Fortescue takes full ownership of Peruvian copper project in CAD139m deal

The news: Fortescue’s wholly owned subsidiary, Nascent Exploration, has completed the acquisition of Canadian-listed mineral exploration Alta Copper valued at CAD139 million ($145 million) amounting to a cash consideration of CAD1.40 per share.

The context: Fortescue will now hold a 100% stake in the Cañariaco Copper Project in Northern Peru. The project spans about 91 square kilometres of prospective tenure hosting several copper deposits. Fortescue said it is well positioned to advance the development, citing its presence in Latin America since 2018.

What they said: “Copper is a core pillar of Fortescue’s growth and diversification strategy and the acquisition of Alta Copper builds on our existing critical minerals exploration activity”, Fortescue growth and energy CEO Gus Pichot said.

“In particular, the Cañariaco Copper Project strengthens Fortescue’s copper portfolio and provides exposure to significant undeveloped resource with an emerging porphyry corridor in Northern Peru,” he added.