Endomines Slides After Cutting Output Guidance: Stockholm MoverKatarina Gustafsson
Endomines AB, a mining company focused on Finland, fell to the lowest level in more than three years after cutting its guidance for gold production.
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.