Fox Marble builds production thanks to new equipment

Fox Marble's shares jumped on Tuesday after resuming production and adding new equipment at its Prilep quarry in Northern Macedonia following its usual winter shutdown.

The additional equipment is expected to significantly increase production levels to satisfy growing demand from the quarry, which contains white marble marketed as Alexandrian White and substantial quantities of Alexandrian Blue from a newly developed section on the east side of the site.

Chris Gilbert, chief executive of Fox, said: "The increase in monthly production at this quarry, following the investment made in equipment and resourcing, gives us the ability to supply more significant orders having developed robust markets for our stone worldwide."

The AIM traded company also sold and received payment for 400 tonnes of Alexandrian White blocks to a new customer, which it said was responsible for supplying similar material to the Sheik Zayed Grand Mosque in Abu Dhabi and has indicated their intention to purchase additional quantities of this marble on a regular basis throughout the year.

"This large volume block order to a new customer so early in the year following the winter break is an encouraging sign for the upcoming year. The customer, who has a long history of selling material from the Prilep area throughout the world, has indicated an intent to buy further quantities of this material throughout 2019.

Fox Marble's shares were up 7.69% at 8.75p at 1321 GMT.