NEW YORK (TheStreet) -- Eldorado Gold (EGO) - Get Report stock is plummeting by 11.40% to $2.02 on heavy trading volume this afternoon as the company expects to report an impairment charge ranging between $1.2 billion and $1.6 billion related to issues with its Greek assets in its 2015 financial results.
Earlier this month, Eldorado suspended operations at its Skouries mine in northern Greece, citing government opposition and permit delays.
The company has warned that it will similarly suspend operations at its Olympias mine in northern Greece if it doesn't receive a permit by the end of March.
"Looking at Eldorado's long-term plan, the company remains committed to its portfolio of Greek assets and the realizable benefits to all of the stakeholders involved," CEO Paul Wright said in a statement.
Additionally, the company forecast for gold production ranging between 565,000 and 630,000 ounces for 2016, down from 723,532 ounces produced in 2015.
Gold miners are cutting costs as gold prices have plunged more than 40% since their 2011 peak, the Wall Street Journal reports.
Separately, TheStreet Ratings team rates the stock as a "sell" with a ratings score of D.
Eldorado Gold's weaknesses include its unimpressive growth in net income, weak operating cash flow and generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: EGO
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.