Vancouver-based Eldorado Gold Corp. has agreed to acquire Foran Mining Corp. in a $3.8-billion transaction that the companies said will transform Eldorado into a new “global gold-copper leader.” 

With this acquisition, Eldorado is making a strategic expansion into copper mining, with the addition of Foran’s McIlvenna Bay copper-zinc development project in Saskatchewan. 

Eldorado’s existing portfolio of producing gold operations includes the Lamaque gold complex in Quebec, the Olympias gold-silver-lead-zinc mine in Greece, and the Efemçukuru and Kışladağ gold mines in Turkey. Eldorado also owns the Skouries gold-copper project and the Perama Hill gold-silver project in Greece. 

McIlvenna Bay is expected to become a cornerstone Canadian operation for Eldorado. The project has also been recognized by the federal government as a project of national interest and was referred to the new Major Projects Office in September 2025 to be considered for fast-tracked development. 

“McIlvenna Bay allows Eldorado to diversify its asset base in two key areas,” said Christian Milau, president of Eldorado Gold, in a conference call held on Feb. 2. “First, we gain meaningful exposure to copper, which is expected to account for roughly 15 per cent of our revenues in 2027. Second, we diversify our geographic risk and balance by adding a second asset in Canada, a tier one jurisdiction with strong support for responsible resource development.” 

By the end of 2025, construction was approximately 85 per cent complete at McIlvenna Bay, with the companies noting that the project remains on budget and on schedule for first commercial production starting mid-2026.  

Looking beyond the current mine plan for McIlvenna Bay, Eldorado has also identified the adjacent Tesla zone as the “most promising near-term expansion opportunity” at the project. Discovered by Foran in 2022, the copper-zinc-gold-silver zone has potential for continued expansion and will benefit from direct access to existing underground infrastructure. 

“This is the area we see as the most likely driver of future expansion opportunities, providing the potential to increase scale, extend mine life and enhance the overall value of the operation,” said Dan Myerson, executive chairman and CEO of Foran Mining and newly appointed member of Eldorado’s board of directors, during the call. 

Eldorado’s Skouries gold-copper project is also on track for commercial production starting mid-2026. In total from all its assets, Eldorado said it expects to produce about 900,000 gold-equivalent ounces in 2027. 

“Skouries, along with McIlvenna Bay, are expected to transform Eldorado into a high-margin free cash flow business that will provide the opportunity to meaningfully increase our combined value over the next few years,” said Milau.  

By 2027, Eldorado forecasts approximately US$2.1 billion in earnings before interest, taxes, depreciation and amortization, and US$1.5 billion in free cash flow. The company’s asset base is expected to be approximately 77 per cent gold, 15 per cent copper and eight per cent other metals. 

The combined company will remain headquartered in Vancouver under the Eldorado Gold name. Under the terms of the deal, Foran shareholders will receive 0.1128 Eldorado shares plus US$0.01 in cash per share, giving them approximately 24 per cent ownership of the combined company. Eldorado shareholders will hold the remaining 76 per cent. Both boards have unanimously approved the transaction, with shareholder votes scheduled for April 14.