LONDON: Central Asia Metals Plc (AIM: CAML) has agreed to acquire Australia-based New World Resources Ltd. (ASX: NWC) in a transaction valuing the company at A$185 million (US$119 million), the companies announced Wednesday.
Under the terms of a definitive Scheme Implementation Deed, CAML will pay A$0.05 per share in cash for all outstanding NWR shares. The deal will be executed through an Australian court-approved scheme of arrangement under the country’s Corporations Act.
The acquisition expands CAML’s portfolio with a 100% stake in the Antler Project, a high-grade copper deposit in Arizona. A 2024 prefeasibility study valued the project at US$498 million and estimated annual copper equivalent production at 30,000 tonnes over a 12-year mine life.
CAML will finance the acquisition with its existing cash reserves and a new US$120 million credit facility secured from international lending banks.
NWR’s board unanimously recommended that shareholders approve the deal, barring a superior offer and pending an independent expert’s confirmation that the acquisition is in their best interest. A shareholder vote is expected in the third quarter of 2025, with the deal’s implementation shortly thereafter.
“This transaction is an exceptional opportunity for CAML to acquire a high-grade copper asset that complements our existing business,” said CAML Non-Executive Chairman Nick Clarke. “It would more than double our production and cash flow.”
CAML CEO Gavin Ferrar said the acquisition aligns with the company’s strategy of expanding its presence in tier-one jurisdictions.
NWR explores and develops mineral properties across North America. Its flagship asset, the Antler Project, is located in northwestern Arizona.