SSR Mining Stock Craters After Çöpler Mine Operations Suspended

SSR Mining Inc. SSRM shares are tumbling Tuesday after the company suspended Çöpler mine operations.

The Details:

SSR Mining announced the suspension of operations at its Çöpler mine as a result of a large slip on the heap leach pad. The company reports the event occurred on Tuesday morning at approximately 6:30 a.m. ET and all operations at Çöpler have been suspended as a result. 

SSR Mining issued multi-year guidance before operations were suspended on Tuesday morning. The company said Çöpler was expected to produce 200,000 to 220,000 ounces of gold in 2024 with an AISC of $1,550 to $1,590 per payable ounce. 

The expected production profile at Çöpler was listed as approximately 55% weighted to the first half of 2024, reflecting higher grades and planned maintenance in the fourth quarter. Heap leach production at Çöpler was expected to total approximately 40,000 ounces of gold for 2024.

SSR Mining shares are falling on heavy trading volume following the announcement of suspension.  According to data from Benzinga Pro, more than 32 million shares have already been traded in the session, compared to the stock’s 100-day average of 2.316 million shares.

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SSRM Price Action: According to Benzinga Pro, SSR Mining shares are down 52.7% at $4.60 at the time of publication.

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