Noble moves toward underground mining at Bibiani
PERTH (miningweekly.com) – Gold miner Noble Mineral Resources has suspended surface operations at its Bibiani mine, in Ghana, as the company prepared to take the mine underground.
The company told shareholders on Monday that a strategic review of the Bibiani project had supported the establishment of an underground mining operation.
Noble pointed out that the gold endowment at the mine was significant, adding that it was confident the existing infrastructure, combined with a revised operational strategy, would provide the opportunity to establish a profitable underground mining operation.
In March this year, a joint technical committee, with investor Resolute Mining, identified a number of immediate opportunities to improve operating efficiencies at Bibiani, including the implementation of a traditional owner–operator model for the mining fleet.
The committee also undertook a review of the project’s resources and reserves, which incorporated the potential underground reserves.
Meanwhile, the miner said it was assessing various funding alternatives to ensure the company could meet both its near-term commitments, as well as achieve its revised long-term strategic objectives.
Noble noted that the company’s change in direction, as well as the recent weakening of the gold price had prompted the potential requirement for further funding.
ASX-listed Noble said on Monday that it would appoint a corporate adviser to provide independent financial advice to assist management in determining the near-term funding requirements relating to the revised strategy and to provide recommendations.
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