SSR Mining reports net loss in third quarter as gold equivalent production down 43% y-o-y

By Vladimir Basov

Published:

Nov 08, 2022 - 5:49 PM

Updated:

Nov 08, 2022 - 5:49 PM

Kitco News
The Leading News Source in Precious Metals

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Editors Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of todays must-read news and expert opinions. Sign up here!

(Kitco News) - SSR Mining (NASDAQ:SSRM/TSX: SSRM) announced today that the company delivered Q3 2022 production of 106,919 gold equivalent ounces, which is a decrease of 43% compared to Q3 2021 (186,941 ounces).

The company said that the Çöpler mine operations were suspended in late June until late September in response to a leak of leach solution containing diluted cyanide at the Çöpler mine site on June 21, 2022.

According to a news release, after completing improvement initiatives in early August, the company received the required regulatory approvals on September 22, 2022 from Türkiye’s Government authorities and all operations were subsequently restarted.

SSR Mining also reported third quarter production costs of $1,099 per gold equivalent ounce (Q3 2021: $876 per ounce) and AISC of $1,901 per gold equivalent ounce (Q3 2021: $948 per ounce), reflecting the inclusion of $31.1 million of cash costs incurred at Çöpler during the suspension.

The company noted that despite the expectations of a strong fourth quarter, full year production guidance has been revised to gold equivalent production of 620,000 to 655,000 ounces.

Reflecting the lower production guidance, production costs have increased to $960 to $990 per ounce and AISC guidance has increased to $1,315 to $1,345 per gold equivalent ounce, it said.

SSR Mining added that attributable net loss in the third quarter was $25.8 million (Q3 2021: net income of $57.1 million), or $0.12 per diluted share, and adjusted attributable net loss was $13.5 million (Q3 2021: adjusted net income of $88.3 million), or $0.07 per diluted share.

The company also announced that its Board of Directors declared a quarterly cash dividend of $0.07 per common share, payable on December 19, 2022 to holders of record at the close of business on November 18, 2022.

SSR Mining is a gold mining company with four producing operations located in the USA, Türkiye, Canada, and Argentina, combined with a global pipeline of development and exploration assets.

Mosaic posts net income of $842M in third quarter, expects favorable fundamentals to continue

Vladimir Basov

Vladimir (PhD, MEng in Mining) is a professional mining engineer, scientist and analyst that has more than 20 years of practical in-field and research experience. He is particularly interested in collecting, processing baseline data and writing insightful data-driven mining industry analytics, articles, statistical and research reports.

Share

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

news

SSR Mining reports net loss in third quarter as gold equivalent production down 43% y-o-y

By Vladimir Basov

Kitco News
The Leading News Source in Precious Metals

Vladimir Basov

Share

Pierre Lassonde says the $40 trillion U.S. debt crisis is paving the way for gold to reach $17,250 an ounce

Gold prices gain on Iran optimism despite India import issues, silver producers see strong output in 2026 – Heraeus

Silver’s push above $80 reflects structural shift in the global economy

Gold will navigate near-term headwinds to reach $5,000/oz by year-end – ING’s Manthey

Spot silver surges, gold firms as CPI risk lifts yields - Kitco PM Report

news

SSR Mining reports net loss in third quarter as gold equivalent production down 43% y-o-y

By Vladimir Basov

Kitco NewsThe Leading News Source in Precious Metals

Vladimir Basov

Share

Kitco News
The Leading News Source in Precious Metals