Eldorado Gold Begins Copper Production at McIlvenna Bay

Less than two months after closing its acquisition of Foran Mining (TSX:FOM), Eldorado Gold (TSX:ELD,NYSE:EGO) has produced its first copper concentrate at the McIlvenna Bay project in Saskatchewan, Canada.

The Vancouver-based miner announced Monday (June 8) that the facility successfully moved through wet and hot commissioning, yielding its initial concentrates on June 7.

On-site engineering teams are now optimizing the plant's flotation circuit and underground paste plant infrastructure to scale the operation toward a nameplate processing capacity of 4,900 tons per day.

The milestone validates Eldorado’s April 14 buyout of Foran, which was designed to diversify the company's traditional precious metals portfolio with high-demand industrial metals.

A March 2025 feasibility study for McIlvenna Bay outlined an 18-year mine life expected to yield an average annual output of 41 million pounds of copper, 54 million pounds of zinc, 20,000 ounces of gold, and 444,000 ounces of silver.

“Achieving first concentrate at McIlvenna Bay is a significant milestone, not just for Eldorado but for Canadian mining,” said CEO George Burns. “McIlvenna Bay diversifies our revenue base with substantial copper and zinc production, and alongside our Skouries project in Greece, will transform Eldorado into a high-margin, free cash flow generating business.”

The project’s launch has drawn backing from both provincial and federal governments, which are aggressively prioritizing domestic supply chains for energy transition metals. The site was previously designated by Ottawa as a project of national significance.

“First concentrate at McIlvenna Bay is great news for Saskatchewan and for Canada. This project is a testament to what is possible when responsible resource development, strong Indigenous partnerships, and committed investors come together in a premier mining jurisdiction,” commented Saskatchewan Premier Scott Moe.

Following the April acquisition, Eldorado is working to formally delist Foran shares from the TSX and OTCQX.

The company has allocated US$17 million for 2026 exploration efforts. Drilling campaigns will target the adjacent high-grade Tesla Zone and the nearby Bigstone deposit to identify potential extensions that could increase the asset's scale and mine life.

Management indicated the upcoming report will feature revised production and cost guidance for McIlvenna Bay, alongside an evaluation of whether to add a dedicated silver-lead circuit to the new processing plant.

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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.