Noble enters voluntary administration
PERTH (miningweekly.com) – Cash-strapped Noble Mineral Resources has gone into voluntary administration after being unable to pay a A$4.8-million debt to Rothschild Australia, relating to an A$85-million financing deal from fellow-listed Resolute Mining.
The Western Australian Supreme Court this week set aside an appeal from Noble to set aside a statutory demand by Rothschild.
The ASX-listed Noble has attempted to engage with Rothschild on a number of occasions to seek a commercial settlement that would suit both parties, but Noble’s offer has been rejected.
As a result, the company had been placed into voluntary administration, appointing Ferrier Hodgson to determine the future of the company.
On Thursday, Noble moved to restructure the debts of its Ghanaian subsidiaries to raise the required A$40-million of funding needed to sustain its Bibiani gold project during its care-and-maintenance phase, as well as to fund a feasibility study on the project.
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