It appears that the shutdown at its largest mine in Turkey significantly impacted SSR Mining (TSX: SSRM) and their third quarter 2022 results. The company reported negative net income for the three month period this morning, while also reducing its full year guidance.
Revenue for the quarter came in at $166.6 million, nearly half of the $319.6 million reported in the second quarter of this year. Total production for the period amounted to 106,919 gold equivalent ounces, versus 159,262 in Q2.
Production costs per GEO came in at $1,099, while all in sustaining costs totaled $1,901 per GEO, which is said to include certain costs incurred at Copler during the several-month suspension of mining operations. A total of 96,885 GEO’s were sold during the quarter, at an average realized gold price of $1,710 per ounce.
With the closure of the Copler mine during the period, the company posted an operating loss of $35.1 million, while also reporting a net loss of $28.4 million. Earnings per share was negative $0.12. This however did not stop the firm from declaring a $0.07 per share quarterly dividend for shareholders.
Cash and cash equivalents meanwhile declined during the quarter from $938.6 million to $748.5 million, with total cash, including restricted cash, sitting at $784.0 million.
In terms of guidance, the company has significantly lowered its expected gold production for the year, with the firm now anticipating to produce between 525,000 and 555,000 ounces of gold, versus the prior guidance of 585,000 to 655,000 ounces. In total, gold equivalent ounce production for the full fiscal year has been lowered to 620,000 to 655,000. All in sustaining costs meanwhile are anticipated to come in between $1,315 and $1,345 per ounce.
SSR Mining last traded at $19.03 on the TSX.
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