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Fortescue Metals Group Ltd ( (AU:FMG) ) has issued an update.
Fortescue Metals Group Ltd has announced its intention to acquire the remaining 64% of Alta Copper Corp’s shares, valuing the company at C$139 million. This acquisition aligns with Fortescue’s strategy to expand its copper portfolio and strengthen its presence in the critical minerals sector. The transaction offers a significant premium to Alta Copper’s shareholders and is supported by Alta Copper’s board. The acquisition will enable Fortescue to advance the Cañariaco Copper Project in Northern Peru, enhancing its industry positioning and operational capabilities.
The most recent analyst rating on (AU:FMG) stock is a Hold with a A$20.00 price target. To see the full list of analyst forecasts on Fortescue Metals Group Ltd stock, see the AU:FMG Stock Forecast page.
More about Fortescue Metals Group Ltd
Fortescue Metals Group Ltd is a prominent player in the mining industry, primarily focusing on the extraction and production of critical minerals, including copper. The company has been expanding its exploration footprint, particularly in Latin America, leveraging its technical expertise and community engagement strategies.
YTD Price Performance: 33.68%
Average Trading Volume: 6,521,967
Technical Sentiment Signal: Buy
Current Market Cap: A$70.72B
Learn more about FMG stock on TipRanks’ Stock Analysis page.