Fortescue Acquires Alta Copper to Secure Full Ownership of Cañariaco Project in Peru
Fortescue Completes Alta Copper Acquisition, Securing 100% of Cañariaco Copper Project
Diversified mining company Fortescue has completed its acquisition of Alta Copper, securing full ownership of the Cañariaco Copper Project in northern Peru.
The transaction was finalized through a Canadian plan of arrangement, under which Fortescue subsidiary Nascent Exploration acquired all issued and outstanding shares of Alta Copper that were not already owned by the group.
Under the terms of the agreement, Alta Copper shareholders received C$1.40 per share in cash, representing a total equity value of approximately C$139 million.
With the acquisition now complete, Fortescue holds 100% ownership of the Cañariaco project, which spans about 91 square kilometres of prospective mineral tenure.
The project lies within an emerging porphyry copper corridor and hosts several copper deposits with significant development potential.
According to Gus Pichot, CEO of Growth and Energy at Fortescue, copper remains a key element of the company’s long-term diversification strategy.
“Copper is a core pillar of Fortescue’s growth and diversification strategy, and the acquisition of Alta Copper strengthens our portfolio of critical minerals projects,” Pichot said.
He noted that the Cañariaco project provides the company with exposure to a large undeveloped copper resource located in a promising geological belt in northern Peru.
Fortescue’s immediate priorities will include conducting detailed technical reviews, strengthening community engagement, and advancing the studies required to guide future development decisions for the project.
The acquisition forms part of Fortescue’s broader strategy to expand beyond iron ore and build a stronger presence in critical minerals such as copper, which are essential for the global energy transition and electrification technologies.
