New World clears key permitting hurdle for Arizona copper project
Australia-listed New World Resources said on Wednesday that it had secured approval for its mined land reclamation plan for the Antler copper project in Arizona.
The Arizona State Mine Inspector approved the plan and accepted associated financial assurances totalling A$9.01-million, which must be finalised within 60 days.
New World, which finds itself the target of a bidding war, said it planned to meet the requirement through surety bonds arranged with its preferred insurer, with cash collateral and premium payments of A$1.5-million to A$2-million.
Last week, New World said it was backing a takeover offer from London-listed Central Asia Metals Limited (CAML), which also included a A$10-million funding package to help meet the earlier-than-expected bonding obligations at the Antler project. Subsequent to that, shareholder Kinterra Capital entered the fray, offering A$0.057 a share in cash via an offmarket takeover of New World.
On Tuesday, CAML increased its offer to A$0.055 a share, up from its initial A$0.050 a share in May and last week's bid of A$0.053 a share.
New World said the mined land reclamation plan approval, along with pending state permits, including an air quality permit and multi-sector general permit, would enable the company to begin construction on the private land that comprises most of the Antler project footprint.
The Antler project is located in a remote area of northern Arizona and is proposed as an underground mining operation with supporting infrastructure including a processing plant and dry-stack tailings facility. A July 2024 prefeasibility study evaluated the project’s development and highlighted future expansion potential, with the deposit remaining open at depth and along strike.
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