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Fortescue Metals Group Ltd ( (AU:FMG) ) has issued an announcement.
Fortescue has secured shareholder approval from Alta Copper Corp. investors for its planned acquisition of all Alta Copper shares it does not already own, clearing a key hurdle toward full ownership of the Canadian-listed explorer and its Peruvian copper assets, notably the Cañariaco Copper Project. Currently holding about 36% of Alta Copper, Fortescue will proceed via a Canadian Plan of Arrangement offering C$1.40 per share, valuing Alta Copper at C$139 million, a 50% premium, and positioning Fortescue to consolidate a large, long-life copper opportunity in an emerging Peruvian porphyry corridor, enhance its copper portfolio, and gain greater control over project development and capital allocation, subject to remaining court, regulatory and customary approvals.
The most recent analyst rating on (AU:FMG) stock is a Sell with a A$19.00 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 Ltd is an Australia-based resources company and major iron ore miner that has been expanding into growth commodities such as copper. Through its growth and energy division, Fortescue is building a portfolio of copper assets, including projects in Peru, as part of a long-term strategy to diversify beyond iron ore and support future-facing metals demand.
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.