Eldorado Gold announced that it has produced its first copper concentrate on June 7 at the McIlvenna Bay copper-zinc-gold-silver project, located about 375 kilometres northeast of Saskatoon, Saskatchewan. The milestone was reached after wet commissioning was completed at the site’s processing plant and hot commissioning began. 

Eldorado added the project to its portfolio earlier this year after completing its $3.8-billion acquisition of Foran Mining Corp., a deal announced in February and closed in April.  

The company is now ramping up operations toward the site’s nameplate capacity of 4,900 tonnes of copper per day. During ramp up, Eldorado said it intends to optimize the flotation circuit performance and reagent dosing, while finalizing construction of the paste plant and related underground infrastructure. 

A 2025 feasibility study completed by Foran Mining outlined an initial mine life of 18 years, along with annual production of around 41 million pounds of copper, 20,000 ounces of gold, 444,000 ounces of silver and 54 million pounds of zinc.  

By February 2026, mine construction was 91 per cent complete and commissioning had started. Eldorado expects to reach commercial production in the third quarter of this year. 

In September 2025, when construction at McIlvenna Bay was more than half complete, the project was referred to the federal government’s Major Projects Office for potential fast-tracked development. 

“This project is a compelling example of Canada's ability to advance critical mineral assets responsibly and with conviction,” George Burns, CEO of Eldorado gold, said in a news release. “McIlvenna Bay diversifies our revenue base with substantial copper and zinc production, and alongside our Skouries project in Greece, will transform Eldorado into a high-margin, free cash flow generating business.” 

The Skouries gold-copper project is on track for commercial production by mid-2026. Eldorado also owns the Lamaque gold complex in Quebec, the Olympias gold-silver-lead-zinc mine and Perama Hill gold-silver project in Greece, and the Efemçukuru and Kışladağ gold mines in Turkey. 

Since closing the Foran acquisition, Eldorado has committed around US$17 million to fund additional exploration at McIlvenna Bay, along with its nearby mineral claims. The high-grade polymetallic Tesla zone, adjacent to McIlvenna Bay, represents a “compelling longer-term expansion opportunity,” the company said. 

Discovered in 2022, the zone is expected to benefit from immediate access to existing infrastructure, according to the company. An inaugural mineral resource for the zone is expected in the second half of the year. 

Eldorado is also planning to drill the Bigstone deposit, located 25 kilometres west of McIlvenna Bay, to expand the resource. In addition, it will test advanced and early-stage targets and carry out airborne and ground geophysical surveys to refine known targets and identify new prospects for future drilling.