RE: Globe & Mail - ELD looks cheaphttps://www.goldalert.com/2011/01/eldorado-ego-beats-guidance-surges-48/
Eldorado (EGO) Beats Guidance, Surges 4.8%
Eldorado Gold (EGO) reported full-year 2010 goldproduction of 632,537 ounces at a cash cost of $382 per ounce. Thesefigures beat the company’s previously-issued guidance of 550,000 –600,000 ounces at $395 – $400 per ounce.
The Canadian-based gold miner issued its 2011 production forecast,comprised of 715,000 – 770,000 ounces at $375 – $395 per ounce. Thecompany raised its dividend for 2010 from
.05 to
.10 per share.
EldoradoGold also announced that “we will be developing plans designed tooptimize our existing asset base with the objective to raise annualproduction to 1, 500,000 ounces by 2015.”
Commenting on Eldorado’s announcement, TD Newcrest analyst StevenGreen wrote in a report that “Eldorado is currently very well positionedas a high growth, low cost producer with several positive catalysts inour view including two high grade, low cost mines coming on stream in2011. Also we expect to get details on thecompany’s expansion plans to move to 1.5 million ounces by 2015, growthof approximately 100% over that time frame. We aremaintaining a BUY recommendation and $21.00 target price.”
Shares of EGO surged as much as
.81, or 4.8%, to $17.81 inmorning trading.
Short URL:https://www.goldalert.com/?p=9207