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Fortescue Ltd (ASX: FMG), one of Australia’s largest iron ore producers, has taken another major step in its diversification strategy by agreeing to acquire the remaining shares of Canada-based Alta Copper Corp (TSX: ATCU). The move highlights Fortescue’s growing focus on copper, a metal widely seen as critical to the global energy transition and electrification trends.
In a market announcement, Fortescue confirmed it has entered into a binding agreement to purchase the outstanding 64% stake in Alta Copper that it does not already own. Under the terms of the deal, Fortescue is offering C$1.40 per share in cash, valuing Alta Copper’s total equity at approximately C$139 million, or about US$101 million. The offer represents a premium of nearly 15% to Alta Copper’s most recent closing price, underlining Fortescue’s confidence in the long-term value of the asset.
The acquisition will give Fortescue full ownership of the Canariaco Copper Project, located in northern Peru, a jurisdiction with a long history of large-scale copper mining. Canariaco is considered a significant copper development asset, with a reported mineral resource of approximately 1.1 billion tonnes. The scale of the resource positions it as a potentially important contributor to future copper supply, especially as demand is expected to rise due to electric vehicles, renewable energy infrastructure, and decarbonization initiatives worldwide.
Fortescue’s push into copper reflects a broader industry trend among major mining companies seeking to reduce reliance on a single commodity. While iron ore remains the company’s core business, management has repeatedly signaled the importance of diversifying into future-facing metals that support clean energy and infrastructure growth. Copper, often referred to as “the metal of electrification,” is central to these ambitions.
For investors, the deal underscores Fortescue’s long-term growth strategy and its willingness to deploy capital to secure high-quality development assets. By consolidating ownership of Alta Copper and the Canariaco project, Fortescue strengthens its exposure to copper at a time when global supply constraints and rising demand are expected to support favorable market fundamentals in the years ahead.
