Fox Marble is participating in a new project through a newly formed company registered in the US, Stone Alliance LLC, a company which is 59% owned by Fox Marble.
Stone Alliance, which has signed a non-binding memorandum of understanding with the Parliament of Kosovo, will need to raise a minimum €100m from external sources to facilitate the opening of 40 proposed marble quarries and factories over a five year period in the region with a view to establish Kosovo as a global presence in the stone industry, creating in excess of 2,000 jobs.
- Stone Alliance granted Commercial Advocacy by the Advocacy Centre of the United States Department of Commerce, ensuring the company benefits from the active support of the US Government.
- Fox Marble will provide the expertise on technical and strategic planning, implementation and quarry operations; as well as the initial marketing, sales and distribution platforms for all Stone Alliance products.
Fox Marble chief executive Chris Gilbert said: "Fox Marble is delighted to participate in this exciting project which we expect will help to establish Kosovo as a global presence in the stone industry.
"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 and work hard to deliver on its previously stated business model. The additional responsibilities Fox Marble will assume for Stone Alliance, in which it holds a majority stake, will enhance its abilities to meet its objectives on a much wider marketing, sales and distribution platform."
At 3:37pm: (LON:FOX) Fox Marble Holdings share price was +1p at 11.25p