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Fortescue's wholly owned subsidiary, Nascent Exploration, has acquired Canadian-listed Alta Copper for CAD139 million ($145 million), resulting in a full ownership of the Cañariaco Copper Project in Northern Peru. This project covers approximately 91 square kilometers and hosts multiple copper deposits.

Alta Copper shareholders received CAD1.40 per share in cash, totaling the acquisition value. Fortescue plans to conduct technical reviews of the project, engage with the local community, and carry out studies for resource evaluation, environmental assessments, and infrastructure planning to ensure responsible development.