Eldorado and Foran Combine to Create a Leading Gold and Copper Producer
Eldorado Gold pivots to copper-gold dominance with $3.8 billion Foran Mining acquisition as Skouries inflection nears.
The most recent news (February 2, 2026) announces a definitive agreement for Eldorado Gold to acquire Foran Mining in a deal valued at CAD 3.8 billion. The transaction is primarily a share exchange (0.1128 Eldorado shares per Foran share) plus a nominal $0.01 cash component. Upon completion, Eldorado shareholders will own 76% of the combined entity, while Foran shareholders will own 24%. The deal carries an 8% premium to Foran's 20-day VWAP but a nil premium to its January 30, 2026, closing price. The acquisition brings the McIlvenna Bay project (Saskatchewan) into Eldorado's portfolio, complementing the nearly complete Skouries project in Greece.
This is a material positive transformation of the company’s fundamental profile, though it introduces significant execution risk and dilution. - Strategic Pivot: Eldorado is aggressively transitioning from a mid-tier gold producer to a diversified gold-copper producer. By 2027, the combined company projects 900,000 oz gold equivalent production with 15% copper exposure. - Financial Projections: The company anticipates 2027 EBITDA of $2.1 billion and free cash flow of $1.5 billion. This assumes both Skouries and McIlvenna Bay reach commercial production on schedule. - Dilution and Valuation: The 24% dilution to existing shareholders is substantial. However, the "nil premium" to the most recent close suggests Eldorado is using its significantly appreciated share price (up ~165% in a year) as a strong currency to acquire development-stage assets without overpaying. - Geographic Diversification: Adding a high-tier Canadian jurisdiction (Saskatchewan) balances the portfolio against ongoing risks in Türkiye (inflation/royalty changes) and Greece (historical permitting hurdles).
Eldorado Gold is a multi-jurisdictional gold and copper producer. - Flagship Project: Skouries (Greece). A high-grade gold-copper porphyry project. As of Jan 2026, it is 90% complete with first production expected in Q1 2026. - Key Operations: Lamaque (Canada), Kisladag and Efemcukuru (Türkiye), and Olympias (Greece). - Growth Projects: McIlvenna Bay (Saskatchewan - via Foran acquisition), Ormaque (Canada), and Perama Hill (Greece).