Fortescue: Fortescue acquires Alta at a moderate price in exchange for a slight increase in valuation.

Jefferies analyst Mitch Ryan said that Fortescue's acquisition of Alta Copper "represents a moderate cash outflow in exchange for a slight improvement in net present value." Fortescue announced on Monday that it will acquire the remaining 64% stake in Alta it does not already own, valuing the mining company at approximately $101 million. Ryan stated that Alta's Canariaco project is a relatively small-scale copper-gold development project, which may begin production in the early to mid-2030s and has attractive costs. However, he mentioned that this transaction "has minimal impact on the investment thesis in the near term." Jefferies reiterated its hold rating on Fortescue with a target price of $19.25 Australian dollars. Fortescue closed up 0.7% at $22.61 Australian dollars.