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

Kitco Media
By Vladimir Basov
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Updated
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(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.

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Kitco Media

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.

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