SSR Mining Inc. SSRM shares are tumbling Tuesday after the company suspended Çöpler mine operations.

The Hardships:

SSR Mining faced a significant setback after announcing the suspension of operations at its Çöpler mine due to a substantial slip on the heap leach pad that occurred on Tuesday morning at approximately 6:30 a.m. ET. Consequently, all operations at Çöpler have been suspended.

Before the suspension, SSR Mining had issued multi-year guidance, projecting that Çöpler would produce 200,000 to 220,000 ounces of gold in 2024 with an AISC of $1,550 to $1,590 per payable ounce.

The expected production profile at Çöpler was categorized as approximately 55% weighted to the first half of 2024, denoting higher grades and planned maintenance in the fourth quarter, with heap leach production estimated at around 40,000 ounces of gold for 2024.

SSR Mining shares experienced a steep decline in trading volume following the announcement of the suspension. According to data from Benzinga Pro, more than 32 million shares were traded in the session, a stark contrast to the stock’s 100-day average of 2.316 million shares.

Adversities Looming:

SSRM Stock Dips: According to Benzinga Pro, SSR Mining shares plummeted by 52.7% to $4.60 at the time of the announcement.

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