Fox Marble Holdings (LON: FOX), the AIM listed company focused on marble quarrying and processing in Kosovo and the Balkans region has today announced that it has suspended operations in its Malesheva quarry in Kosovo pending a resolution to the dispute disclosed on the 26 June 2019 (the acquisition of Green Power and Scope).
In the meantime Fox Marble is concentrating on its operations in the Cervenilla and Syrigane quarries in Kosovo which contain its desirable Grigio Argento, Flora, Rosso Cait, Etrusco Dorato and Breccia Paradisea stone. In addition the Alexandrian White and Alexandrian Blue material from its quarry in Macedonia continues to attract more demand around the world with increasing sales due to increased production.
The Company, based on legal advice, continues to believe that the claims challenging the enforceability of the acquisition agreement of Green Power and Scope are wholly unfounded.
Chris Gilbert, Fox Marble Holdings plc CEO commented ,
“We are working hard to resolve this temporary difficulty in this one quarry and believe that our rights will be asserted successfully as has been the case in the past. In the meantime I anticipate that orders for our processed material from our factory will increase and we will update the market with growing sales of this higher margin part of our business.”