Fortescue (ASX:FMG) and Alta Copper have announced that Alta Copper shareholders have approved Fortescue's proposed acquisition of all remaining common shares not already held by the Australian miner.
The approval marks a significant step toward Fortescue obtaining full ownership of Alta Copper's exploration portfolio, including the Cañariaco Copper Project in northern Peru.
Fortescue currently owns approximately 64% of Alta Copper, with the acquisition to be completed through a Canadian plan of arrangement.
Under the deal, Alta Copper shareholders will receive CAD$1.40 per share—a 50% premium to the company's 30-day volume-weighted average price—valuing Alta Copper at CAD$139 million.
The Cañariaco Project, fully owned by Alta Copper, spans multiple deposits in a promising porphyry copper corridor and has the potential to support a long-life operation.
Full ownership will allow Fortescue to leverage its technical expertise and in-country experience to advance the project.
"Copper is a core pillar of Fortescue’s long-term growth strategy," said Gus Pichot, CEO of Fortescue Growth and Energy. "Full ownership of the Cañariaco Project will give us greater control over project development, capital allocation, and long-term value creation."
Fortescue said its initial post-transaction focus will include integration planning, technical reviews, community engagement, and progressing studies necessary for future development decisions.