Eldorado eyes bigger McIlvenna Bay copper mill
The operation is expected to average 41 million lb. of copper, 20,000 oz. of gold and 444,000 oz. of silver annually.
Eldorado Gold is exploring the possibility of expanding its McIlvenna Bay copper mill by 43% and adding a new silver-lead circuit. The Saskatchewan copper-zinc-gold-silver mine is nearing commercial production, with over 400,000 tonnes of material ready for processing. In July, McIlvenna Bay produced zinc and pyrite concentrates, and in June, it made its first copper concentrate.
Eldorado estimates the project's capital costs at $952 million (C$1.32 billion) from June 2024 through full commercial production, which is targeted for the third quarter of 2024. The expansion and silver-lead circuit addition are being studied to take advantage of "significant district-scale exploration potential," according to Eldorado President Christian Milau.
The mine adds commercial-scale copper, zinc, gold, and silver production to Saskatchewan's mining industry, known for potash and uranium. With about 380 full-time employees, the workforce is expected to grow to 450 after commercial production. Currently, 34% of the workforce is Indigenous. The mine is expected to produce 5-10 million lb. of copper, 3,000-6,000 tonnes of zinc, 5,000-10,000 oz. of gold, and 100,000-200,000 oz. of silver annually over its 18-year life.
Eldorado is conducting about 14,000 metres of drilling this year, targeting the nearby Tesla zone and Bigstone deposit. The mine received $20 million from Natural Resources Canada in December 2024 and $41 million from Innovation, Science and Economic Development Canada in January 2025. Canada Growth Fund will provide about $156 million, making McIlvenna Bay a significant copper and zinc source alongside Eldorado's established gold business.
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