Fortescue Metals Group Ltd. plans to acquire the remaining shares of Alta Copper Corp. for approximately USD 100.8 million, enhancing its control over the Cañariaco copper project in Peru.

Target Information

Fortescue Metals Group Ltd., an Australian mining company, has announced its intention to acquire the remaining 64.3% of shares of Alta Copper Corp., a Canadian company that operates the Cañariaco copper project in Lambayeque, Peru. The acquisition is valued at CAD 138.8 million (approximately USD 100.8 million) and constitutes a 100% premium over Alta Copper's previous share prices, reflecting Fortescue's commitment to enhancing its portfolio in the copper sector. The deal is structured as a judicial agreement compliant with Canadian corporate law.

The Cañariaco project is significant, with estimated reserves of 11.8 billion pounds of copper, alongside substantial gold and silver resources. This project is crucial for Alta Copper’s growth potential and is one of the largest undeveloped copper deposits in the Americas.

Industry Overview in Peru

Peru is globally recognized as a leading copper producer, ranking second in terms of output worldwide. The mining industry is a cornerstone of the country's economy, contributing significa