Shares in the S&P/ASX 200 Index (ASX: XJO) iron ore giant closed yesterday trading for $19.05. In early morning trade on Tuesday, shares are changing hands for $19.32 apiece, up 1.4%.

For some context, the ASX 200 is up 1.3% at this same time.

The Aussie mining giant should be enjoying some modest tailwinds today from the overnight uptick in global iron ore prices. Iron ore gained 1.2% to be trading at US$102.80 per tonne.

Before market open, investors also learned that Fortescue is succeeding in growing its copper footprint. The miner reported that it has now completed the acquisition of all the shares it did not yet already own in Canadian-listed Alta Copper Corp (TSX: ATCU).

The right copper assets could help boost Fortescue shares longer term, with demand for the red metal widely forecast to remain strong over the decade ahead amid the ongoing global push towards electrification.

Copper is currently trading for US$12,862 per tonne, up 35% over 12 months.

Now, here's what's happening with Fortescue and Alta Copper.

Fortescue shares increasing copper exposure

Fortescue first announced its intention to acquire the remaining 64% of Alta Copper on 15 December.

This morning, Fortescue confirmed that its wholly owned subsidiary, Nascent Exploration, has completed that acquisition.

Alta Copper shareholders received C$1.40 per share (AU$1.45) in cash, implying a total equity value of approximately C$139 million.

Offering a potential longer-term boost to Fortescue shares, the ASX 200 miner is now the 100% owner of the Canariaco Copper Project. Located in Peru, Canariaco covers 91 square kilometres of what management labelled "highly prospective tenure" with several deposits.

Fortescue said it is well placed to advance the project, with the Aussie miner having been active in Latin America since 2018. The company also pointed to its well-established technical, permitting, and community engagement expertise.

What did management say?

Commenting on the acquisition that looks to be offering a lift to Fortescue shares, Growth and Energy CEO Gus Pichot said, "Copper is a core pillar of Fortescue's growth and diversification strategy and the acquisition of Alta Copper builds on our existing critical minerals exploration activity."

Pichot added:

In particular, the Canariaco Copper Project strengthens Fortescue's copper portfolio and provides exposure to a significant undeveloped resource within an emerging porphyry corridor in Northern Peru.

Our immediate focus will be on technical reviews, community engagement and advancing the studies required to inform future development decisions.

With today's intraday moves factored in, Fortescue shares are up 22.1% over 12 months, not including dividends.

The post Fortescue shares lifting off today amid big copper news appeared first on The Motley Fool Australia.

At the time of writing, the iron ore giant's shares are up 1.5% to $21.85.

Why are Fortescue shares rising?

Today's push higher could have been driven by the release of a promising announcement relating to its copper ambitions this morning before the market open.

According to the release, the shareholders of Alta Copper (TSX: ATCU) have approved Fortescue's proposed acquisition of all issued and outstanding shares that are not already owned by Fortescue.

The mining giant notes that the shareholder vote clears a key step toward Fortescue securing full ownership of Alta Copper's portfolio of exploration assets. This includes the Canariaco Copper Project in northern Peru.

Fortescue currently holds approximately 64% of Alta Copper's issued share capital, and the acquisition will be implemented by way of a Canadian Plan of Arrangement.

Management highlights that the approval satisfies the shareholder voting requirements and represents a key milestone toward completion of the transaction.

What are the terms?

Fortescue has agreed to pay Alta Copper shareholders a cash consideration of C$1.40 per share (A$1.48 per share). This represents a premium of 50% to Alta Copper's 30-day volume weighted average price prior to the proposal being announced.

It implies a total equity value for Alta Copper of C$139 million (A$147 million).

While this is pocket change for a company like Fortescue, which generates billions in free cash flow, it could still be a big deal.

Why is it acquiring Alta Copper?

Fortescue highlights that Alta Copper is currently the 100% owner of the Canariaco Copper Project.

This project comprises multiple deposits and prospects across a large, highly prospective landholding within an emerging porphyry copper corridor. It believes it has the potential to support a long-life copper operation.

On completion of the transaction, Fortescue will secure 100% ownership, which will add to its copper portfolio in Peru and enable the company to leverage its existing technical capability and in-country experience.

Commenting on the deal, Fortescue's Growth and Energy CEO, Gus Pichot, said:

Copper is a core pillar of Fortescue's long-term growth strategy and the transaction is aligned with our disciplined approach to capital allocation and reputation of responsibly developing high-quality assets.

The Canariaco Project is a compelling copper opportunity, and full ownership will provide Fortescue with greater control over project development, capital allocation and long-term value creation. Subject to completion of the Transaction, Fortescue's initial focus will be on integration planning, technical review, community engagement and progressing the studies required to inform future development decisions.

