Eldorado’s First-Quarter Sharp Sales Drop Should Be Temporary; We Reiterate Extreme Uncertainty
Eldorado Gold shocked the market with a nearly 40% drop in revenue, sending shares down 17% as we write. However, the market reaction seems a bit overdone, as gold production was only down 7% to 82,977 ounces and realized gold prices down 5% to $1,265 per ounce. The bulk of the drop was a delay in gold sales at Efemcukuru amid a customer dispute and challenging port weather. However, gold is a commodity, and the company has already negotiated the sale of the disputed volumes to other customers. ...Eldorado Gold is engaged in the exploration, development, mining and production of gold and other mining resources in Brazil, China, Turkey and Greece.
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