Exploratory drilling starts at new Guernsey quarry

RNS Number : 0349V

SigmaRoc PLC

31 October 2017

 

SigmaRoc plc / EPIC: SRC / Market: AIM / Sector: Construction Materials

31 October 2017

SigmaRoc plc

('SigmaRoc' or the 'Company')

Start of exploratory drilling at new Guernsey quarry

SigmaRoc plc, the buy-and-build construction materials group, is pleased to announce that its subsidiary Ronez Ltd ("Ronez"), the Channel Island construction materials producer, has begun the next phase to establish a new quarry site on Chouet headland in Guernsey. Exploratory drilling, scheduled to begin on 6 November 2017, will contribute to the ongoing evaluation of the site's potential and is an essential part of the planning application.

The Board believes that production at Chouet could initially start in 2021 and that a quarry at Chouet would have a lifespan of at least 40 years during which time hardstone could be extracted from both freeheld mineral and further mineral held by the States of Guernsey. Ronez is in discussions with the States of Guernsey Development and Planning Authority over drawing up a development framework for the site allowing for the most efficient utilisation of the reserves.

Sigmaroc CEO, Max Vermorken, said: "We are pleased to be initiating this exploratory work at Chouet Headland. Quarrying is strategically important to Guernsey and we are convinced that a new quarry would provide decades of sustainability for the local industry."

Earlier this month, SigmaRoc announced the acquisition of Topcrete Limited and its wholly owned subsidiary Allen Concrete Limited for an initial cash consideration of £9m and a deferred consideration of £3.5m.

Ronez is a wholly-owned subsidiary of SigmaRoc, which acquired the business for £45m in January 2017.

Enquiries:

SigmaRoc	Tel: [phone]
Max Vermorken, CEO
Strand Hanson (Nominated and Financial adviser)	Tel: [phone]
James Spinney / James Dance
Zeus Capital Limited (Joint Broker)	Tel: [phone]
Rob Collins / Alex Wood
Berenberg (Joint Broker)	Tel: [phone]
Ben Wright / Mark Whitmore / Laure Fine
Temple Bar Advisory (Financial PR adviser)	Tel: [phone]
Ed Orlebar / Tom Allison / Alycia MacAskill	[e-mail]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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