Central Asia Metals PLC (AIM:CAML, OTC:CAMLF) has struck a A$185 million deal to acquire New World Resources, adding the Arizona-based Antler copper project to its portfolio.
Antler is projected to produce 30,000 tonnes of copper equivalent per year, over 12 years.
A prefeasibility study for the project has previously valued Antler at around $500 million, with an internal rate of return over 30%.
It will be funded with CAML’s cash reserves and a new US$120 million credit facility.
"The addition of this high-grade copper project in a tier-one jurisdiction will significantly strengthen our portfolio,” chief executive Gavin Ferrar said.
“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.”