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SSR retracts guidance for Çöpler, workers remain missing

29th February 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

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Vancouver-based SSR Mining has retracted its previously issued 2024 and long-term guidance forecasts for the Çöpler mine, in Türkiye, following a significant slip on the heap leach pad earlier this month.

Nine individuals remain unaccounted for as a result, the TSX- and ASX-listed company reported on Wednesday, announcing fourth-quarter and year-end results.

“Right now, our attention is focused at Çöpler. The events of February 13, 2024, were tragic and overshadow today’s results,” said SSR chairperson Rod Antal.

SRR is not sure when operations will be able to resume at Çöpler.

As a result of the situation at the mine, SSR has suspended quarterly dividend payment and the automatic share purchase plan. Lead independent director Michael Anglin, who has previously advised that he plans to retire, has postponed that decision and will stand for re-election at the 2024 annual meeting.

Antal stated that SSR did not expect any immediate liquidity concerns because of the Çöpler incident, noting that the company had a year-end 2023 cash balance of almost $500-million and that its operations at Marigold in the US, Seabee in Canada, and Puna in Argentina, were continuing to generate cash flow.

For the fourth quarter, SSR reported an attributable net loss of $217.8-million, or $1.07 a share, owing to a noncash impairment at Çöpler after the company removed C2 mineral resources from its consolidated mineral reserves and resources statement.

Adjusted attributable net income in the fourth quarter was $127.1-million, or $0.59 a share.

For the 12 months ended December 31, 2023, the attributable net loss was $98-million, or $0.48 a diluted share, and adjusted attributable net income was $276.5-million, or $1.29 a diluted share.

Edited by Creamer Media Reporter

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