Canada’s Eldorado Gold swings to loss in Q3
Canada's Eldorado Gold (TSX:ELD) (NYSE:EGO) logged Friday a third-quarter loss of $96.1 million, after reporting a profit in the same period a year earlier.
The Vancouver, British Columbia-based miner said it lost 13 cents per share, and that total losses, adjusted for non-recurring costs, were 1 cent per share. Revenue for the period was of $211.5 million.
While the results missed Wall Street expectations, the company upgraded its 2015 production guidance to be 710,000 ounces of gold, at average cash costs of $565 per ounce.
The outlook change comes as Greece decided earlier this month to let the company resume mining and construction work at Skouries, in northern Greece, which Eldorado’s flagship project.
“Our employees and contractors are now back at work on the Skouries and Olympias projects, and mining operations have resumed at Stratoni,” chief executive officer Paul Wright said in a statement.
The $3.4-billion market cap company also has presence in Romania, Turkey and China.
Shares in closed in Toronto at Cdn$4.85 Thursday, almost 5% down compared to Wednesday session. The stock has lost over 30% of its value so far this year.