Fortescue Acquires Alta Copper for CAD139 Million, Taking Full Control of Cañariaco Copper Project in Peru
Fortescue's subsidiary Nascent Exploration has acquired Alta Copper for CAD139 million, gaining 100% ownership of the Cañariaco Copper Project in Northern Peru. The acquisition involves a cash payment of CAD1.40 per share, valuing Alta Copper at approximately CAD139 million. Fortescue aims to advance the project's development by conducting technical reviews and engaging with the local community to align development with local interests.
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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.
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