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An announcement from Candente Copper ( (TSE:ATCU) ) is now available.
Alta Copper shareholders and optionholders have voted to approve a proposed acquisition by Nascent Exploration, a wholly owned subsidiary of Fortescue Ltd, under a court-approved plan of arrangement that would see Nascent acquire all Alta Copper shares it does not already own. The deal, which still requires final approval from the Supreme Court of British Columbia, positions Alta Copper’s Cañariaco project to be folded into a major global mining group, potentially accelerating development of one of the largest undeveloped copper deposits in the Americas and altering the competitive landscape for copper assets in Peru.
The most recent analyst rating on (TSE:ATCU) stock is a Hold with a C$1.50 price target. To see the full list of analyst forecasts on Candente Copper stock, see the TSE:ATCU Stock Forecast page.
Spark’s Take on TSE:ATCU Stock
According to Spark, TipRanks’ AI Analyst, TSE:ATCU is a Neutral.
The score is held back primarily by pre-revenue operations with ongoing losses and increasing cash burn, partially offset by a conservatively levered balance sheet. Technically, momentum is positive with price above major moving averages, but overbought indicators raise near-term risk. Valuation signals are limited because the company is loss-making and no dividend yield is provided.
To see Spark’s full report on TSE:ATCU stock, click here.
More about Candente Copper
Alta Copper Corp. is a Vancouver-based mining company focused on developing its 100%-owned Cañariaco advanced-stage copper project in northern Peru. The Cañariaco property covers 91 square kilometres in a prolific mining district and hosts the Cañariaco Norte and Cañariaco Sur deposits as well as the Quebrada Verde prospect, making it one of the largest copper deposits in the Americas not controlled by a major mining company.
Average Trading Volume: 97,969
Technical Sentiment Signal: Buy
Current Market Cap: C$119.6M
See more insights into ATCU stock on TipRanks’ Stock Analysis page.