Fortescue secures shareholder approval for Alta Copper buyout
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The news: Andrew Forrest-controlled Fortescue has moved a step closer to securing full ownership of Toronto-listed copper miner Alta Copper Corp, after the target's shareholders approved the proposed buyout.
The numbers: Fortescue currently holds 36% interest in Alta Copper. Its planned acquisition, announced last month, values Alta Copper at around $152 million.
The context: Alta Copper wholly owns the Cañariaco Copper Project in Northern Peru. Fortescue said the buyout is consistent with its critical minerals strategy, focused on expanding the miner's copper portfolio and related exploration footprint.
The deal is subject to approval by the British Columbia Supreme Court and the satisfaction of other customary closing conditions. Completion is targeted for the March quarter 2026.
What they said: "Subject to completion of the transaction, Fortescue's initial focus will be on integration planning, technical review, community engagement and progressing the studies required to inform future development decisions," said Fortescue growth and energy CEO Gus Pichot.
The source: ASX
