Canadian gold mining company Eldorado Gold has announced the acquisition of Foran Mining. The transaction amount is approximately $2.8 billion and is aimed at strengthening positions in copper ore projects.
The agreement will allow Eldorado Gold to combine its Skouris gold-copper project in Greece with Foran Mining’s McIlvenna Bay copper project in Saskatchewan, Canada. Both enterprises are scheduled to enter commercial production in mid-2026.
After the merger, the new company’s asset portfolio will consist of approximately 77% gold and 15% copper. In 2027, the combined company expects to produce approximately 900 thousand ounces of gold equivalent. By then, the business is expected to generate approximately $2.1 billion in operating income and $1.5 billion in free cash flow.
Foran Mining shareholders will receive 0.1128 shares of Eldorado and $0.01 in cash for each share they own. As a result, they will own about 24% of the combined company. The headquarters will remain in Vancouver under the existing name Eldorado Gold.
The McIlvenna Bay project is recognized as strategically important by the Government of Canada. The transaction received unanimous approval from the boards of directors of both companies.
The acquisition of Foran Mining reflects the growing interest of major players in copper against the backdrop of the energy transition. The transaction strengthens Eldorado Gold’s position as a diversified producer with assets in key mining regions.
Source: MINING.COM
Image: Foran Mining
