Fortescue has agreed to buy the remaining 64 per cent of Canada-based Alta Copper in a deal valued at C$139 million, as the company looks to expand beyond iron ore into other metals.
The Australian miner entered into a binding agreement to acquire Alta Copper’s remaining shares that it does not already own through a Canadian plan of arrangement.
Fortescue, through its unit Nascent Exploration, is offering C$1.40 per share in cash, representing a premium of 50 per cent to the company’s 30-day volume weighted average price.
The deal will give Fortescue full control of the Cañariaco Copper Project located in Northern Peru within an emerging porphyry corridor that hosts several large exploration and development opportunities.
The Cañariaco project comprises 91 square kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco Sur deposit and the Quebrada Verde prospect.
The Cañariaco project has a reported mineral resource of 1.1 billion tonnes at 0.42 per cent copper equivalent grade and 0.9 billion tonnes at 0.29 per cent copper equivalent grade.
Fortescue said the transaction is consistent with its critical minerals strategy, which focuses on expanding the company’s copper portfolio.
The company said it is well-placed to advance the Cañariaco project as it has been in Latin America since 2018 and will leverage its technical, permitting and community engagement expertise.
Alta Copper’s board of directors has unanimously recommended that shareholders approve the transaction at the upcoming meeting in January 2026.
The acquisition is targeted to close in the March quarter of 2026, subject to regulatory approvals.
