris Gilbert, Chief Executive Officer	Tel: [phone]
Fiona Hadfield, Chief Financial Officer
Fox Davies Capital Limited (Nominated Adviser and Broker)
Jonathan Evans	Tel: [phone]
Yellow Jersey PR
Dominic Barretto Kelsey Traynor	Tel: [phone] Tel: [phone]

Notes to Editors

Fox Marble Holdings Plc is an AIM quoted natural stone extraction and production Company operating in Kosovo and the Balkans region, with headquarters in the United Kingdom.

Established in 2011, Fox Marble has access to over 300 million cubic metres of premium quality marble and completed a maiden JORC resource indicating an in-situ valuation of approximately Euro 16.5 billion.  As announced in October 2013, it now has four quarries in operation and in August 2014 it completed the acquisition of the Prilep Omega Sivec Quarry, thus increasing its exposure to the highly desirable Sivec marble. 

As of Q3 2013, the Company has started to make the first sales of its high quality marble and has signed a distribution agreement with a company in New York to service the US market.

 

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