Fortescue Ltd (ASX: FMG) has cleared a major hurdle in its pursuit of full ownership of Alta Copper Corp. The Company announced that Alta Copper shareholders have approved the proposed acquisition on 27 January 2026. This marks a pivotal moment for the Fortescue copper project update as it positions the mining giant to take complete control of  valuable exploration assets in Peru.
Figure 1: A Fortescue employee at one of the Company’s metals operations. (Source: Fortescue)
The shareholder vote represents a key milestone in Fortescue copper project update. Alta Copper shareholders will receive cash consideration of C$1.40 per share under the Transaction. The deal values Alta Copper at C$139 million and will be implemented through a Canadian Plan of Arrangement, strengthening the Fortescue Alta Copper Project pathway.
What Does the Alta Copper Acquisition Mean for Fortescue?
Fortescue Alta Copper Project update shows that the Company currently holds approximately 36 per cent of Alta Copper’s issued share capital. The acquisition will enable the Company to secure 100 per cent ownership of the Cañariaco Copper Project in northern Peru. This outcome reinforces the latest Fortescue copper project update, offering full operational control.
The Cañariaco Copper Project comprises multiple deposits and prospects across a large, highly prospective landholding. The Project sits within an emerging porphyry copper corridor and has the potential to support a long-life copper operation. Full ownership strengthens the Fortescue growth strategy by improving capital allocation flexibility and long-term value creation.
Fortescue Growth Strategy Prioritises Copper Portfolio Expansion
Fortescue Growth and Energy Chief Executive Officer Gus Pichot emphasised that copper is a core pillar of the Fortescue growth strategy. The Transaction aligns with the Company’s disciplined approach to capital allocation and reputation for responsibly developing high-quality assets. This acquisition adds to the Company’s existing copper portfolio in Peru.
Figure 2: Chief Executive Officer Gus Pichot, who outlined copper as a core pillar of the Company’s growth strategy. (Source: Fortescue)
Pichot described the Cañariaco Project as a compelling copper opportunity. The Company will leverage its existing technical capability and in-country experience to advance the Project. Subject to completion of the Transaction, the initial focus will be on integration planning, technical review and community engagement.
What Are the Next Steps for the Alta Copper Project?
Fortescue Alta Copper Project update reveals that the completion of the Transaction remains subject to approval by the British Columbia Supreme Court and the Investment Canada Act. The Company must also satisfy other customary closing conditions before finalising the acquisition. These regulatory steps are standard for cross-border mining transactions of this scale.
Once completed, Fortescue will progress the studies required to inform future development decisions. Any future development will be subject to the completion of studies, receipt of regulatory approvals and a final investment decision. These steps form a key part of the broader Fortescue growth strategy in energy transition metals.
Industry Context: Global Copper Demand Drives Acquisition Activity
The global copper market continues to experience strong fundamentals driven by electrification and renewable energy infrastructure. Major mining companies are actively pursuing copper assets to meet anticipated demand growth. Copper is essential for electric vehicles, solar panels, wind turbines and power transmission infrastructure.
Figure 3: A portion of the Cañariaco Norte Copper Deposit with selected drill hole collars superimposed at the Alta Copper project in northern Peru. (Source: Alta Copper)
Fortescue’s move to secure full ownership of the Cañariaco Copper Project reflects broader consolidation trends. The Fortescue Alta Copper Project gives the Company greater control over development timing and capital deployment, aligning with its evolving Fortescue growth strategy.
Fortescue Share Price and Market Performance
Fortescue shares are currently trading at $21.725 with a market capitalisation of $66.22 billion. The stock has traded in a 52-week range of $13.180 to $23.380 per share. The Company’s share price performance reflects investor confidence in its diversified portfolio across iron ore, energy metals and green hydrogen initiatives.
Figure 4: Fortescue share price performance over the past year, reflecting market response to its diversified growth strategy. (Source: ASX)
About Fortescue Ltd
Fortescue Ltd is a global resources and green technology company headquartered in Perth, Western Australia. The Company is a leading iron ore producer with operations across the Pilbara region. Fortescue operates a fully integrated supply chain including mining, rail and port infrastructure.
The Company has expanded beyond iron ore into energy metals and green hydrogen production. Fortescue’s portfolio includes copper, nickel and lithium projects across multiple jurisdictions. The Company is committed to achieving Real Zero terrestrial emissions by 2030 through renewable energy deployment and electric fleet conversion.
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Final Thoughts
Fortescue’s acquisition of Alta Copper represents a strategic expansion aligned with its copper ambitions. Shareholder approval clears a critical step toward full ownership of the Cañariaco Copper Project. The Fortescue Alta Copper Project now moves closer to its next development phase.
The Transaction supports the Fortescue growth strategy, centred on energy transition metals. As copper demand accelerates globally, future Fortescue copper project updates will be closely monitored by investors in the coming quarters.
FAQs
Q1. What is the value of Fortescue’s Alta Copper acquisition?
Ans. The Transaction values Alta Copper at C$139 million with shareholders receiving C$1.40 per share in cash consideration.
Q2. How much of Alta Copper does Fortescue currently own?
Ans. Fortescue currently holds approximately 36 per cent of Alta Copper’s issued share capital and will acquire the remaining shares.
Q3. Where is the Cañariaco Copper Project located?
Ans. The Cañariaco Copper Project is located in northern Peru within an emerging porphyry copper corridor.
Q4. What approvals are still required to complete the Transaction?
Ans. The Transaction requires approval from the British Columbia Supreme Court, Investment Canada Act and satisfaction of customary closing conditions.
