Eldorado Gold to acquire Foran Mining for $3.8 billion

ElDorado Gold has acquired Foran Mining for $3.8 billion, advancing development of the McIlvenna Bay copper project pending approvals.

Canada-based Eldorado Gold says it has acquired Foran Mining for a reported price tag of $3.8 billion.

Foran Mining is in the process of developing the McIlvenna Bay mine southwest of Creighton. The project is listed as one of Prime Minister Mark Carney’s major projects for the country last fall.

Saskatchewan’s premier says the deal makes the project even stronger.

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The deal does require a vote from Foran shareholders – and is subject to regulatory approval along with other closing conditions.

As of last October, the copper and zinc mine was 60 per cent complete. Once finished, the site is expected to produce up to 4,900 tonnes of copper, zinc, gold, and silver per day over an 18-year lifespan.

The site represents the first copper mine built in Saskatchewan in the past three decades.

Once operational, the mine is expected to support around 400 jobs.

With files from CTV News’ Stacey Hein and The Canadian Press