LONDON (ShareCast) - (Sharecast News) - Central Asia Metals announced on Wednesday that it has agreed to acquire the Sydney-listed New World Resources for AUD 185m (£88.74m), securing full ownership of the high-grade Antler copper project in Arizona.
The AIM-traded firm said the transaction would be implemented via a court-approved scheme of arrangement, and was expected to complete in the third quarter of 2025.

It said the Antler Project was forecast to produce an average of 30,000 tonnes of copper equivalent annually over an initial 12-year mine life, doubling CAML's current production and significantly boosting future cash flow.

A 2024 prefeasibility study estimated a post-tax net present value of $498m and an internal rate of return exceeding 30%, with pre-production capex of $298m and low life-of-mine costs of $2.18 per pound on an all-in sustaining basis.

The acquisition would be funded through CAML's existing cash reserves and a new $120m credit facility arranged with a syndicate of international lenders.

NWR's board had unanimously recommended the deal in the absence of a superior offer, with shareholders set to vote on the scheme later in the year.

CAML said the transaction offered near-term growth, would enhance its exposure to copper in a Tier-1 jurisdiction, and position the company to benefit from US support for domestic critical mineral development.

A definitive feasibility study was underway, and expected to complete under CAML's ownership.

"The addition of this high-grade copper project in a tier-one jurisdiction will significantly strengthen our portfolio," said chief executive officer Gavin Ferrar.

"We have been impressed by the strength of NWR's team and aim to work with them to integrate the Antler Project, complete the DFS and work towards a construction decision.

"In addition, the manageable capital expenditures of the Antler Project would provide us the opportunity to fund its development whilst ensuring we maintain a strong financial position."

At 1426 BST, shares in Central Asia Metals were up 0.64% at 156.8p.

Reporting by Josh White for Sharecast.com.

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