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Central Asia Metals (CAML) has increased its offer for New World Resources (ASX: NWC) from A$0.055 to A$0.062 per share, now valuing the company at A$230 million. This announcement was made on Friday, following a bid from Canada’s Kinterra Capital.
CAML has acquired approximately 253 million shares (7.1%) of New World, raising its total holdings to 12.1%. The latest offer represents an 8.8% premium over Kinterra’s previous offer of A$0.057 and is 24% more than CAML’s initial bid of A$0.05 on May 21.
New World Resources currently operates three copper projects in the southwestern U.S., including the Antler project in Arizona, which has a resource of 11.4 million tonnes grading 4.1% copper equivalent, and a prefeasibility study indicating a 12-year mine lifespan producing 341,100 tonnes of copper equivalent.
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