PERTH (miningweekly.com) – ASX-listed Noble Mineral Resources has launched a plan to restructure the debts of its Ghanaian subsidiaries as it looks to raise some $40-million in the capital markets.

Noble told shareholders on Thursday that the company would require an additional $40-million in funding to support its Bibiani gold project during the planned feasibility study phase and to maintain the project while it is on care and maintenance.

In May, Noble suspended surface operations at the mine, as it revised its operational strategy at the mine to produce higher-margin ounces to ensure the project’s long-term sustainability.

The gold miner said this week that discussions with potential financiers have indicated that, while the required funding could be secured, the liabilities of Noble’s Ghanaian subsidiaries were an impediment to securing this funding.

Noble had now reviewed the available options to restructure the liabilities of the Ghanaian subsidiaries, prior to moving ahead with funding discussions.

The company had lodged documents with the Ghanaian High Court to start proceedings to restructure the debt of these subsidiaries by way of three concurrent schemes of arrangement.

Noble had also applied for a moratorium on claims against the subsidiaries, pending the determination of the schemes.

The proposed schemes would deal with all of the subsidiaries’ creditors, except for statutory creditors and the two largest external creditors – the Bank of Africa Ghana and the Australian Executor Trustee.

Noble had also agreed that, despite inter-company debts of more than $270-million, Noble itself would not participate under the schemes and the debts would only be recovered after all external creditors had been paid.

Meanwhile, as a result of Bibiani being placed on care and maintenance, some 683 employees had been made redundant.

Noble said the employees considered to be necessary to support the care-and-maintenance and feasibility activities would be re-engaged on a short-term contract basis until the feasibility study had been completed and new funding could be secured.