Resolute Mining (ASX: RSG) has signed a deed of company arrangement with Noble Mineral Resources (ASX: NMG) that will see Resolute move forward to become the 100% owner of the Bibiani gold project in Ghana.
This follows the approval of Noble’s creditors on 26 November for the deal.
Resolute has also entered into a US$7 million interim funding agreement with the Deed Administrator in order to support the Scheme of Arrangement process with respect to Noble’s Ghanaian subsidiaries.
The deal removes any uncertainty regarding future ownership and operation of Bibiani following Noble entering into Voluntary Administration in September 2013.
Bibiani has a Resource of 2.8 million ounces and includes a 3 million tonne per annum CIL processing facility. It has produced 4 million ounces of gold to date.
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