By: Creamer media

The acquisition was implemented through a Canadian plan of arrangement under which Fortescue subsidiary Nascent Exploration acquired all issued and outstanding shares of Alta Copper not already held by the group.

Alta Copper shareholders received cash consideration of C$1.40 a share, implying a total equity value of about C$139-million.

With the transaction complete, Fortescue now owns 100% of the Cañariaco project, which covers about 91 km2 of prospective tenure within an emerging porphyry copper corridor and hosts several deposits.

Gus Pichot, CEO of Growth and Energy at Fortescue, said copper remained central to the company’s diversification strategy.

“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.

“In particular, the Cañariaco copper project strengthens Fortescue’s copper portfolio and provides exposure to a significant undeveloped resource within an emerging porphyry corridor in Northern Peru.

“Our immediate focus will be on technical reviews, community engagement and advancing the studies required to inform future development decisions.”