Australian mining giant Fortescue (ASX:FMG) has finalised the acquisition of Alta Copper, securing 100% ownership of the Cañariaco Copper Project in Northern Peru.
The transaction, executed through Fortescue's subsidiary Nascent Exploration via a Canadian plan of arrangement, saw Alta Copper shareholders receive CAD$1.40 per share in cash.
The valuation pegs the total equity of the target company at approximately CAD$139 million.
The acquisition represents a pivot for Fortescue as it diversifies beyond its traditional iron ore roots.
By absorbing Alta Copper, Fortescue gains full control of a 91-square-kilometre tenure situated within a high-potential porphyry copper corridor.
Gus Pichot, Fortescue’s Growth and Energy CEO, emphasised that copper remains a "core pillar" of the company’s long-term expansion strategy.
The Cañariaco Project provides the firm with direct exposure to a massive, albeit undeveloped, resource in a region where Fortescue has maintained a technical and community-facing presence since 2018.
Looking ahead, the company intends to leverage its established Latin American expertise to navigate the complex permitting and social engagement landscapes inherent to Peruvian mining.
Immediate priorities include comprehensive technical reviews and the progression of feasibility studies to determine the project's development trajectory.