Fortescue’s wholly-owned subsidiary Nascent Exploration has completed the acquisition of all issued and outstanding shares of Alta Copper.
The transaction was completed through a Canadian plan of arrangement, which allowed Fortescue to obtain full ownership of the Alta Copper shares, which were not already in its possession.
Alta Copper shareholders received a cash payment of C$1.40 ($1.03) per share, equivalent to an approximate total equity value of C$139 million.
The acquisition arises from a binding agreement formalized in December 2025, which allowed Fortescue to purchase the remaining 64% of Alta Copper shares.
Consequently, Fortescue currently owns full ownership of the Cañariaco Copper Project in northern Peru, an area known for its potential for porphyry copper deposits.
The project covers 91km² and includes several mineral deposits, including the Cañariaco Norte and Cañariaco Sur deposits, along with the Quebrada Verde target.
The acquisition of Fortescue strengthens its position in Latin America, where it has been active since 2018.
The company intends to leverage its technical knowledge and experience in permitting and community engagement.
Fortescue chief executive of growth and energy Gus Pichot said: “Copper is a central 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 an important undeveloped resource within an emerging porphyry corridor in northern Peru.
“Our immediate focus will be on technical reviews, community engagement, and advancing studies necessary to inform future development decisions.”
In August 2025, Fortescue syndicated a 14.2 billion yuan ($2 billion) renminbi-denominated syndicated term loan facility.
This was the first time for an Australian corporation in the Chinese credit market.
“Fortescue’s Nascent Exploration Acquires Alta Copper” was originally created and published by Mining Technology, a brand owned by GlobalData.
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