This "Kisladag-ger" in Eldorado Gold Corp.'s Back Sent Its Shares Down as Much as 27%

This "Kisladag-ger" in Eldorado Gold Corp.'s Back Sent Its Shares Down as Much as 27%

Shares of Eldorado Gold (NYSE: EGO), a junior gold miner with precious metal assets in Turkey and Greece, plunged as much as 27% during Monday's trading session after the company provided an update on its Kisladag mine, an open-pit gold mine in Turkey. As you can probably surmise by the substantive move lower, production is not expected to meet expectations.

Four months ago, Eldorado Gold announced that while the placement of estimated recoverable gold on the leach pad in its open-pit mine proceeded as planned, the gold solution grade was well below what internal calculations had suggested. At the time, the company wound up lowering its full-year output from the mine to a range of 180,000 ounces of gold to 210,000 ounces of gold, from a previous forecast of 230,000 ounces of gold to 245,000 ounces of gold. Admittedly, though, at the time management didn't have all the answers, and it was expecting a full quarter of production (namely, the third quarter) to yield more results on gold solution grade. 

Image source: Getty Images.

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Source: Fool.com