Fortescue’s wholly-owned subsidiary Nascent Exploration has completed the acquisition of all outstanding and outstanding shares of Alta Copper.
The transaction was completed through a Canadian plan of arrangement, allowing Fortescue to acquire full ownership of Alta Copper shares, which it did not previously own.
Alta Copper shareholders received a cash payment of C$1.40 ($1.03) per share, equating to an estimated total equity value of C$139m.
The acquisition stems from a binding agreement formalized in December 2025, which enabled Fortescue to purchase the remaining 64% of Alta Copper’s shares.
As a result, Fortescue currently owns the 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 various mineral deposits including the Cañariaco Norte and Cañariaco Sur deposits with the Cobrada Verde target.
The acquisition of Fortescue strengthens its position in Latin America, where it has been active since 2018.
The company aims to leverage its technical knowledge and experience in licensing and community engagement.
Gus Picot, CEO of Fortescue Growth and Energy, said: “Copper is a key pillar of Fortescue’s growth and diversification strategy and the acquisition of Alta Copper builds on our existing key minerals exploration activity.
“In particular, the Cañariaco copper project strengthens Fortescue’s copper portfolio and exposes a significant undeveloped resource in a growing porphyry corridor in northern Peru.
“Our immediate focus will be on developing technical reviews, community engagement and studies needed to inform future development decisions.”
In August 2025, Fortescue established a 14.2 billion yuan ($2 billion) renminbi-denominated syndicated term loan facility.
It was a first for an Australian company in the Chinese lending market.
“Fortescue’s Nascent Exploration acquires Alta Copper” was originally created and published by Mining Technologies, a brand owned by Global Data.
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