Wedoany.com Report-Dec.16, Fortescue announced on Monday its intention to acquire the remaining 64 percent stake in Alta Copper, a Toronto-listed company, in a transaction valuing the entire equity of Alta at 139 million Canadian dollars (approximately 101 million U.S. dollars).

Through its subsidiary Nascent Exploration, Fortescue is extending a cash offer of 1.40 Canadian dollars per share for the outstanding shares it does not currently hold. This price reflects a 14.8 percent premium over Alta Copper's closing share price on the previous Friday.

The acquisition supports Fortescue's strategy to increase its presence in the copper sector. As the world's fourth-largest iron ore producer, the company seeks to broaden its commodity portfolio amid strong market performance for copper and expectations of rising future demand.

Similar diversification efforts are underway among other major mining firms, including BHP Group and Rio Tinto, which also operate extensively in iron ore and are pursuing greater copper exposure.

Alta Copper holds full ownership of the Canariaco copper project located in northern Peru. The deposit features reported mineral resources of 1.1 billion metric tons grading 0.42 percent copper equivalent, alongside an additional 0.9 billion tons at 0.29 percent.

In early trading following the announcement, Fortescue shares declined by 0.8 percent, tracking a similar movement in the broader Australian mining sector index.

The transaction highlights ongoing consolidation and strategic positioning within the global mining industry, particularly in metals viewed as essential for infrastructure and energy transition applications. Copper's role in electrical systems and renewable technologies continues to drive interest from established producers seeking to secure long-term growth opportunities.

Completion of the deal would provide Fortescue with complete control over the Canariaco asset, enabling advancement of development studies and potential future production. The project's scale positions it as a significant undeveloped copper resource in a established mining jurisdiction.

Market reactions remained measured, with investors assessing the financial implications against Fortescue's core iron ore operations and broader commodity cycles.