SSR Mining provided updates on Copler incident, recovery efforts, and production figures
From Nasdaq: 2024-11-06 23:15:18
SSR Mining held its Q3 2024 earnings call. The focus was on the Copler incident, with updates on the recovery efforts, containment measures, and remediation work. The missing colleagues have been recovered, and no contamination has been reported. Remediation costs are estimated at $250-300 million, with completion expected in 24-36 months. Discussions with Turkish authorities are ongoing for final remediation plans. The Copler mine is anticipated to restart within 20 days once all regulatory approvals are reinstated. Third-quarter production was 97,000 gold equivalent ounces at all-in sustaining costs of $2,065 per ounce, including care and maintenance expenses. Year to date, Marigold, Seabee, and Puna have produced 249,000 gold equivalent ounces. At Marigold, production was in line with expectations, with full-year guidance of 155,000 to 175,000 ounces. Seabee’s production was impacted by forest fires but operations have fully resumed. Puna saw record throughputs, expecting to produce 10 million to 10.5 million silver ounces in 2024. Copler remediation progress is ongoing. SSR continues to advance opportunities for operational excellence and growth projects while managing financials. The company remains in a strong financial position and is focused on improving business operations moving into 2025. A storage facility incident led to the need for a new permanent storage location, which has been chosen and engineering is in progress. Approvals are expected early next year for construction to begin. Throughput rates may be limited to 6,000 tonnes per day due to an administrative appeal. Discussions with regulators are ongoing to restart operations. Remediation efforts at Copler are progressing, but a restart is not dependent on their completion. The company is committed to meeting post-incident obligations and actively engaging with government departments for a potential restart at Copler. 1. The stock market surged to record highs today, with the S&P 500 and Nasdaq reaching all-time highs. The S&P 500 closed at 4,500 points, while the Nasdaq closed at 15,000 points, driven by strong earnings reports from tech companies like Apple and Amazon.
2. In international news, tensions are rising between Russia and Ukraine as Russian troops continue to build up near the Ukrainian border. The U.S. and other Western countries have condemned Russia’s actions, with President Biden warning of severe consequences if Russia invades Ukraine.
3. In health news, the FDA has approved a new drug for the treatment of Alzheimer’s disease. Aduhelm, developed by Biogen, has been shown to reduce the buildup of amyloid plaques in the brain, which are believed to contribute to the progression of the disease.
4. The Tokyo Olympics are in full swing, with athletes from around the world competing in a wide range of sports. Team USA leads the medal count, with China and Japan close behind. Notable performances include Simone Biles in gymnastics and Caeleb Dressel in swimming.
Read more at Nasdaq: SSR Mining (SSRM) Q3 2024 Earnings Call Transcript