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    Eldorado–Foran $2.8B deal: portfolio, production and capex notes for mine planners

    February 3, 2026|

    Reviewed by Tom Sullivan

    Eldorado–Foran $2.8B deal: portfolio, production and capex notes for mine planners

    First reported on MINING.com

    30 Second Briefing

    Eldorado Gold will acquire Foran Mining in a C$3.8 billion ($2.8 billion) share-and-cash deal, consolidating the Skouries gold-copper project in Greece with Foran’s McIlvenna Bay copper-zinc project in Saskatchewan, both targeting commercial production in mid‑2026. The combined portfolio is projected to deliver about 900,000 gold-equivalent ounces in 2027, with roughly 77% exposure to gold and 15% to copper, and generate an estimated $2.1 billion in core profit and $1.5 billion in free cash flow. Foran shareholders will receive 0.1128 Eldorado shares plus C$0.01 per share, owning about 24% of the enlarged Vancouver-headquartered company.

    Technical Brief

    • Transaction values copper-focused Foran Mining at about C$3.8 billion (US$2.8 billion).
    • Consideration structure: 0.1128 Eldorado shares plus C$0.01 in cash for each Foran share.
    • Foran shareholders are expected to hold roughly 24% of the enlarged Eldorado entity post-closing.
    • Deal closing is targeted for Q2 2026, subject to shareholder approvals by 14 April 2026.
    • Both Eldorado and Foran boards have unanimously approved the combination, de‑risking execution on timetable.
    • McIlvenna Bay has been designated a federal critical minerals project and referred to Canada’s Major Projects Office.
    • McIlvenna Bay is positioned as a cornerstone Canadian asset alongside Eldorado’s Lamaque Complex in Québec.
    • Eldorado plans increased exploration spend across the portfolio, explicitly including Foran’s Tesla zone in Saskatchewan.

    Our Take

    Within our 847 Mining stories, there are only a handful of large (>US$1B) M&A items involving copper, so Eldorado Gold’s move for Foran Mining positions it among the more aggressive acquirers of copper exposure rather than a pure-play gold consolidator.

    A combined asset base that is still 77% gold but 15% copper suggests Eldorado is targeting a hedge against single-commodity risk rather than a full pivot to base metals, which may appeal to gold-focused investors while still capturing upside from any copper supply tightness in Canada and Europe.

    The projected US$2.1B core profit and US$1.5B free cash flow by 2027 imply that McIlvenna Bay and Skouries will need to ramp smoothly and largely on schedule; any permitting or construction delays in Saskatchewan or Greece would disproportionately affect the value Foran shareholders receive for their ~24% stake in the combined company.

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    Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.

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