Sydney, Jan 29, 2026, 16:41 AEDT — Market closed
- Fortescue shares ended about 0.2% lower after a choppy session.
- The miner corrected its disclosed Alta Copper stake to about 36% and confirmed shareholder backing for its buyout.
- Traders are watching the RBA decision on Feb. 3 and Fortescue’s half-year results on Feb. 25.
Fortescue Ltd shares closed down about 0.2% at A$21.59 on Thursday, after trading as low as A$21.05 and as high as A$21.63. (Investing)
The iron ore miner this week pushed along its planned takeover of Toronto-listed Alta Copper, saying shareholders had approved Fortescue’s bid for the rest of the company. Fortescue also issued a correction, saying it holds about 36% of Alta Copper, not 64% as it had stated earlier, and reiterated that Alta holders would get C$1.40 a share — a 50% premium to the 30-day volume-weighted average price, a measure that weights prices by trading volume. “Copper is a core pillar of Fortescue’s long-term growth strategy,” Fortescue Growth and Energy CEO Gus Pichot said. (Company Announcements)
Why it matters now is straightforward: Fortescue still trades like an iron ore stock, but investors keep scoring it on how it spends cash outside the Pilbara. A clean close on a copper deal helps, but a mis-stated stake — even corrected quickly — can jar the tape.
Rates are the other moving part. Australia’s trimmed-mean inflation gauge, which strips out extreme price moves and is watched by the Reserve Bank of Australia, rose 0.9% in the December quarter, above forecasts, a Reuters report showed, and traders priced in better-than-even odds of a hike as soon as next week. In early trade, miners were weaker, with BHP, Rio Tinto and Fortescue down between 0.5% and 1.5%, the report said. (Business Recorder)
Westpac’s chief economist Luci Ellis said the inflation print had the “casting vote” for the February meeting and put the bank’s call at a 25 basis-point hike to 3.85%. She flagged a “one-and-done” base case rather than a string of hikes. (WestPaciq)
That rate debate sits on top of a market that still takes its cue from iron ore. Reuters this week noted China’s steel output fell to a seven-year low in 2025, even as iron ore imports hit a record 1.26 billion tons and benchmark prices held above $100 a ton. (Reuters)
But there are obvious down-side paths. The Alta Copper deal still needs court and Canadian approvals, and Cañariaco’s development depends on studies, permits and a final investment decision; none of that is quick. And if iron ore prices roll over on weaker China demand or new supply, Fortescue’s main cash engine still takes the hit.
For the next session, traders will be watching the Reserve Bank of Australia’s Feb. 3 policy update, with the cash rate target at 3.60% and markets leaning toward a move. (Reserve Bank of Australia)
Beyond that, Fortescue’s next hard company catalyst is its FY26 half-year results on Feb. 25, followed by its March-quarter production report on April 23. (Fortescue)
