Fortescue Expands Into Copper by Buying Peru-Focused Explorer
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Fortescue Ltd. has agreed to acquire Canada-based explorer Alta Copper Corp. in a deal that marks the Australian company’s first major foray beyond iron ore into other metals.The miner, led by billionaire chairman Andrew Forrest, said it had agreed to buy the 64% of Alta that it does not already own for C$1.40 per share, a 50% premium to the company’s 30-day weighted average price. The deal implies an equity value of CAD$139 million ($101 million) for Alta.