Eldorado to buy Foran Mining for $2.8B amid copper push

Ben Graham · February 2

Eldorado Gold (TSX: ELD) (NYSE: EGO) has agreed to buy fellow Canadian miner Foran Mining (TSX:FOM) (OTCQX:FMCXF) in a transaction that values the copper-focused developer at about C$3.8 billion ($2.8 billion).

The acquisition will expand Eldorado’s copper footprint while adding a second near-term growth project as demand for the metal rises alongside electrification and clean energy investment.

The deal brings together Eldorado’s Skouries gold-copper project in Greece and Foran’s McIlvenna Bay copper project in Saskatchewan, both targeted for commercial production in mid-2026. Eldorado said the enlarged group could produce about 900,000 gold-equivalent ounces in 2027.

Once combined, the company’s asset base is expected to have roughly 77% exposure to gold and 15% to copper, with operating mines and development projects in Canada, Greece and Turkey.

Eldorado expects the merged business to generate about $2.1 billion in core profit and $1.5 billion in free cash flow in 2027. The miner also plans to increase exploration spending across the portfolio, including at Foran’s Tesla zone in Saskatchewan.

Deal insights

Under the terms of the agreement, Foran shareholders will receive 0.1128 Eldorado shares plus $0.01 per share, giving them about 24% of the combined company. The transaction is expected to close in the second quarter of 2026.

“This transaction gives McIlvenna Bay the scale and financial strength to fully realize its potential, including the ability to accelerate phased expansion opportunities over time,” Foran chief executive Dan Myerson said in the statement.

The combined company will remain headquartered in Vancouver under the Eldorado Gold name.

McIlvenna Bay is expected to become a cornerstone Canadian asset alongside Eldorado’s Lamaque Complex in Quebec, supporting long-term employment and economic activity in Saskatchewan and across Canada, the company said.

The project has been recognized by the federal government as a critical minerals development and referred to the new Major Projects Office as a project of national interest.

Both boards have unanimously approved the transaction, and shareholder votes are scheduled by April 14, the companies said.