TIDMFOX
RNS Number : 1554W
Fox Marble Holdings PLC
07 February 2017
07 February 2017
Fox Marble Holdings plc
("Fox Marble" or the "Company")
US$1.8 million sale and purchase agreement for Marble obtained
from India
Fox Marble, the AIM listed company focused on marble quarrying
and finishing in Kosovo and the Balkans region, announces that is
has entered into a US$1.8m per annum sale and purchase agreement
with Mahadev Marmo PVT Ltd ('Mahadev'), India's second largest
green marble export house, following the satisfactory delivery and
completion of a block marble sample order, which was shipped in
December 2016. This order and sales agreement marks the Company's
first customer and entry into India and is in line with Fox
Marble's international expansion strategy as it positions itself as
a leading low cost marble production, processing and distribution
company globally.
In light of this new agreement, the Company has increased its
estimate of its order book in 2017 to EUR4.1m.
Sample order shipped
Following an inspection of the quarry, Mahadev paid for three
blocks of Fox Marble's Illirico Selene (silver grey) block marble.
This order was shipped in December 2016 from Fox Marble's newest
quarry - the Malesheva quarry in Kosovo and arrived in India early
this year. The blocks were processed in the Mahadev facility in
Udaipur.
Sale and Purchase agreement
In November 2016 Fox Marble completed a full Sale and Purchase
Deed of agreement with Mahadev to supply a minimum quantity of its
Illirico Selene marble over a three year period valued at
approximately US$1.8 million per year, subject to satisfactory
receipt and inspection of the sample order, which has now taken
place. It is anticipated that the block marble will be shipped at
the rate of approximately 1,000 tonnes per month once Fox Marble
quarry operations re-open in March 2017, following the annual
scheduled winter shutdown (January - March) due to the usual cold
weather conditions.
Fox Marble, CEO Chris Gilbert, commented: "This new sales order
and sales agreement marks our first move into the significant and
potentially lucrative Indian marble market. After a marketing drive
in country, we were delighted to see commercial traction and demand
for our marble product as a new and exciting stone. This new
relationship with Mahadev has been the result of many months of
work to establish a secure supply chain in India and we look
forward to working with them during the course of 2017, where we
anticipate receiving further significant orders."
Mahadev Marmo PVT Ltd
The company was established in 1988 by Shri Shankar Singh
Sisodia and has an excellent track record in supplying premium
natural stones to National and International Markets. Notably the
Mahadev Marmo group of Companies is India's second largest Green
Marble Export House. The Company is headquartered at Udaipur in
Rajasthan-the Western State of India, which is the hub of the stone
industry.
Mahadev owns fully mechanised developed quarries in Udaipur, the
heart of Aravali Mountains range quarrying region, and a Black
Galaxy quarry at ONGOLE in Andhra Pradesh. It also has the most
modern, environment friendly, versatile & high capacity
machinery, The company has built a state of the art factory at
Udaipur with an annual production capacity of 100,000 ton marble
blocks and 125,000 sq.m. of slabs.
Its products are exported to Italy, Australia, Canada, Hong
Kong, Taiwan, China, Japan, America, and Middle East etc. Some of
the prestigious projects in which its products have been used
include the Hotel Micaso, Johor Baru, Malaysia, Rasa Shangri La,
Kota Kinabala & Star City, Kualalumpur, Raniwara as well as the
Mandarin Orientale, Kualalumpur, the Pantai Plaza, Kualalumpur and
the Colmer Tropicale, Bukittinggi, Malaysia.
Shankar Singh Sisodia of Mahadev commented, "Equally we are
pleased to be working with a prestigious company such as Fox Marble
which supplies high grade marble from Europe. The Indian market has
always been welcoming of marble product from other parts of Europe,
therefore I am confident that the demand for materials from Fox
Marble will likely be high."
For more information on Fox Marble please visit
www.foxmarble.net or contact:
Fox Marble Holdings
plc
Chris Gilbert, Chief Tel: +44 (0) 20 7380
Executive Officer 0999
Cairn Financial Advisers Tel: +44 (0) 20 7213
LLP (Nomad) 0880
Liam Murray
Brandon Hill Capital
(Broker)
Oliver Stansfield (CEO) Tel: +44 (0) 20 3463
5000
Yellow Jersey PR
Felicity Winkles Tel: +44 (0) 77 4884
Francesca Hillier 3871
Tel: +44 (0) 7708 400
470
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 40 year mining licences for six separate marble
quarries of which three are now in production 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 (over 1bn tons) of
premium quality marble.
In addition, Fox Marble has rights to extract marble from two
further premium quality marble quarries, at Drini and at Malesheva
in Kosovo, which is in full production, and from the Prilep Quarry
in Macedonia which is also in full production and, one of only two
sources worldwide of the highly prized white Sivec marble.
Forward Looking Statements
Although any forward looking statements contained in this
announcement are based upon what the directors believe to be
reasonable assumptions, the Company cannot assure investors that
actual results will be consistent with such forward looking
statements.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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