Eldorado Gold nears commercial production at Saskatchewan mine

Eldorado Gold is nearing commercial production at its McIlvenna Bay underground mine in northeast Saskatchewan. The company reported producing copper concentrate in June and zinc concentrate in July, with the goal of starting full commercial operations by the end of the third quarter of this year.

The project, which Eldorado Gold acquired through its purchase of Foran Mining, has been designated a project of national importance by the Canadian federal government. To date, the government has contributed over $200 million toward various aspects of the project. The mine is expected to have an 18-year lifespan, with estimated total production including 41 million pounds of copper, 54 million pounds of zinc, 20,000 ounces of gold, and 444,000 ounces of silver.

Federal Minister of Energy and Natural Resources Tim Hodgson noted that the mine could help Canada protect its domestic supply chain from dominant global players, particularly as supply chains are increasingly being “weaponized.” The project is seen as a strategic move to bolster Canada's supply of critical minerals used in advanced manufacturing, clean energy, and aerospace. Much of the extracted material is expected to be smelted in Quebec.