Gold Mining Shares Plummet After M&A Announcement… $900 Million Market Cap Vanishes in a Day

Eldorado Gold Corp (NYSE: EGO), a Canadian gold mining company, plunged 8.85% to close at $39.11 on February 2 on the New York Stock Exchange. Trading volume topped 4.2 million shares, erasing roughly $640 million in market value—about 900 billion Korean won—and leaving the company with a market capitalization of approximately $7.8 billion, or around 11 trillion won.

The stock slid more than 8% after Eldorado Gold announced its planned acquisition of Foran Mining, a deal valued at about CAD 3.8 billion (approximately 4 trillion won). The company had recently been emphasizing its growth story by introducing its first quarterly dividend and reporting that its 2025 gold production is on track to hit the upper end of annual guidance.

Eldorado Gold is a mid-tier precious and base metals producer operating in Turkey, Canada, and Greece, with core assets including the Lamaque Complex and the Skouries copper-gold project. Once the acquisition closes, Eldorado will become a diversified gold-and-copper producer with both Skouries and the McIlvenna Bay project in Canada—positioning it for a production ramp-up around 2026.