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Central Asia Metals PLC on Wednesday said it has agreed to buy ASX-listed New World Resources Ltd for A$185 million, about £88.8 million, bringing with it a 100% interest in the Antler copper project in the US state of Arizona.
Central Asia Metals will pay A$0.050 in cash per share. New World Resources shares were suspended from trading in Sydney on Wednesday, having closed on Tuesday at A$0.028.
Central Asia Metals shares were up 8.0% to 168.20 pence early Wednesday in London for a £303.3 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 $498 million.
Central Asia Metals said the acquisition will be funded from existing cash and a new $120 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.’
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