Eldorado Gold Corporation announced a definitive agreement to acquire Foran Mining Corporation for approximately C$3.8 billion, or US$2.79 billion, including Foran’s debt. The deal is structured as a court‑approved plan of arrangement in which Foran shareholders will receive 0.1128 shares of Eldorado for each Foran share plus $0.01 in cash, valuing Foran at an 8.0 % premium to its 20‑day VWAP and a nil premium to its closing price on January 30, 2026.
The transaction brings Foran’s Skouries copper‑gold project in Greece and its McIlvenna Bay copper‑zinc‑gold‑silver project in Saskatchewan under Eldorado’s ownership. These assets are positioned to deliver near‑term cash flow and diversify Eldorado’s commodity exposure, moving the company from a primarily gold producer to a combined gold‑copper producer with a 77 % gold, 15 % copper, and 8 % other metals mix.
Eldorado’s CEO George Burns said the combination “creates a stronger gold and copper growth company, defined by near‑term cash flow generation and multiple catalysts.” Foran’s Executive Chair Dan Myerson added 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.” The acquisition is expected to accelerate Eldorado’s transition to a diversified producer and to capture the growing demand for copper driven by electrification and clean‑energy trends.
Investors reacted cautiously to the announcement, citing a broader sell‑off in metals and mining stocks and concerns about the execution risk of managing two large development projects concurrently. Analysts noted that while the strategic rationale is sound, the complexity of ramping up Skouries and McIlvenna Bay simultaneously could pose integration challenges.
Both Eldorado’s and Foran’s boards have approved the transaction. The parties anticipate regulatory approvals and shareholder votes to be completed by mid‑2026, with a projected closing in the second quarter of 2026. The combined company is projected to produce approximately 900,000 gold‑equivalent ounces in 2027, generate about US$2.1 billion in EBITDA and US$1.5 billion in free cash flow that year.
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