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The latest update is out from Fortescue Metals Group Ltd ( (AU:FMG) ).
Fortescue has moved a step closer to taking full control of Alta Copper Corp. after Alta shareholders approved the Australian miner’s proposed acquisition of all remaining shares it does not already own. Fortescue, which currently holds about 64% of Alta Copper, plans to complete the deal via a Canadian Plan of Arrangement that will see minority shareholders receive C$1.40 per share in cash, a 50% premium to Alta’s 30-day volume-weighted average price, valuing the target at C$139 million and clearing a key milestone toward closing, subject to court, regulatory and customary approvals. The transaction will give Fortescue 100% ownership of Alta’s Cañariaco Copper Project in northern Peru, a multi-deposit asset in an emerging porphyry copper corridor that is seen as having potential to support a long-life operation, strengthening Fortescue’s copper portfolio and aligning with its strategy to make copper a core pillar of its long-term growth. Following completion, Fortescue plans to focus on integration planning, technical reviews, community engagement and further studies to shape future development decisions, with any eventual project build contingent on study outcomes, approvals and a final investment decision, underscoring the group’s emphasis on disciplined capital allocation and responsible development of high-quality assets.
The most recent analyst rating on (AU:FMG) stock is a Hold with a A$20.30 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 Ltd is an Australia-based resources company best known as a major iron ore producer and exporter, which in recent years has been expanding its presence in energy transition metals such as copper. The group is building a portfolio of copper assets in Peru, leveraging its technical capabilities and in-country experience to support long-term growth beyond its core iron ore business.
YTD Price Performance: -2.27%
Average Trading Volume: 6,479,247
Technical Sentiment Signal: Buy
Current Market Cap: A$66.19B
Find detailed analytics on FMG stock on TipRanks’ Stock Analysis page.