Eldorado Gold Corp. announced that it acquired all outstanding shares of Foran Mining Corporation. First announced in February, the $2.8 billion acquisition includes the mine in McIlvenna Bay, Saskatchewan. The offer needed support from shareholders to be fully completed once it was tendered.

 

Eldorado Gold chief executive George Burns says the acquisition adds Foran's McIlvenna Bay project in Saskatchewan, a high-quality, long-life asset in a premier mining jurisdiction.

 

He says McIlvenna Bay provides Eldorado with additional exposure to copper and offers exceptional exploration potential.

 

With Foran now a wholly-owned subsidiary, Eldorado says it plans to de-list the Foran shares as soon as practicable.

 

Eldorado Gold generated revenues of $577 million in the reported quarter, marking a year-over-year increase of 32.3%.

 

It is listed on the Toronto Stock Exchange with the symbol – EGO and shares have risen 73.5% in the past year.