Australia’s New World Resources on Monday confirmed it has received an unsolicited takeover approach from private equity firm Kinterra Capital, just days after accepting a revised acquisition proposal from London-listed Central Asia Metals (CAML).

The ASX-listed copper company said in a statement it had received a nonbinding, conditional, and indicative proposal from Kinterra to acquire all remaining shares it did not already own for A$0.057 apiece in cash. The offer represents a 7.5% premium to CAML’s latest bid of A$0.053 a share.

“The indicative proposal is incomplete and subject to a number of conditions. There is no certainty that the indicative proposal will result in a binding transaction,” New World said.

The company’s board is currently reviewing the approach with its advisers and has advised shareholders not to take any action while the assessment is underway.

Kinterra said in a statement that its approach was in the best interest of New World shareholders, citing the superiority of its proposal to that of the CAML offer.

In addition, Kinterra pointed out that it had a 19.16% relevant interest in New World's shares, making it "highly unlikely that the proposed CAML scheme will be successful".

Kinterra had not previously submitted a competing bid to CAML’s original scheme announced in May. New World’s directors have recommended shareholders support the CAML transaction, which includes a scheme of arrangement and a backup off-market takeover structure.

The CAML offer also includes a conditional A$10-million funding package to help New World meet earlier-than-expected bonding obligations at its Antler copper project in Arizona, which is facing an accelerated permitting timeline.

Located in Arizona’s historic copper district, the Antler project is backed by supportive infrastructure and policy momentum for US critical minerals development. A prefeasibility study released this year outlines a 12-year mine life and average copper equivalent production of 30 000 t/y between years two and 11. The project has a post-tax net present value of $498-million and an internal rate of return above 30%.