Eldorado Gold Corporation announced that George Burns will retire in the third quarter of 2026 and that President Christian Milau will become the new chief executive officer. The transition is part of a planned succession strategy that aligns with the company’s Skouries copper‑gold project, which is expected to transform Eldorado from a pure gold play into a diversified gold‑copper producer.
The Skouries project, the company’s flagship development, has experienced a modest shift in its production schedule. First concentrate production is now expected in early Q3 2026, with commercial production targeted for Q4 2026. The delay, driven by the need to replace moisture‑damaged equipment and slower approvals for power‑line connections, added roughly $50 million to construction capital and pushed the project’s capital cost to $1.06 billion.
In addition to the leadership change, Eldorado announced a proposed combination with Foran Mining. The transaction would create a diversified gold‑copper asset base and deliver near‑term growth. The joint management information circular for the shareholder vote was mailed on March 11, 2026.
Board changes accompany the CEO transition. Burns will remain on the board as a senior advisor, while Milau will join the board upon assuming the CEO role. The board also plans to retire chair Steven Reid in 2027 and to add Dan Myerson from Foran Mining to the board, further aligning governance with the company’s strategic direction.
Management commentary underscored the strategic alignment of the transition. Chair Steven Reid said, “The planned transition reflects a deliberate and well‑sequenced approach to leadership succession, aligned with the delivery of Skouries and the long‑term interests of the company.” Burns added, “I’m proud of the progress our teams have delivered across the portfolio and the momentum we have heading into this next chapter. I’m fully committed to supporting Christian and our leadership team through this transition, and to continuing to contribute at the board level as Eldorado advances Skouries toward commercial production.”
The announcement was met with a modest positive reaction in after‑hours trading, reflecting investor confidence in the orderly succession plan and the company’s strategic progress on Skouries and the Foran Mining combination.
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