Fortescue and Alta Copper have announced that shareholders have voted in favour of Fortescue’s acquisition of all remaining common shares of the Canadian mineral exploration company.
The approval marks a significant milestone in Fortescue’s strategy to secure full ownership of Alta Copper’s exploration assets, specifically the Cañariaco Copper Project in northern Peru.
Fortescue currently holds approximately 36 per cent of Alta Copper.
Under the terms of the transaction, Alta Copper shareholders are set to receive $C1.40 per share. This price represents a 50 per cent premium to the company’s 30-day volume-weighted average price prior to the deal’s announcement.
The Cañariaco project, currently fully owned by Alta Copper, comprises multiple deposits across a highly prospective landholding. Located within an emerging porphyry copper corridor, it is reportedly capable of supporting a long-life operation.
Fortescue growth and energy chief executive officer Gus Pichot highlighted the strategic importance of the deal.
“The Cañariaco Project is a compelling copper opportunity, and full ownership will provide Fortescue with greater control over project development, capital allocation and long-term value creation,” Pichot said.
“Fortescue’s initial focus will be on integration planning, technical review, community engagement and progressing the studies required to inform future development decisions.”
Completion of the transaction remains subject to approval by the British Columbia Supreme Court and the Investment Canada Act.
Fortescue targets expanded copper influence
Fortescue has signalled broader ambitions in the copper sector alongside its move for full ownership of Alta Copper.
Speaking on the company’s December 2025 quarterly call, Fortescue metals and operations chief executive officer Dino Otranto said the miner intends to become a “significant 100,000-tonne-per-annum player” in the copper space.
This growth strategy is supported by strong operational performance, with the miner reporting record first-half iron ore shipments of 100.2 million tonnes.
Beyond copper, Fortescue is advancing its global portfolio by establishing a Presidential Task Force for its Belinga iron ore project in Gabon to streamline infrastructure planning.
