Dec 15 (Reuters) – Australia’s Fortescue said on Monday it will buy the remaining 64% of Alta Copper in a deal implying a total equity value of C$139 million ($101 million) for the Toronto-listed copper miner.
Fortescue, through its unit Nascent Exploration, is offering C$1.40 per share in cash for the transaction.
The offer price represents a 14.8% premium to Alta’s closing price on Friday.
The deal comes as Fortescue, the world’s fourth largest miner of iron ore, looks to capitalize off copper, which has hit record highs in recent trading as demand for the metal is forecast to soar.
Alta Copper fully owns the Canariaco Copper Project in northern Peru.
($1 = 1.3762 Canadian dollars)
(Reporting by Nichiket Sunil in Bengaluru; Editing by Nia Williams and Chris Reese)
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