RE:This is material - ELD must issue public statement This drop is in part about confidence. The company has had so many disappointments in Greece lately, then they pay top dollar for a non-producing start-up and now their principle operating mine and main source of internally generated cash flow seems to be in trouble or at least not what it was thought to be. On top of that the gold price has been floundering accompanied by general malaise in the whole sector.
Personally I think the selling is way overdone. Lamaque still has all the same promise it had before Eldorado put in a bid. And there seems to be light at the end of the tunnel in Greece. I note that New Democracy party, which supports Skouries, is well ahead in the polls. If management is the issue here, someone else will bid for these assets (or the whole company).
Having said that, selling could go on a bit. Many other miners that have disappointed recently went down and stayed down. Look at Asanko.