SSR Mining Inc. reported significant operational and financial challenges in its third quarter of 2024, primarily due to the Çöpler Incident, which led to the suspension of operations at the Çöpler property on February 13, 2024. The incident resulted in the loss of nine employees and has necessitated extensive remediation efforts, with costs estimated between $250 million and $300 million over a 24 to 36-month period. As of September 30, 2024, the company had spent $103.3 million on remediation since April 1, 2024.
In terms of production, SSR Mining produced 97,429 gold equivalent ounces in Q3 2024, a stark decrease from 159,863 ounces in Q3 2023. Year-to-date production also fell to 275,113 ounces from 411,587 ounces in the previous year. The consolidated revenue for Q3 2024 was $257.4 million, down 33.2% from $385.4 million in Q3 2023, primarily due to a 60.9% reduction in gold equivalent ounces sold. The average realized gold price increased by 32.3% to $2,531 per ounce, partially offsetting the revenue decline.
Operating income for Q3 2024 was $9.0 million, a significant drop of 88.3% from $77.5 million in Q3 2023. The company reported a net income of $6.3 million for the quarter, compared to a net loss of $7.2 million in the same period last year. However, for the nine months ended September 30, 2024, SSR Mining recorded a net loss of $349.4 million, a stark contrast to a net income of $144.1 million for the same period in 2023.
The company’s cash and cash equivalents decreased to $334.3 million as of September 30, 2024, down from $492.4 million at the end of 2023. Total assets also declined to $5.1 billion from $5.4 billion at year-end 2023. SSR Mining's total liabilities increased to $539.9 million, up from $418.6 million at the end of 2023.
Strategically, SSR Mining has faced legal challenges following the cancellation of the 2021 Environmental Impact Assessment (EIA) by a local court in Turkey, which has reverted operations to a lower throughput rate under the 2014 EIA. The company has also suspended cash dividends following the Çöpler Incident and has not repurchased any shares since the incident, although it had previously repurchased 1.1 million shares prior to the incident.
Overall, SSR Mining's performance in Q3 2024 reflects the significant impact of operational disruptions and market conditions, with ongoing efforts to manage remediation and navigate legal challenges.
About SSR MINING INC.
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