Fortescue’s wholly owned subsidiary Nascent Exploration has concluded the acquisition of all issued and outstanding shares of Alta Copper.
The transaction was completed via a Canadian plan of arrangement, allowing Fortescue to gain full ownership of Alta Copper’s shares, which were not already in its possession.
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Shareholders of Alta Copper received a cash payment of C$1.40 ($1.03) per share, equating to an approximate total equity value of C$139m.
The acquisition stems from a binding agreement formalised in December 2025, which enabled Fortescue to purchase the remaining 64% of Alta Copper’s shares.
Consequently, Fortescue currently holds complete ownership of the Cañariaco Copper Project in Northern Peru, an area known for its potential in porphyry copper deposits.
The project encompasses 91km² and includes various mineral deposits including the Cañariaco Norte and Cañariaco Sur deposits, along with the Quebrada Verde target.
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By GlobalDataFortescue’s acquisition strengthens its position within Latin America, where it has been active since 2018.
The company aims to leverage its technical knowledge and experience in permitting and community engagement.
Fortescue growth and energy CEO Gus Pichot said: “Copper is a core pillar of Fortescue’s growth and diversification strategy and the acquisition of Alta Copper builds on our existing critical minerals exploration activity.
“In particular, the Cañariaco Copper Project strengthens Fortescue’s copper portfolio and provides exposure to a significant undeveloped resource within an emerging porphyry corridor in northern Peru.
“Our immediate focus will be on technical reviews, community engagement and advancing the studies required to inform future development decisions.”
In August 2025, Fortescue syndicated a renminbi-denominated syndicated term loan facility of 14.2bn yuan ($2bn).
This was a first for an Australian corporation in the Chinese lending market.
