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A Canadian company with a mine in Saskatchewan that’s getting a leg-up from the federal government is set to be acquired by a gold and base metals producer.
On Monday, Foran Mining Corporation announced it had entered into an agreement to be acquired by Eldorado Mining Corporation.
“This positions Eldorado to benefit from robust metal prices and rising demand for critical minerals,” read the news release posted to Foran’s website.
The release specifically mentioned the McIlvenna Bay copper mine in Saskatchewan, southwest of Creighton.
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“By bringing together two high-quality, fully financed development assets – Skouries in Greece and McIlvenna Bay in Saskatchewan, Canada – which are both on budget and on schedule to achieve commercial production in mid-2026, the combined company will offer a clear and compelling re-rate opportunity,” read the news release.
The companies wrote that the Saskatchewan mine will be a cornerstone in its Canadian portfolio, “supporting sustained employment and long-term economic contributions in Saskatchewan and Canada.”
The McIlvenna Bay copper mine is expected to start producing in mid-2026.
The Saskatchewan mine got a lot of attention in September, when it was one of five projects announced by the prime minister to be fast-tracked and get special attention from his major projects office.
“We know that critical minerals and mining are industries of national interest in and of themselves, because they can reinforce our prosperity, build our security, diversify our markets and advance reconciliation,” said Prime Minister Mark Carney at the time.
(Foran Mining Corporation/Submitted)
The projects announced were expected to get help with red tape, streamlining approvals for the projects to get across the “finish line.”
The federal government announced $41 million in Foran’s expansion to its green mining plans earlier in 2024, and it was set to get support from the Government of Saskatchewan’s Critical Minerals Processing Investment Incentive.
Saskatchewan Premier Scott Moe was quoted in the news release about the acquisition, saying the move will reinforce the province’s position as a leading destination for “responsible resource development.”
“McIlvenna Bay is a high-quality project that will deliver jobs, investment, and long-term economic benefits for the province. A combination with Eldorado would further strengthen the project’s development pathway and underscore Canada’s role in supplying critical minerals to both domestic and global markets,” Moe said in the news release.
The acquisition of Foran by Eldorado has a court-approved plan and is expected to close in the second quarter of this year.
