SYDNEY – Australian mining giant Fortescue Ltd (ASX: FMG) has entered a binding agreement to acquire the remaining 64% of Canadian miner Alta Copper Corp. (TSX: ATCU) it does not already own for C$1.40 per share in cash, the companies announced on Monday.
The all-cash transaction values Alta Copper’s total equity at approximately C$139 million. The offer represents a 50% premium to Alta Copper’s 30-day volume-weighted average price (VWAP) of C$0.94 per share as of December 12, 2025.
The acquisition is central to Fortescue’s strategy to build its critical minerals portfolio, with a specific focus on copper. Alta Copper’s key asset is the 100%-owned Cañariaco Copper Project in northern Peru, an emerging porphyry corridor with significant exploration potential. The project hosts a substantial mineral resource, including measured and indicated resources of 1.1 billion tonnes at a 0.42% copper equivalent grade.
Alta Copper’s Board of Directors and a special committee have unanimously recommended shareholders approve the deal. Shareholders holding approximately 12.5% of the issued common shares have already entered voting support agreements. The transaction is expected to close in the March quarter of 2026, pending shareholder, court, and regulatory approvals.
“This transaction is consistent with Fortescue’s critical minerals strategy focused on expanding our copper portfolio,” Fortescue stated. The company highlighted its established presence in Latin America since 2018 and plans to apply its technical and community engagement expertise to advance the project responsibly.
Alta Copper’s special committee received fairness opinions from Haywood Securities Inc. and Fort Capital Partners, both concluding the offer is financially fair to shareholders.
The deal will be executed via a Canadian Plan of Arrangement under the Business Corporations Act of British Columbia.