Fortescue has finalised its acquisition of Alta Copper, securing complete ownership of the Cañariaco copper project located in northern Peru. The transaction, executed through a Canadian plan of arrangement, sees Fortescue take control of the entire project, which is situated within a promising porphyry copper corridor. Fortescue is an Australian metals company focused on iron ore production, and is increasingly investing in other minerals and green energy initiatives. Alta Copper was a Canadian-listed miner focused on copper exploration and project development.
Under the terms of the agreement, Alta Copper shareholders have received $C1.40 ($1.45) in cash for each share held. This values the Canadian-listed miner at approximately $139 million. The Cañariaco project encompasses around 91 square kilometres and contains several copper deposits. The region is recognised for its potential to yield significant, large-scale discoveries.
With the acquisition now complete, Fortescue has stated its immediate priorities for the Cañariaco project. These include undertaking thorough technical reviews to assess the project’s current state and potential. Additionally, the company will focus on actively engaging with the local community to build strong relationships and ensure that the project’s development aligns with community interests.
Furthermore, Fortescue intends to advance studies aimed at informing future development decisions. These studies will likely cover various aspects of the project, including resource evaluation, environmental impact assessments, and infrastructure planning, to support responsible and sustainable development.
