Mongolia Seeks to Renegotiate "Unfair" Terms of $18B Rio Tinto Copper Mine Deal

Diversified Mining Company Fortescue has completed the acquisition of Alta Copper, securing the Caariaco copper mine project in northern Peru.The acquisition was carried out through a Canadian plan of arrangement, under which Fortescue subsidiary Nascent.Exploration acquired all issued and outstanding shares of Alta Copper not already held by the group.Following the completion of the transaction, Fortescue holds a 100% stake in the Caariaco copper mine.Fortescue CEO Gus Pichot said that copper remains central to the company’s diversification strategy.

Base Metal Producer Lundin Mining Agreed to Pay $215 Million to Purchase an Additional 5% Stake in the Caserones Copper/Molybdenum Mine in Chile and a 30.9% Stake in the Nearby Los Helados Project.These assets were acquired from JX Advanced Metals and its affiliates.Once the transaction is completed, Lundin Mining’s ownership interest in the business will increase from 70% to 75%.

Zambia's mining minister said on Tuesday that the country was actively attracting global investors, including those from the US, with the goal of more than tripling copper production to 3 million mt by 2031.Zambia's copper production last year was 890,346 mt, falling short of the annual production target of 1 million mt. Zambia is Africa's second-largest copper producer, behind only the DRC. Copper is a key material for EVs and renewable energy infrastructure and is critical to the transition to a low-carbon economy.