Eldorado Gold Corp. (EGO
) shares were down more than 30% Thursday morning after the company indicated that its Kisladag mine in Turkey has been ordered to shut down. The Turkish courts ordered the mine be shut down, pending a decision on a appeal to confirm the legality and validity of the mine's environmental impact assessment, according to a company release.
The closure will be implemented in approximately 30 days and Eldorado said it expects the shutdown to be temporary.
Blackmont Capital analyst Richard Gray said the announcement is a huge blow to Eldorado, as it makes up 60% of his estimated net asset value for the company and 62% of its annual production.
Investors apparently agree.
EGO 1-yr chart: