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The incident and its implications have been discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q. SSR Mining (NASDAQ:SSRM) will continue to update the public through press releases and its website. While currently unprofitable over the last twelve months, analysts tracked by InvestingPro expect the company to return to profitability this year, with projected earnings of $1.76 per share for 2024. While currently unprofitable over the last twelve months, analysts tracked by InvestingPro expect the company to return to profitability this year, with projected earnings of $1.76 per share for 2024.
The review, conducted by Call & Nicholas, Inc. (CNI), an international mining consulting firm, concluded that the design overestimated the shear strength properties of the liner system at the base of the heap leach pad. This led to inflated safety value calculations, resulting in a design that did not provide adequate shear strength to support the heap leach facility.
CNI's investigation also confirmed that the construction and operation of the heap leach pad were in line with the design parameters issued for construction. The review found no evidence that excess water, ground vibrations from blasting, or stacking beyond design contributed to the incident.
Rod Antal, Executive Chairman of SSR Mining, stated, "The independent expert review of the Çöpler Incident has been an important body of work for the Company to determine the cause of the Çöpler Incident. Knowing now that the failure was the result of an engineering design flaw, and not the result of a failure in our operation or construction of the pad, provides clarity and some reassurance to the team on the ground as we seek to restart the Çöpler mine."
The incident and its implications have been discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q. SSR Mining will continue to update the public through press releases and its website. While currently unprofitable over the last twelve months, analysts tracked by InvestingPro expect the company to return to profitability this year, with projected earnings of $1.76 per share for 2024.
The incident and its implications have been discussed in the company's Annual Report on Form 10-K for the year ended December 31, 2023, and subsequent Quarterly Reports on Form 10-Q. SSR Mining will continue to update the public through press releases and its website.
This news article is based on a press release statement provided by SSR Mining Inc.
In other recent news, SSR Mining Inc. has reached a significant production milestone with its Marigold Mine, which has now produced a total of 5 million ounces of gold. The company's financial health remains robust, as indicated by a current ratio of 3.91 and a moderate debt level with a debt-to-equity ratio of 0.11. Analysts project improved profitability for the coming year. Additionally, SSR Mining has released its third quarter 2024 financial results, reporting an attributable net income of $0.05 per share, despite a negative cash flow of $1 million. The company produced 97,000 gold equivalent ounces in Q3 at an all-in sustaining cost (AISC) of $2,065 per ounce. In terms of operational updates, SSR Mining estimates the remediation costs for the Çöpler mine incident to be between $250 million to $300 million over the next 24 to 36 months. Despite the incident, operations at the Çöpler mine are expected to restart within 20 days of receiving regulatory approvals. Lastly, Marigold production remains on track for annual guidance, while Seabee's guidance has been revised due to forest fires. These are recent developments that underline the company's resilience in maintaining production targets despite challenges.
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