Fortescue bets $152m on Peruvian copper takeover
Fortescue bets $152m on Peruvian copper takeover Fortescue (ASX: FMG) has entered a binding agreement to acquire the remaining 64% of Canada- based Alta Copper for an implied value of $151m (C$139m). Through the acquisition, Fortescue will gain full control of the Cañariaco copper project in Peru — considered a high potential long-life copper asset — which contains an estimated 1.1bt of measured and indicated resource at .42% copper equivalent as well as an additional .9bt of inferred resource at .29%. Fortescue already owns about 36% of Alta and, under the agreement, will pay Alta Copper shareholders about $1.53 (C$1.40) per share to acquire the remaining stake — a 50% premium on the company’s current 30-day volume weighted average price. Peru is a major copper-producing country, with companies including Anglo American and Glencore already extracting copper in the region. Fortescue has been operating in Latin America since 2018 and is positioned to leverage its well established technical, permitting and community engagement expertise to advance the project. Fortescue’s recent diversification efforts have focused almost solely on clean energy products, including green hydrogen. The company is currently developing a 168,000tpa green hydrogen plant in Brazil at the industrial and port complex of Pecém, Ceará. The Cañariaco copper project aligns with Fortescue’s critical minerals diversification strategy and will form the cornerstone of the company’s copper portfolio. Alta Copper’s board of directors, alongside officers holding 12.5% of shares, have unanimously recommended that Alta Copper shareholders approve the transaction. A vote is schedule for January 26 2026 and Fortescue will need about 66% of shareholder support for the acquisition to go ahead. The transaction is targeted to close in the Q1 CY2026.
