Balkans quarry group Fox Marble PLC (LON:FOX) is at the centre of a new US-backed initiative to establish a major quarry industry in Kosovo.
Stone Alliance, a company 59% owned by the AIM-listed group, is proposing to raise €100mln to establish a network of 40 quarries in Kosovo.
Stone is US-based and has been granted commercial advocacy by the US Department of Commerce.
Fox Marble will oversee technical and strategic planning, the implementation and quarry operations; as well as the initial marketing, sales and distribution platforms for all Stone Alliance products.
Kosovo’s government wants to develop its marble deposits and Stone Alliance has reserved exploration licences for 40 quarries in the country.
On 4 October, 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.
Stone Alliance will have to raise the €100mln necessary to develop the forty quarries.
Fox Marble already has rights to extract marble from the from the Drini and Malesheva quarries, in Kosovo.
Andrew Allner, Fox Marble's Chairman said: “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.”
Chris Gilbert, chief executive, added: “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.”
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