Fox Marble does sales deal with Banyan Stone

4th Dec 2014 14:26

Balkans-focused miner Fox Marble Holdings has announced a long-term off-take agreement with Banyan Stone.Under the deal, Banyan will buy €1.5m worth of block marble in three tranches over the next 18 months, with €500,000 worth of stone being purchased every six months.Gibraltar-based Banyan will make a prepayment on the first instalment of €250,000 immediately, with a further €250,000 to be paid upon completion of the first delivery, which is expected early next year."We are pleased to have formalised a relationship with Banyan Stone, which marks an important step towards our stated aim of developing a global distribution network with strategic and well positioned partners," said Fox Marble chief executive Chris Gilbert.Fox Marble shares were up 9.43% to 18.33p at 14:35 on Thursday.