Eldorado Gold Secures Shareholder Approval for Major Copper Acquisition

Eldorado Gold shareholders overwhelmingly approved the share issuance for its $3.8B acquisition of Foran Mining, a key step to diversify into copper. Final court approval is sought this week.

Shareholders of Eldorado Gold have delivered a decisive vote, clearing a primary obstacle for the company's planned multi-billion dollar acquisition of Foran Mining Corporation. The necessary share issuance was approved by an overwhelming majority during a Tuesday vote, moving the strategic expansion into the Canadian copper market significantly closer to completion.

Court Approval Sought This Week

The next formal step is scheduled for Thursday, April 9, with a hearing before the Supreme Court of British Columbia. Should the court grant its final approval, the transaction is set to be officially completed on April 14, 2026. Eldorado Gold's shares are currently trading at 30.26 euros, a level approximately 27% below the 52-week high reached in late January.

A Vote Defying Advisor Opposition

The clarity of the voting result, with 84.21% in favor, was notable given the resistance leading up to the meeting. Influential proxy advisor Glass Lewis and major shareholder L1 Capital had campaigned against the deal, primarily criticizing a potential overvaluation of the target company. However, a majority of investors aligned with the recommendation of proxy advisor ISS, endorsing the board's growth strategy.

Portfolio Diversification Through Copper

Valued at 3.8 billion Canadian dollars (approximately 2.7 billion US dollars), this transaction is centrally focused on the McIlvenna Bay project. The acquisition is a strategic pivot for Eldorado Gold, aiming to establish the firm as a combined gold and copper producer within North America. Management is responding to the surging global demand for copper, a trend powerfully driven by worldwide electrification efforts. This move is designed to diversify the company's portfolio and reduce its reliance on pure gold assets.