Sydney, Jan 28, 2026, 17:05 AEDT — Market closed.
Fortescue Ltd (FMG) shares slipped 1.1% to close at A$21.63 on Wednesday, following news of advances in its bid to fully acquire Canada’s Alta Copper. During the session, the stock fluctuated between A$21.47 and A$22.09. 1
The proposed buyout is modest compared to Fortescue’s iron ore operations but hits the core of investor debates: identifying the next growth driver and its price tag. Copper, tied closely to electrification and grid expansion, features prominently in the company’s pitch for a diversified portfolio.
The debate unfolds as iron ore — the chief raw material for steel and the company’s main profit source — continues to set the tone. Singapore Exchange iron ore futures closed at $105.70 a tonne on Tuesday, holding steady within a $100-$109 band since August, according to Reuters data. Traders remain cautious about potential supply increases hitting the market in 2026. 2
Fortescue announced that Alta Copper shareholders have given the green light to its offer to buy out the remaining shares at C$1.40 each in cash, valuing the company at roughly C$139 million. The miner also revised its own stake down to about 36% from 64%. The deal will proceed through a Canadian plan of arrangement but still requires a thumbs-up from the British Columbia Supreme Court and clearance under the Investment Canada Act, the company confirmed. Growth and Energy CEO Gus Pichot described copper as “a core pillar” of Fortescue’s long-term plan, noting that any further development depends on upcoming studies, regulatory sign-offs, and a final investment decision.
The timetable remains tentative. Alta Copper said a court hearing for a final order is set for Friday, Jan. 30. The company also warned the deal could still face delays or fall through if conditions aren’t met. 3
Local traders are still watching the iron ore tape closely—it’s the main driver for steel demand and margins at Pilbara exporters. Fortescue usually tracks alongside heavyweights like BHP and Rio Tinto whenever iron ore shifts direction.
Wednesday’s session wrapped up, and now all eyes turn to how smoothly the court process unfolds and if regulators throw up any hurdles. Investors remain alert for signs that the Peruvian copper option might divert management’s attention or drain capital from the core business.
Fortescue’s next big event is its FY26 half-year results, set for Feb. 25. The company will then release its March-quarter production figures on April 23, per its investor calendar. 4
Next on the docket: the court ruling on the arrangement, followed by the half-year results and dividend announcement. All the while, the iron ore price looms in the background, poised to disrupt tidy storylines if it slips out of its recent range.
