Central Asia Metals (CAML), a British non-ferrous metals mining company, has revised its offer to acquire Australia’s New World Resources, raising the value to A$197 million (approximately US$130 million) from the initial A$185 million (US$119 million), according to a company announcement. The updated terms include immediate interim financing of $10 million as part of the placement of new shares to CAML, should no competing offers emerge. These funds are intended to support New World Resources in meeting bonding requirements for Arizona State permits tied to its copper mining project.
Transaction Structure and Financing
The acquisition is structured as a scheme of arrangement and will be financed through CAML’s available cash. The transaction is expected to close in the third quarter of 2025, pending shareholder and regulatory approvals, including from authorities in the United States.
New World Resources’ board has unanimously recommended that shareholders vote in favor of the deal, citing the significant premium offered and the interim financing package as key benefits. The revised offer represents a substantial premium over New World’s recent share price and previous capital raising benchmarks, reflecting the strategic value of the Antler copper project and the broader market’s appetite for high-grade copper assets in stable jurisdictions.
Antler Project: A Strategic Addition to CAML’s Portfolio
The acquisition is principally aimed at securing the Antler copper project in Arizona, a high-grade underground deposit with an estimated resource of 13.6 million tonnes at 1.6% copper, 3.7% zinc, 0.6% lead, 24.5 g/t silver, and 0.26 g/t gold (3.0% copper equivalent). The project is expected to produce approximately 30,000 tonnes of copper equivalent per year over a 12-year mine life, with additional by-products including zinc, lead, silver, and gold. The prefeasibility study for Antler projects robust economics, with an estimated post-tax net present value of $498 million and a post-tax internal rate of return exceeding 30%.
The Antler project is designed as an underground mine to minimize surface disturbance and environmental impact. Once operational, it will more than double CAML’s current annual copper equivalent production and cash flow, positioning the company for significant near-term growth in a sector where copper demand is driven by electrification, renewable energy, and industrial applications.
Copper Market Outlook
Copper remains a cornerstone of the global energy transition, with demand projected to rise sharply due to its use in electric vehicles, renewable energy infrastructure, and grid expansion. The acquisition of the Antler project allows CAML to expand its production base in a low-risk, tier-one jurisdiction, while New World Resources gains access to the financial and technical resources needed to advance its development pipeline. The deal highlights the ongoing consolidation in the mining sector as companies seek to secure high-quality assets in anticipation of future supply deficits.
Company Backgrounds and Market Context
Central Asia Metals is a London-based, AIM-listed producer of copper, zinc, and lead with operations in Kazakhstan and North Macedonia. The company owns and operates the Kounrad solvent extraction and electrowinning (SX-EW) copper facility in central Kazakhstan and the Sasa zinc and lead mine in North Macedonia. CAML is recognized for its low-cost, diversified base metals production and strong cash generation, with annual output of up to 14,000 tonnes of copper, 21,000 tonnes of zinc, and 29,000 tonnes of lead.
New World Resources is an Australian mineral exploration and development company focused on advancing projects in North America, particularly in Arizona and New Mexico. Its flagship Antler project is poised to capitalize on the anticipated surge in copper demand as part of the global energy transition. New World’s assets are considered strategic for supplying critical raw materials essential for manufacturing, construction, and emerging clean energy technologies.
