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Why Shares Of Eldorado Gold Crashed On Wednesday

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Shares of Eldorado Gold Corp (USA) (NYSE: EGO) were crashing by 20 percent on Wednesday following the company's announcement that it had achieved record gold production but forecasts lower 2015 output.

Eldorado Gold stated on Tuesday after the market close that it achieved a record gold production of 789,224 ounces, while all-in sustaining cash costs averaged $780 per ounce and cash operating costs averaged $500 per ounce.

The company ended the year with total liquidity of approximately $875 million, including $500 million in cash and equivalents and $375 million in lines of credit.

However, the company also stated that expects 2015 gold production to be 640,000 to 700,000 ounces at an average cash cost ranging between $570 to $615 per ounce, and all-in sustaining cash cost between $960 to $995 per ounce.

The company announced it has scheduled to release its year-end financial statement on February 19.

Shares traded recently at $6.28, down 19 percent.

Posted-In: Eldorado Gold Gold Gold MinersNews Intraday Update Movers

 

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