SSR Mining to Face Major Setbacks in 2024

Canadian precious metals producer SSR Mining (NASDAQ: SSRM) is expected to face challenges in 2024 due to a February landslide at its Çöpler gold mine in Turkey, its flagship operation. For now, production at the mine has been halted indefinitely. The Çöpler mine accounted for 37% of SSR Mining’s total gold production in 2023 and all of its copper production, contributing 31% to its total revenue. Gold is an important revenue source for SSR, contributing 80% to the company’s total revenue in 2023.

Following the incident, SSR Mining is expected to produce 293,000 ounces of gold in 2024, marking a -50% decrease from the previous year. Additionally, analysts also expect a -42% decline in gold production at its other major mine, Marigold in the U.S., further impacting SSR Mining’s overall production outlook for the year. Revenue from the company’s Marigold operations is projected to be down -33% year over year in 2024, while revenues from the Çöpler mine are expected to be down -90%. Overall, SSR’s total revenue in 2024 is expected to decline to $895 million, down from $1.4 billion in 2023.

SSR Mining owns an 80% stake in the Çöpler mine which, as of June 25th, has an attributable net asset value (NAV) of $314 million. For deeper asset-level intelligence on SSR Mining and other mining companies check out our new Net Asset Value (NAV) page on Visible Alpha Insights.