Eldorado Gold Corporation and Foran Mining Corporation have entered into an agreement whereby Eldorado will acquire Foran to create a “sector-leading gold-copper mining company” with significant near term growth, strong cash flow generation, long life assets and a diversified portfolio, they say.
By bringing together two high-quality, fully financed development assets – Skouries in Greece and McIlvenna Bay in Saskatchewan, Canada – which are both on budget and on schedule to achieve commercial production in mid-2026, the combined company will offer a clear and compelling re-rate opportunity, the companies say. With a diversified asset base anchored in Canada and a peer-leading exploration pipeline, the combined company is designed to generate resilient, long-term cash flows capable of self-funding sustained growth.
The arrangement values Foran at approximately C$3.8 billion ($2.8 billion). Upon completion of the transaction, existing Eldorado and Foran shareholders will own approximately 76% and 24% of the combined company, respectively.
The companies are positioned to deliver a leading growth profile, underpinned by two fully financed development projects – Skouries and McIlvenna Bay – which are advancing toward commercial production in mid 2026. These assets are expected to produce approximately 900,000 oz of gold equivalent in 2027.
They also share sustainability-focused operations, with a strong alignment across sustainability principles, carbon efficient practices and a shared commitment to responsible mining. This focus will enable the combined company to focus on transparent sustainability performance and continued advancement in GHG emissions mitigation, it says. Both are keen advocates of the use of battery-electric equipment, for example, with McIlvenna Bay using a number of Sandvik BEVs during development of McIlvenna Bay and Eldorado Gold recently committing to acquiring a number of BEV trucks and loaders for its Lamaque Complex in Val-d’Or, Québec, Canada.
George Burns, Chief Executive Officer of Eldorado, said: “This combination creates a stronger gold and copper growth company, defined by near-term cash flow generation and multiple catalysts. It is supported by a portfolio of long-life assets, exceptional exploration upside and meaningful exposure to critical minerals across a well-balanced, multi-jurisdictional portfolio. With Skouries and McIlvenna Bay scheduled to come online in 2026, the combined business is positioned for a step-change in production, cash flow and global relevance. Increasing our exposure to Canada, through an asset in Saskatchewan, consistently recognised as one of the world’s most attractive mining jurisdictions strengthens our portfolio. We’re excited about the opportunity to contribute to the province’s continued success. Strong cultural and sustainability alignment, together with operations in Canada, Greece and Türkiye create a stronger, more resilient platform for decades to come.”
Steven Reid, Chair of the Board of Eldorado, added: “The Board of Eldorado is pleased to welcome Dan Myerson to the Eldorado Board of Directors on completion of the transaction. Together, George and Dan will provide valuable continuity, operational experience and capital markets experience to the Board and Eldorado. During 2026 the board will embark on a process specifically to advance its board succession program.”
Dan Myerson, Executive Chair and Chief Executive Officer of Foran, added: “This transaction gives McIlvenna Bay the scale and financial strength to fully realise its potential, including the ability to accelerate phased expansion opportunities over time. Coupled with Skouries, this positions Eldorado to advance two world-class assets into production in short order. Having advanced through the risk curve associated with development, the company is fast approaching an inflection point towards enhanced free cash flow and production growth. I look forward to being actively involved in supporting a compelling strategy that creates an unmatched opportunity for growth and scale. We share a belief that people are the most important asset, and that disciplined execution and a relentless focus on value creation are what enable durable, generational success.”
The combined business will remain headquartered in Vancouver, British Columbia, under the Eldorado Gold name, and intends to expand and accelerate levels of investment in Canadian exploration and development activities.
The transaction will be completed pursuant to a court-approved plan of arrangement under the Business Corporations Act (British Columbia) and is expected to close in the June quarter of 2026.
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