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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers
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To: AuBug who wrote (44645)7/12/2007 10:28:14 AM
From: AuBug  Read Replies (1) of 78412
 
Court orders Eldorado to shut mine in Turkey
Thu Jul 12, 2007 9:50AM EDT

OTTAWA, July 12 (Reuters) - Eldorado Gold Corp. (ELD.TO) (EGO.A) said on Thursday that it was ordered to shut its Kisladag gold mine in western Turkey in a court decision registered on Wednesday.

Shares in the junior miner plummeted to a nine-month low after the announcement. The stock bottomed at C$4.55 on the Toronto Stock Exchange, down C$2.67, or 37 percent. It then regained some ground to C$5.10 in Toronto and $4.88 on Amex, a 29 percent drop.

The order will stand until the court rules on an appeal of a lower court decision, which confirmed the legality of Eldorado's environmental impact assessment. The Vancouver, British Columbia-based company did not say who filed the appeal.

Eldorado said the open pit mine in Turkey's Usak province will be closed in about 30 days. The company is uncertain how long it will take the court to review the appeal, but expects the appeal will be denied and the mine closure temporary.

Kisladag began commercial production in July, 2006 and produced 70,895 ounces of gold that year. Eldorado had previously forecast 2007 production between 190,000 ounces and 200,000 ounces of gold.

Eldorado also operates the Tanjianshan mine in the Qinghai province of China. It began commercial production in February, 2007 and is forecast to produce between 120,000 ounces and 130,000 ounces of gold in 2007.

reuters.com
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