Eldorado Gold Corporation completed the acquisition of all outstanding shares of Foran Mining Corporation on April 14 2026, paying approximately C$3.8 billion (US$2.8 billion). The deal brings the McIlvenna Bay copper‑zinc development project in Saskatchewan into Eldorado’s portfolio, expanding its base‑metal exposure.
The acquisition aligns with Eldorado’s strategy to transition from a mid‑tier gold producer to a multi‑commodity, free‑cash‑flow generator. Adding McIlvenna Bay gives the company a high‑quality, long‑life asset in a premier mining jurisdiction and increases its copper exposure, a critical mineral for the energy transition.
George Burns, Eldorado’s CEO, said the transaction “marks an important milestone” and that McIlvenna Bay “provides additional exposure to copper, a recognized critical mineral, and offers exceptional exploration potential, enhancing the long‑term growth of our portfolio.” Dan Myerson, Executive Chair and CEO of Foran, noted that the deal gives McIlvenna Bay “the scale and financial strength to fully realize its potential, including the ability to accelerate phased expansion opportunities over time.”
Investors responded positively to the announcement, citing the strategic diversification into copper and the long‑term growth prospects of the McIlvenna Bay project as key drivers of confidence in Eldorado’s future performance.
Eldorado projects that the combined company will generate roughly $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027, with an expected output of about 900,000 gold‑equivalent ounces. The company will delist Foran shares from the TSX and OTCQX and terminate Foran’s public reporting obligations under Canadian securities laws.
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