Eldorado Gold Corporation (NYSE:EGO,TSX:ELD) and Foran Mining (TSX:FOM,OTCQX:FMCXF) have agreed to combine in a share-based transaction that would create a larger, diversified gold and copper producer with two major development projects set to enter production in 2026
Under the deal, Eldorado Gold will acquire Foran Mining through a court-approved plan of arrangement. Following completion, Eldorado shareholders will own roughly 76 percent of the combined company, with Foran shareholders holding the remaining 24 percent.
The combination brings together two fully financed development assets: Eldorado’s Skouries project in Greece and Foran’s McIlvenna Bay project in Saskatchewan. Both are on schedule and on budget to reach commercial production by mid-2026.
The companies said the combined group is targeting production of around 900,000 gold-equivalent ounces in 2027, supported by a portfolio weighted approximately 77 percent toward gold, 15 percent toward copper, and 8 percent toward other metals.
Eldorado CEO George Burns said the deal creates “a stronger gold and copper growth company, defined by near-term cash flow generation and multiple catalysts.”
“Increasing our exposure to Canada, through an asset in Saskatchewan, consistently recognized as one of the world’s most attractive mining jurisdictions strengthens our portfolio,” Burns added.
The companies expect the enlarged group to generate about US$1.1 billion in free cash flow in 2027, providing capacity to fund growth, support dividends and share buybacks, and maintain balance sheet flexibility through commodity cycles.
The announcement comes as miners seek to lock in future supply of gold, copper and other critical minerals needed for the electrification of the global economy.
Eldorado’s deal follows several high-profile transactions in recent months, including an agreement by a subsidiary of China’s Zijin Mining Group (HKEX:2899,SHA:601899,OTC Pink:ZIJMF) to acquire Allied Gold in a US$4.1 billion transaction.
Recent swings in gold prices, after a record rally in January, have also sharpened investor scrutiny of acquisition valuations, contributing to the rise of lower-premium deals across the sector.
The transaction is expected to close in the second quarter of 2026, subject to shareholder, court, and regulatory approvals.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.