Fortescue and Alta Copper have announced a binding agreement for Fortescue to acquire the remaining 64 per cent of Alta’s outstanding common shares it does not already own.
The transaction, structured as a Canadian plan of arrangement, offers Alta Copper shareholders $1.53 per share in cash, representing a total equity value of $152 million.
The $1.53-per-share consideration represents a 50 per cent premium to Alta Copper’s 30-day volume weighted average price (VWAP). The acquisition aligns with Fortescue’s critical minerals strategy, which focuses on expanding its copper portfolio and exploration footprint, the company said.
Alta Copper’s primary asset is the 100-per-cent-owned Cañariaco Copper Project in northern Peru, an area known for large porphyry potential. The Cañariaco project includes the Cañariaco Norte and Cañariaco Sur deposits, with reported measured and indicated mineral resources of 1.1 billion tonnes at 0.42 per cent copper equivalent grade. Cañariaco Norte has been ranked the 10th-largest late-stage copper resource globally.
Alta Copper’s Vancouver-based directors have unanimously recommended that all shareholders vote in favour of the transaction. In addition, key shareholders, directors and officers holding 12.5 per cent of the shares have committed to supporting the deal.
The transaction is subject to security-holder and British Columbia Supreme Court approvals and is expected to close in the March quarter of 2026. Following completion, Fortescue plans to conduct a work program, including additional drilling, to report the resources in accordance with the Australian JORC Code.
