New World raises funds to accelerate Arizona copper project
ASX-listed New World Resources is well financed to continue to advance the Antler copper project towards initial production, the company reported on Wednesday, announcing an $11-million funding agreement with Trident Royalties.
New World entered into a binding agreement with Trident Royalties, whereby the UK-listed group will purchase a 30.9% net smelter return royalty on future metal production from Antler in northern Arizona.
The funding would enable New World to expand the Antler resource base, while also expediting development activities at the high-grade Antler project, without diluting shareholders, commented MD Mike Haynes.
“Trident’s royalty funding follows a competitive process. Trident has undertaken extensive due diligence on the project, so this represents another strong endorsement of New World’s expansion and development strategy to become a significant North American copper producer,” he said.
Antler is an advanced stage, high-grade copper-zinc polymetallic deposit with a mineral resource estimate of 11.4-million tonnes at 4.1% copper-equivalent for about 467 000 t of copper-equivalent.
An enhanced scoping study, published in May, highlighted strong project economics, with a pre-tax net present value, using a 7% discount of $835-million and a low capital expenditure of $252-million, delivering an internal rate of return of 40.2%.
Over a 13-year mine life, Antler will produce an average of 32 700 t of copper-equivalent.
A prefeasiblity study on the project is expected in the fourth quarter, with commencement of preconstruction development works targeted for the first quarter of 2025.
Mine development and surface infrastructure will be located on privately owned land, which is currently owned or controlled by New World, thereby streamlining the permitting process.
Comments
The
content
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation