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Investing.com - BMO Capital has reinstated coverage on SSR Mining (NASDAQ:SSRM) with a Market Perform rating and a price target of $13.50, as the company maintains a strong financial position with a current ratio of 3.95 and operates with moderate debt levels.
The firm cites SSR Mining’s strong cash generating capabilities, which are underpinned by the Marigold mine in Nevada and the recently acquired CC&V mine in Colorado.
These assets position SSR Mining as the third largest gold producer in the United States, according to BMO Capital.
Despite these strengths, BMO Capital expects SSR Mining shares will remain discounted compared to peers following the leach pad slip and suspension at the company’s Çöpler mine in Türkiye.
The research firm notes that while a restart at Çöpler could improve valuation, the market will likely remain cautious until more clarity becomes available.
In other recent news, SSR Mining Inc. has resumed operations at its Seabee mine following a two-week suspension due to forest fires. The company announced that mining activities restarted on June 13 after resolving temporary power interruptions. SSR Mining confirmed that the fires, located north of the mine, did not cause any damage to the facility. The temporary shutdown was a precautionary measure to ensure the safety of staff amidst the environmental threat. SSR Mining had been closely monitoring the situation and was prepared to enact its emergency response plan if necessary. The company, dual-listed on the Nasdaq and Toronto Stock Exchange, emphasized that power supply has been fully restored to the site. Investors and stakeholders were previously advised to stay updated on the situation due to its potential impact on production output.
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