New World Resources (ASX: NWC), a copper miner with projects in the United States, has accepted a revised takeover offer from Central Asia Metals valued at $230 million. This refines an earlier all-cash offer of $185 million made in May. Central Asia Metals initially offered $0.053 per share, later increasing it to $0.055. This followed a competing, non-binding bid of $0.057 per share from Canadian private equity firm Kinterra Capital last month.
The latest offer represents the fourth revision by New World’s board, increasing Central Asia’s cash consideration to $0.062 per New World share. This represents an 8.8% premium over Kinterra’s bid. New World’s board has unanimously recommended that shareholders accept Central Asia’s proposal and advised shareholders to disregard the Kinterra offer. New World Resources is an Australian company focused on developing copper and base metal deposits. Its flagship project is the Antler copper project in Arizona, USA.
As part of the agreement, New World and Central Asia have replaced a proposed $10 million equity placement with a US$6.5 million unsecured loan facility. These funds will advance the Antler project, covering pre-development, permitting, financial assurance requirements, and transaction and interest costs. The loan is accessible once Central Asia holds at least 50% equity and will be cancelled if New World is acquired by another company.
New World Resources owns the Antler project in Arizona, containing 11.4 million tonnes at 4.1% copper equivalent. A 2024 pre-feasibility study outlined a 12-year operation producing copper, zinc, lead, silver, and gold. The company also owns the Javelin project in Arizona and the Tererro volcanogenic massive sulfide project in New Mexico.
