Australian metals mining company Fortescue has entered into a binding agreement to acquire the remaining 64% of Alta Copper’s outstanding common shares, marking a strategic move to take full control of the Canadian copper explorer.
The offer, which represents a 50% premium to Alta Copper’s 30-day volume-weighted average price (VWAP), values the equity of the company at approximately C$139 million ($100.92 million).
Fortescue currently holds about 35.7% of Alta Copper’s shares and will execute the transaction through its wholly owned subsidiary, Nascent Exploration, underscoring its commitment to expanding its copper portfolio amid rising global demand for the metal in renewable energy and electric vehicle applications.
The transaction is structured as a Canadian plan of arrangement, with Alta Copper shareholders set to receive C$1.40 in cash for each share they hold.
This all-cash deal highlights Fortescue’s confidence in the long-term value of Alta Copper’s assets and its desire to streamline ownership for future development.
The purchase of the remaining 64% interest in Alta Copper Corp. was completed by Fortescue on March 11, 2026, positioning Fortescue to fully integrate Alta Copper’s projects into its broader growth strategy.
At the heart of the deal lies the Cañariaco copper project in northern Peru, which is wholly owned by Alta Copper. Situated in a growing porphyry copper corridor alongside several major exploration and development projects, the asset spans 91 square kilometres of highly prospective land. It hosts the Cañariaco Norte and Cañariaco Sur deposits, in addition to the Quebrada Verde prospect.
The Cañariaco project currently hosts a reported mineral resource estimate of 1.1 billion tonnes at a 0.42% copper equivalent grade in the measured and indicated category, along with 900 million tonnes at 0.29% copper equivalent in the inferred category.
Alta Copper President and CEO Giulio T. Bonifacio commented: “This all-cash premium offer from Fortescue represents an excellent outcome for our shareholders, particularly in light of the significant costs and risks associated with advancing the Cañariaco project. Read more...
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