Home / Eldorado Gold Corp warns of US$1.6 billion write down after halting work in Greece
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Eldorado Gold Corp warns of US$1.6 billion write down after halting work in Greece

The site of one of Eldorado Gold Corp’s gold mine projects in the mountains of Skouries, northern Greece.

Eldorado Gold Corp said it expects to write down the value of its assets in Greece by US$1.2 billion-US$1.6 billion, after the Canadian miner suspended majority of mine construction and development in the European country.

The company also forecast 2016 gold production of 565,000-630,000 ounces on Monday, much lower than the estimated 723,532 ounces it produced last year.

Eldorado Gold said earlier this month it would suspend construction at its Skouries project and warned that it would do the same at its Olympias project if it did not receive a permit by the end of March. It has halted development work at its Perama Hill and Sapes projects but could restart at a later date.

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