21st Oct 2013 07:47
LONDON (Alliance News) - Fox Marble Holdings PLC Monday said it has achieved its first sales in the UK, as four quarry sites became operational.
The AIM-listed marble quarrying and production company, operating in Kosovo and the Balkans region, said it has made the first sales of its Sivec marble from Macedonia to the UK and also sold a small amount of marble from a site in Kosovo to a customer in Lebanon.
Fox Marble also said that, in pursuit of its growth strategy, it has recently agreed a distribution agreement in the US, particularly for its Cremo Fiorito Olta, Illyric white and Rosato Grey Cervenilla marble from the Rahovec quarry located in Kosovo.
The company said it is now preparing slabs for shipment to the US and expects to start receiving its first revenues by the end of the year.
Fox Marble said it has now began extracting from two further quarries, bringing the total quarries now in production to four. It said that on opening its Suhogerll quarry in Kosovo, large quantities of high-quality stone were discovered.
The company said development of its processing plant in Kosovo is progressing towards its expected completion in the first quarter 2014, which is expected to increase the company's production levels substantially.
Fox Marble shares were up 11% to 15.84 pence, putting it in the top-ten AIM gainers in early trading Monday.
By Tom McIvor; [email protected]; @TomMcIvor1
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