The post Fortescue shares rise on big copper news appeared first on The Motley Fool Australia.

What happened to Fortescue and its shares in 2025?

Over the past 6 months, the iron ore mining giant's shares have been boosted by resilience of global iron ore prices. Iron Ore rose to 106.92 USD/T on December 19, 2025, up 0.02% from the previous day. Over the past month, Iron Ore's price has risen 2.57%, and is up 2.97% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity.

The company's shares were also boosted by its impressive September quarter results. In late October, the miner reported that it had increased its total iron ore shipments to 49.7Mt in Q1 FY26, up 4% year-on-year to a new record level. 

Fortescue also said that for FY26, it is sticking to its guidance of 195–205Mt in total shipments, and plans to keep costs tight. The company is also investing in metals and energy projects, with capex guidance of up to US$4 billion for metals and around US$300 million for energy.

On Monday last week, investors started snapping up the shares again after the company announced it had entered into a binding agreement to acquire Alta Copper Corp (TSX: ATCU).

Fortescue said it has agreed to acquire the remaining 64% of Alta Copper's issued and outstanding common shares that it does not already own through a Canadian Plan of Arrangement. Alta Copper shareholders will receive cash consideration of C$1.40 per share, which represents a significant premium of 50% to the 30-day volume weighted average price (VWAP). It implies a total equity value for Alta Copper of C$139 million (A$152 million).

Directors of Alta Copper who are entitled to vote have unanimously recommended to shareholders that they vote in favour of the transaction.

What's next for the mining stock?

I'm concerned that as a miner which is so reliant on the iron ore industry, any pull-pack in iron ore prices over the next 12 months could be devastating for the business. This is particularly relevant against the backdrop of Fortescue's latest iron ore price forecast for 2026.

The bank's analysts have cautioned that a large forecast increase in global iron ore supplies in 2026, coupled with material reductions in Chinese steel production, could trigger a 20% fall in the iron ore price to around US$83 per tonne.

TradingView data shows the majority have a hold rating (9 out of 15) on Fortescue shares. Another 5 have a sell or strong sell rating. The average target price for the shares is $19.64, although some think it could fall as low as $16.37 over the next 12 months. This implies a potential downside as large as 25.16%, at the time of writing.

The post Fortescue shares jumped 50% in 6 months. Is there any upside left? appeared first on The Motley Fool Australia.

At the time of writing, the mining giant's shares are up slightly to $23.01.

This compares to a 0.5% decline by the ASX 200 index.

What's going on with Fortescue shares today?

Investors have been buying the miner's shares after it made a big announcement relating to its copper ambitions.

According to the release, Fortescue has entered into a binding agreement to acquire Alta Copper Corp (TSX: ATCU).

The company revealed that it has agreed to acquire the remaining 64% of Alta Copper's issued and outstanding common shares that it does not already own through a Canadian Plan of Arrangement.

Alta Copper shareholders will receive cash consideration of C$1.40 per share, which represents a significant premium of 50% to the 30-day volume weighted average price (VWAP). It implies a total equity value for Alta Copper of C$139 million (A$152 million).

Fortescue notes that the directors of Alta Copper who are entitled to vote have unanimously recommended to shareholders that they vote in favour of the transaction.

In addition, the directors and officers of Alta Copper and other shareholders who hold in aggregate 12.5% of the shares on issue have entered into voting support agreements committing to vote in favour of the transaction.

The transaction is also subject to the approval by the British Columbia Supreme Court and the satisfaction of other closing conditions which are customary for a transaction of this nature. If everything goes to plan, the transaction is targeted to close in the March quarter of 2026.

What is Alta Copper?

Alta Copper owns 100% of the Cañariaco Copper Project in Northern Peru, which is within an emerging porphyry corridor that hosts several large exploration and development opportunities.

The Cañariaco Project comprises 91 square kilometres of highly prospective tenure and includes the Cañariaco Norte deposit, the Cañariaco Sur deposit, and the Quebrada Verde prospect.

Fortescue highlights that he Cañariaco Project has a reported mineral resource of 1.1 billion tonnes at 0.42% copper equivalent grade and 0.9 billion tonnes at 0.29% copper equivalent grade.

Commenting on the proposed deal, management said:

The Transaction is consistent with Fortescue's critical minerals strategy which has a focus on expanding the Company's copper portfolio and related exploration footprint. Fortescue is well placed to advance the Cañariaco Project relying on its presence in Latin America since 2018 and its well established technical, permitting and community engagement expertise. Following completion of the Transaction, Fortescue will apply its proven approach of working collaboratively with local and indigenous communities to ensure the responsible, long-term development of the Cañariaco Project.

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