International gold mining company Eldorado Gold is buying Canadian copper producer Foran Mining for C$3.8 billion ($2.8 billion).
As reported in a press release from the companies, Foran shareholders will receive 0.1128 shares of Eldorado plus $0.01 per share. As a result, they will own approximately 24% of the combined company.
The transaction is scheduled to close in the second quarter of this year.
The combined company's assets will consist of approximately 77% gold and 15% copper, with production and development projects in Canada, Greece and Turkey. In 2027, underlying earnings are expected to be approximately $2.1 billion, free cash flow - $1.5 billion, and production - approximately 900 thousand gold equivalent ounces.
The agreement received unanimous approval from the boards of directors of both parties, a shareholder vote is scheduled for April 14, they reported
