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Fox Marble uncovers high quality stone at Suhogerll

Revenues are set to roll in before the end of the year at Fox Marble, while the company now has twice as many quarries in operation since it last reported in September
Fox Marble uncovers high quality stone at Suhogerll

Fox Marble (LON:FOX) has doubled the number of quarries in operation and sold some product since it last updated the market in September.

The marble specialist now has four quarries on the go, and one of the newly commissioned quarries – the Suhogerll quarry in Kosovo – has been found to contain large quantities of high quality stone.

Fox Marble says the stone at Suhogerll is equivalent to Calacatta gold, a rare premium type of marble found in the Italian coast.

Meanwhile, progress continues on the firm’s own processing plant, with the planned site now levelled and ready for construction. Barring unforeseen delays, the shell and the floor should be laid by the end of the year, leaving the project on track to be completed in the first quarter of next year.

On the sales front, Fox Marble has made the first sale of its Sivec marble in the UK and it has also sold block marble from one of its quarries in Kosovo to a customer in Lebanon.

Having recently agreed a distribution agreement in the US, the company revealed this market has shown a positive level of interest for Fox Marble's stone, especially the Cremo Fiorito Olta, Illyric white and Rosato Grey Cervenilla marble from the Rahovec quarry located in Kosovo. The company is now in the process of preparing slabs for the first container shipment to the US.

The US is one of the largest importers of cut and polished slab marble in the world, but the company has not been ignoring other parts of the world; it has appointed an agent in China and there are two agents selling blocks from the processing yard in Carrara, Italy.

Chris Gilbert, chief executive of Fox Marble, said: "We are pleased to report further positive steps in our strategy as we start to receive our first revenues by the end of this year.

"We have been making strategic relationships and agreements to ensure that we are well positioned to reach the key premium, luxury markets we intend to supply."

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Fox Marble Holdings PLC Timeline

January 03 2018

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