Eldorado Gold Will Suffer Major Write-Down

skouriesEldorado Gold announced earlier in the month that it will suspend the majority of mine construction on Greece, although it does not intent to leave the country.

Now, the company said it expects to “write down the value of its assets in Greece by $1.2 billion – $1.6 billion,” according to a Reuters report which appears in Canada’s largest daily, The Globe and Mail.

In addition, the company’s forecasts call for sharply lower gold production in 2016 than last year, while in the meantime its stock value continues to plunge, down today over 13% from its previous close price.

Apparently, these are hard times for both Greece and its foreign investors.