SSR Mining (TSX: SSRM) has finally seen its largest mine resume operations after months of being offline following a cyanide leak, which placed it out of favour with local governmental officials.
The firm has officially seen its Copler mine resume operations as of today, following regulatory approvals being granted by the Turkish government. Regulators had initially pulled approvals in late June, resulting in a production halt, following a cyanide leak that was found on site.
The halting of operations was much publicized, with the Turkish regulator acting like a scorned ex-girlfriend on social media, as it made the public aware that they were “STOPPING the activity of the gold mine,” due to the leak.
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The regulator fined the firm 16.4 million Turkish Lira in connection with the leak, which at the time equated to roughly C$1.3 million.
Downtime at the mine however was reportedly not all bad news, with SSR Mining reporting that it had accelerated certain planned maintenances to its sulfide plant that was originally slated to occur in the fourth quarter, with no scheduled shutdowns marked for the gold mine for the remainder of the year.
Copler is the firms largest revenue-generating asset, producing $137.4 million in revenue for the first quarter of 2022, or roughly 38.7% of topline revenue.
SSR Mining last traded at $19.12 on the TSX.
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.
