Proactive Investors - Run By Investors For Investors

Fox Marble adds rare white marble quarry to Balkans portfolio

Fox Marble adds rare white marble quarry to Balkans portfolio

Fox Marble (LON:FOX) has added two more quarries to its list of sites in the Balkans, including one that contains the rare white sivec marble.

The marble group has signed a 20-year contract to operate the Prilep quarry in Macedonia. It contains white Sivec, with the quarry next door the only other source.

Fox Marble will receive 25% of gross revenue from the sale of block marble produced from Prilep. It will pay the costs of extraction, but not the costs of re-opening the quarry. Once production is established, Fox Marble said it intends to cut and polish blocks at the site.

White Sivec produced from the adjacent quarry currently sells for between €300 and €1320 per tonne, dependent on the grade. A cubic metre of white Sivec weighs 2.8 tonnes.

Fox Marble has also acquired the rights to the Malesheva quarry in Kosovo for twenty years with an option to extend for another twenty.

The quarry produces grey/white and cream marble, similar to crema marfil. The terms of the agreement will see Fox Marble pay the current local owner a 21% net royalty on sales of block marble.

Chris Gilbert, Fox Marble’s chief executive, said: "White Sivec is one of the most desirable marble types in the world today and we believe that demand for the marble will be strong. Our rights extend to 350 hectares across the stone body in this location and our long term tenure will amply reward our shareholders over time."

Fox Marble’s already has mining licences over five separate marble quarries and completed a maiden JORC resource indicating an in-situ valuation of approximately €16.5bn.

View full FOX profile View Profile

Fox Marble Holdings PLC Timeline

Article
January 03 2018

Related Articles

1528891944_Berkwood-Resources---drill-core.jpg
June 13 2018
Lac Guéret Extensions is adjacent to one of the highest grade graphite projects in the world
Fort Cady Borate Project in Southern California
March 11 2019
The company has a strategic cooperation agreement with a borate consumer subsidiary of Sinomach.
Gruyere Gold Project
January 14 2019
Aspiring miner Gold Road is hoping to produce 150,000 ounces a year for its investors.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use