Australia’s Fortescue has agreed to acquire the remaining 64% stake in Alta Copper, valuing the Toronto-listed copper developer at C$139 million (US$101 million), as it steps up its exposure to the copper market.

Fortescue, via its Nascent Exploration unit, is offering C$1.40 per share in cash, representing a 14.8% premium to Alta Copper’s last closing price. The transaction will give Fortescue full ownership of the company.

The move comes as Fortescue seeks to capitalise on strong copper market fundamentals, with prices recently hitting record highs amid expectations of sharply rising demand driven by electrification and energy transition trends.

Alta Copper’s key asset is the Canariaco Copper Project in northern Peru, which it owns outright.

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The acquisition underscores Fortescue’s strategic pivot toward copper amid structurally strong demand, with limited balance-sheet impact given the deal’s modest size.

Source: Investing Live