21st May 2025 08:42
(Alliance News) - Central Asia Metals PLC on Wednesday said it has agreed to buy ASX-listed New World Resources Ltd for AUD185 million, about GBP88.8 million, bringing with it a 100% interest in the Antler copper project in the US state of Arizona.
Central Asia Metals will pay AUD0.050 in cash per share. New World Resources shares were suspended from trading in Sydney on Wednesday, having closed on Tuesday at AUD0.028.
Central Asia Metals shares were up 8.0% to 168.20 pence early Wednesday in London for a GBP303.3 million market capitalisation.
The latest mineral resource estimate for the Antler project was 14.2 million tonnes of copper at a grade of 3.8% per tonne of ore. The project has a net present value of USD498 million.
Central Asia Metals said the acquisition will be funded from existing cash and a new USD120 million credit facility from a syndicate of international lenders.
"We believe that this transaction is an exceptional opportunity for CAML to acquire a high-grade copper asset which complements our existing business," said Chair Nick Clarke.
"The addition of the Antler project to our portfolio will give us the potential for near-term growth as it would more than double our production and cash flow."
By Tom Waite, Alliance News editor
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