Eldorado reduces gold production at a mine in Turkey

Canada's Eldorado Gold Corp (Eldorado) today announced it is cutting its plan to mine gold from the Kisladag mine, Turkey's flagship gold mine.

Gold recovery is below expectations, according to a press release. Thus, the company expects production this year to be between 170,000 and 180,000 ounces at a cash cost of $ 500 to $ 550 an ounce.

Eldorado also posted his guidelines for 2018 and beyond. The revised guidance was reduced from an estimate of 210,000 ounces in June to 180,000 ounces and the company's original 2017 guidance of 230,000 to 245,000 ounces.

After the news, the company's shares fell more than 10 percent. In morning trading on the Toronto Stock Exchange, the stock index fell 49 cents, or about 18 percent, to $ 2.42.

Despite the not so positive outlook, the Canadian miner ended the quarter with a cash equivalent of $ 752.133 million, or about $ 0.77 per share.