Eldorado Gold to Buy Foran for $2.8 Billion in Latest Mine Deal Amid Metals Frenzy

Eldorado Gold Corp. agreed to buy copper-focused Foran Mining Corp. for C$3.8 billion ($2.8 billion), the latest industry tie-up as miners seek to ramp up metals production after a massive price rally over the past year.

Eldorado, which owns mines in Canada and Europe, will use a combination of equity and cash to acquire all outstanding shares of the smaller miner with no premium to Foran’s Friday closing price, according to a statement on Monday. After the merger, existing Eldorado holders will own about 76% of the combined company and Foran holders will own about 24%.