https://www.engineeringnews.co.za

New World undertakes fund raising

12th December 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

Font size: - +

PERTH (miningweekly.com) – ASX-listed New World Resources has announced a capital raise to advance its Antler copper project, in Arizona, towards development and production.

The company on Monday said it would issue 250-million new shares, at a price of 3.2c each, to raise A$8-million. The placement has been strongly supported by a range of institutional, sophisticated and professional investors.

“We are very pleased to have received such strong support for our placement,” said New World MD Mike Haynes.

“Over the past 12 months we’ve increased the high-grade resource at the Antler copper project by 48%. The new funds will enable us to continue to expand the Antler resource base, firstly by continuing to drill at depth below the Antler deposit itself, where the deepest holes have recently returned assays including 27 m at 7.0% copper-equivalent, 21.3 m at 5.3% copper-equivalent, and a spectacular intercept of 10.7 m at 13.7% copper-equivalent, and secondly by testing the high-priority targets that we have delineated along strike from the Antler deposit, that provide opportunities to discover additional VMS deposits.”

Haynes said that funds would also go towards updating the scoping study to evaluate a larger production profile at Antler, which is expected to have a positive impact on the project’s economics.

“This scoping study work will be used to finalise and submit mine permit applications. And the expanded mining operation will also be incorporated into the prefeasibility study which is being progressed.

“The Antler copper project, which hosts one of the highest-grade copper deposits in the world, provides an exceptional opportunity for near-term development with strong financial returns, at a time when copper prices are rising in line with an anticipated impending shortfall in supply. The additional funds raised in the placement will enable us to continue to expedite Antler back into production.”

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Sweet-Orr
Sweet-Orr

Sweet-Orr, established in 1871, is a global leader in superior protective workwear, known for quality, innovation, and performance.

VISIT SHOWROOM 
ATI Systems
ATI Systems

ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







301

sq:0.062 0.806s - 140pq - 2rq
Subscribe Now