SSR Mining Crashes 53% After Turkish Mine Collapses

SSR Mining’s (TSX: SSRM) operations in Turkey might be done for good this time. The company has experienced what it referred to as a “large slip” at its heap leach pad at the Copler mine in the country, which occurred this morning.

The slip has resulted in operations at the mine being suspended, with reports indicating that nine miners are missing following the collapse.

The large slip follows a cyanide leak at the same mine in 2022, which resulted in a C$1.3 million fine for SSR Mining. At the time, the regulator conducted a large social media initiative to force the company to address the issues on site, declaring that they were stopping all activities at the gold mine.

READ: SSR Mining Sees Copler Mine Resume Operations Following Cyanide Leak

And in terms of timing, the collapse simply could not be worse, with SSR this morning issuing guidance for 2024 through to 2028. The company had forecasted 200,000 – 220,000 ounces of gold production from Copler for 2024, which represents roughly 37% of total production for the year.

SSR Mining last traded at $6.20 on the TSX, down 53% on the day.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply