Eldorado Acquires Foran Mining for $2.8B in Copper Expansion Strategy

Eldorado Gold has announced a strategic acquisition of Foran Mining for approximately C$3.8 billion (or $2.8 billion). This significant transaction aims to bolster Eldorado’s copper expansion strategy, especially as the demand for copper rises due to electrification and clean energy investments.

Eldorado’s Acquisition Details

The acquisition will merge Eldorado’s existing Skouries gold-copper project in Greece with Foran’s McIlvenna Bay copper project in Saskatchewan. Both projects are on track for commercial production by mid-2026. Together, they are projected to yield around 900,000 gold-equivalent ounces by 2027.

Financial Projections

• The combined operations are expected to deliver roughly 77% gold and 15% copper exposure.
• Forecasted core profit for the enlarged company is roughly $2.1 billion.
• Estimated free cash flow for 2027 is projected at $1.5 billion.

Additionally, Eldorado plans to escalate exploration expenditure across its portfolio, particularly targeting Foran’s Tesla zone in Saskatchewan.

Transaction Terms

Under the agreement, Foran shareholders will receive 0.1128 Eldorado shares plus $0.01 per share, translating to approximately 24% ownership in the new entity. The transaction is scheduled to close in the second quarter of 2026.

Statements from Leadership

Dan Myerson, Foran’s CEO, emphasized that this acquisition will enhance McIlvenna Bay’s growth potential. He noted that the scale and financial backing will enable accelerated expansion opportunities over time.

Future Outlook

The merged entity will continue to operate under the Eldorado Gold name, headquartered in Vancouver. McIlvenna Bay is set to be a primary asset alongside Eldorado’s Lamaque Complex in Quebec. This project is recognized by the federal government as essential for critical minerals development and has been designated as a project of national interest.

Timeline for Approval

Both boards of directors have unanimously approved this significant transaction, marking a pivotal moment for the companies involved and signaling a robust future in the mining sector.