SSR Mining Posts Lower 3Q Profit
SSR Mining Inc. (NASDAQ, TSX: SSRM) reports a decline in third-quarter net income as revenue fell with gold production. The net profit was $1.1 million, or a penny per share, down from $38 million, or 32 cents, a year ago. Adjusted net income minus special items was $4.4 million, or 4 cents, down from $37.2 million, or 31 cents. Revenue fell to $106 million from $143.4 million. SSR says this was due to lower sales and average prices of gold and silver. Gold production fell to 38,699 ounces from 47,456 in the same quarter a year ago. Marigold output declined as expected due to lower grades, while the Seabee gold operation was impacted by forest fires. Due to planned lower production from processing stockpiles at Puna, 30% less silver was sold relative to a year ago. “With strong performance through the first nine months, we remain on track to meet our corporate-level annual guidance,” says Paul Benson, president and chief executive officer. Still, the company says, production guidance at Marigold has been reduced by 10,000 ounces to between 195,000 and 205,000 ounces of gold.