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SSR Mining (NASDAQ:SSRM) -4.7% in Wednesday's trading despite beating Q4 adjusted earnings estimates, as it suspends quarterly dividend payments and its automatic share purchase plan, while also dropping production guidance following the landslide two weeks ago at a mine in Turkey where nine people are still missing.
SSR Mining (SSRM) said it is not yet able to estimate or predict when it will resume operations at the Copler mine, where operations were suspended as a result of a significant slip on the heap leach pad.
The company said it is assessing the potential impacts to its business, though it does not expect near-term liquidity concerns given a year-end cash balance of nearly $500M and cash flows from other operations.
SSR (SSRM) said it is in the process of evaluating estimated remediation costs and anticipates recording a remediation liability during Q1, and expects to book an impairment of inventory and specific assets directly affected by the Copler incident and will evaluate the mine's long-lived asset group for additional impairment.
SSR (SSRM) said it produced 178,677 gold oz in Q4, including 57,126 oz at Copler, up from 153,187 oz in the prior-year quarter.