Company News

BUZZ-Eldorado Gold Corp: Credit Suisse cuts rating

(Updates with Credit Suisse downgrade)

** Canada-based gold miner’s shares down 33.5 pct at C$2.05, U.S.-listed shares down 25.4 pct at $1.62, both reaching their lowest since mid-2003

** Company lowers 2017 gold production forecast of its Turkish Kisladag mine, which accounted for 60 pct of its Q2 gold output, for the second time

** Cuts gold recovery forecast for Kisladag to 170,000-180,000 ounces, from June forecast of 180,000-210,000 ounces, due to lower-than-expected grade ores

** Credit Suisse downgrades rating to “underperform” from “neutral”, cuts PT to $1.50 from $2.40, due to lower valuation of its mines and uncertainty from arbitration issues in Greece

** 6 of 13 brokerages rate the U.S.-listed stock “buy” or higher, 6 “hold” and 1 “sell” or lower; Median PT $2.92

** Up to Friday’s close, EGO had fallen nearly 33 pct this year (Reporting by Karan Nagarkatti in Bengaluru)