Canada-based Eldorado Gold has entered into an agreement to acquire all of the shares of Foran Mining, valued at CAD3.8 billion ($2.8 billion), payable both in shares and in cash.
The deal is aimed to "create a sector-leading gold-copper mining company with significant near‑term growth." The combined business will remain headquartered in Vancouver, British Columbia, under the Eldorado Gold name.
Foran shareholders will receive 0.1128 of Eldorado’s common shares and $0.01 in cash for each Foran share held. Upon the completion of the transaction, existing Eldorado and Foran shareholders will own approximately 76% and 24% of the combined company, respectively.
"This combination creates a stronger gold and copper growth company, […] supported by a portfolio of long-life assets, exceptional exploration upside, and meaningful exposure to critical minerals across a well-balanced, multi-jurisdictional portfolio," said Eldorado CEO George Burns.
"Strong cultural and sustainability alignment, together with operations in Canada, Greece, and Türkiye create a stronger, more resilient platform for decades to come."
The combined portfolio of the merged company is positioned for growth, with two fully financed development projects underway - Skouries and McIlvenna Bay. The company expects to produce approximately 900,000 gold equivalent ounces in 2027.
The boards of directors of both Foran and Eldorado have unanimously approved the transaction, which is subject to a court-approved plan of arrangement, as well as shareholder voting approvals. The deal is expected to close in Q2 2026.
Theodor Lisovoy, Managing Editor, Rough&Polished
