Fortescue has entered a binding agreement to acquire the remaining 64 per cent of Alta Copper in a deal valued at $151 million ($C139 million), as the company looks to expand its copper portfolio.
Under the agreement, Alta Copper shareholders will receive $C1.40 per share, representing a 50 per cent premium to the company’s 30-day volume weighted average price.
The board of Alta Copper, along with officers holding 12.5 per cent of shares, has unanimously recommended shareholders approve the transaction.
The acquisition secures Fortescue full control of the Cañariaco copper project in northern Peru, a 91km² tenure hosting the Cañariaco Norte and Cañariaco Sur deposits and the Quebrada Verde prospect.
The project contains a reported 1.1 billion tonnes of measured and indicated resources at 0.42 per cent copper equivalent, alongside 0.9 billion tonnes of inferred resources at 0.29 per cent.
A preliminary economic assessment released in June 2024 highlighted the potential for a long-life copper operation at Cañariaco, aligning with Fortescue’s broader critical minerals strategy.
Fortescue has maintained a presence in Latin America since 2018 and said it will leverage its technical, permitting and community engagement expertise to responsibly advance the project.
The deal, expected to close in the March quarter of 2026, will be effected via a Canadian plan of arrangement and requires approvals from Alta Copper shareholders and the British Columbia Supreme Court.