https://www.miningweekly.com

Noble enters voluntary administration

13th September 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.059 0.792s - 110pq - 2rq
Subscribe Now