Eldorado Gold drops after unveiling $2.79 billion Foran Mining deal

Foran Mining

02/02/2026 16:19

** Canada-based Eldorado Gold Corp ELD.TO shares down 8.4% at C$53.51

** The company said it will acquire Canada's Foran Mining FOM.TO at about C$3.8 billion ($2.79 billion)

** The deal expands Eldorado's production at a time of strong gold prices and rising demand for copper, a key material used in electrification and clean energy

** The combined company's asset base will have a roughly 77% exposure in gold and 15% to copper, with operations and development projects in Canada, Greece and Turkey

** "This transaction gives McIlvenna Bay the scale and financial strength to fully realize its potential, including the ability to accelerate phased expansion opportunities over time," Dan Myerson, executive chair and chief executive officer of Foran Mining

** The deal is expected to close in the second quarter of 2026

** In 2025, ELD was up 117.93%

(Reporting by Varun Sahay in Bengaluru)

((Varun.sahay@thomsonreuters.com))