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SSR Mining (NASDAQ:SSRM) -45.1% in early trading Tuesday after saying it suspended all operations at its Copler gold mine in Turkey due to “a large slip on the heap leach pad” earlier this morning; trading has resumed after a halt.
SSR (SSRM) owns an 80% stake in the Copler mine, which has been operating since 2010 and processes ore through two producing plants; the mine produced 221K gold oz in 2023, and the company has forecast 2024 production of 200K-220K oz ramping up to 380K-415K oz by 2028.
The company also guided for 2024 overall production of 540K-600K gold equivalent oz, after 2023 output totaled 706,894 oz at all-in sustaining costs of $1,461 per payable oz; Q4 production was 211,226 gold equivalent oz at AISC of $1,326 per payable oz.
By 2028, SSR (SSRM) said it expects overall production will increase to 725K-825K gold equivalent oz.