The shares dropped as much as 11 percent to 4.80 kronor, the lowest level since March 2010, and were down 8.3 percent at 4.95 kronor as of 10:18 a.m. in Stockholm, giving the company a market value of 432.6 million kronor ($65 million).
Endomines now expects output of between 800 kilograms and 900 kilograms of gold this year, compared with its previous outlook of 900 kilograms to 1,000 kilograms, the Stockholm-based company said in a statement today.
Production during the second quarter “was lower than target due to mining mainly from low-grade areas in the underground mine and low-grade upper levels,” Endomines said. Its gold production for the second quarter was 168.1 kilograms.
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