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Fortescue’s acquisition of Alta Copper and its Cañariaco project in northern Peru earlier this year signalled the iron ore giant’s first solid steps into copper.
The company’s unveiling of a new copper processing technology shows it is starting to put the pieces of its copper strategy together.
The developments point to a potential growth pathway beyond iron ore, although Fortescue still faces the task of turning undeveloped resources and technical progress into a profitable copper business.
With BHP and Rio Tinto already benefiting from substantial copper investment, Fortescue is playing catch-up as it seeks an additional source of earnings.
Its latest milestone is the first commercial sale of more than 40 tonnes of copper concentrate treated using its patented Toowong Process, which removes arsenic from material that can otherwise be difficult to market.
Fortescue acquired the technology in 2022 and has since undertaken four years of development and testing, including seven campaigns spanning more than 3000 hours at its Brisbane demonstration plant.
The low-temperature, low-pressure hydrometallurgical process reduced arsenic levels below 0.3 per cent while retaining more than 99.9 per cent of the copper.
The concentrate sold contained less than 0.25 per cent arsenic, down from feedstocks containing up to 7 per cent.
Fortescue said its alternative could reduce energy consumption and emissions while producing a stable solid arsenic-bearing product.
“This technology has the potential to make high-arsenic deposits more economically viable, addressing major processing challenges and eliminating emissions at the same time,” Fortescue growth and energy chief executive officer Gus Pichot said.
“This is a technology that Fortescue will consider using itself as we explore copper deposits globally. It could also be hugely important for the industry and our peers more broadly as well.”
Further testing is underway using concentrate from Cañariaco, where arsenic removal could improve saleability and provide greater flexibility in future mine planning.
Fortescue secured full ownership of Cañariaco through wholly owned subsidiary Nascent Exploration’s acquisition of the remaining Alta Copper shares it did not already own.
The project comprises 91 square kilometres of prospective tenure hosting several deposits within an emerging porphyry copper corridor.
“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 said.
The acquisition provides a substantial undeveloped asset, but Fortescue remains overwhelmingly dependent on iron ore.
Fortescue executive chair Andrew Forrest also has copper interests through his holdings in Wyloo Metals, which is developing the high-grade nickel-copper-platinum-palladium Eagle’s Nest project in Canada’s Ring of Fire region.
Fortescue’s Pilbara operations shipped a record 201.3 million tonnes in FY26, supporting strong cash generation and providing financial capacity to pursue growth.
The strategic challenge is establishing another business capable of making a meaningful contribution alongside those operations.
BHP and Rio Tinto’s growing copper earnings have underlined the task ahead for Fortescue, with both companies having committed substantial capital beyond iron ore, as well as the opportunities.
Fortescue must also balance any copper growth ambitions with increasing decarbonisation expenditure. Moody’s expects investment to rise from FY27 and accelerate later in the decade as fleet electrification and other energy transition initiatives progress.
Fortescue is continuing to optimise the Toowong Process and advance commercial engineering, focusing on reducing capital and operating costs.
The technology offers a potential advantage in developing complex copper deposits and a possible commercial opportunity across the wider industry beyond just Fortescue projects.
Turning those possibilities into sustained earnings will determine how far Fortescue’s emerging copper strategy can broaden its business beyond iron ore.
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