Central Asia Metals (CAML), a UK-incorporated base metals producer, has entered into a definitive scheme implementation deed with Australian miner New World Resources (NWR) to acquire the latter for approximately A$185m ($118.7m).

The cash consideration of A$0.05 per share represents a significant premium, ranging from 78.6% to 150%, over various benchmarks including NWR's last closing price and volume-weighted average prices up to 20 May 2025.

CAML will take full ownership of the Antler project, a high-grade copper deposit in Arizona, US, as part of the transaction.

The project is expected to yield an average of around 30,000 tonnes per annum of payable copper equivalent throughout its 12-year operational life.

NWR's most recent mineral resource estimate for the Antler project reported a total of 14.2 million tonnes with a copper equivalent grade of 3.8%.

The transaction is contingent upon several conditions including regulatory approvals from the US and North Macedonia, an independent expert's endorsement and no material adverse changes to NWR's operations.

Additionally, the scheme requires the approval of NWR shareholders and the Australian Court.

CAML CEO Gavin Ferrar said: "The addition of this high-grade copper project in a tier-one jurisdiction will significantly strengthen our portfolio. 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 [definitive feasibility study] 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."

CAML plans to fund the acquisition through existing cash reserves and a new $120m (£89.45m) credit facility, with the transaction not subject to financing or due diligence conditions.

The transaction is due to be implemented in September 2025, subject to the conditions of the scheme being satisfied or waived.

NWR's Board has recommended the transaction, considering it the best outcome for shareholders compared with other proposals and the risks of independently developing the Antler copper project.

The directors, holding approximately 2.56% of NWR shares, intend to vote in favour of the scheme, in line with the independent expert's ongoing approval.

NWR managing director Nick Woolrych said: “The Board decided to pursue this transaction despite receiving exceptionally strong interest from multiple Tier-1 project financiers and strategic partners, which reflects the quality of the Antler Copper Project and its inherent strategic value in the global copper landscape.”