A landslide happened in the Copler mine in Turkey on 14.Feb.2024 and at least 8 worker were still missing. The gold mine is operated by SSR Mining Inc, a Canada listed company. The operation of gold mine immediately paused after the accident and later several people from SSRM are detained, including a VP of the SSRM Turkey branch. What is worse is that the environment permit was revoked.
Copler mine is the 2nd large gold asset of SSRM, and contributes to about 30% of revenue. Afer the landslide, the share droped more than 50% and is multiple years low. The PE is 4.42, PB is 0.25, and nearly no debt. It is likely that the mine operation will be restored, and current price could be a buying oppurtinity.
I bought SSRM with shares ($4.38) and LEAPS (1 years and 2 years) (value: 6/1/1).
Update 09/03/2024
Looks SSRM not particulary focus on the Copler mine.
Michael J. Sparks, currently Executive Vice President, Chief Legal and Administrative Officer, will take on the role of Executive Vice President, Chief Financial Officer. Mr. Sparks succeeds Alison White who is leaving the Company to pursue other opportunities.
Update 28/02/2024:
SSRM withdraws the 2024 forecasting and stops paying dividends, though the earning reports of 2023 are very good to me. Share tanked ~6%. Watch closely for further buying opportunity.
UPdate 06/03/2024
SSR Mining (SSRM) will pay for all cleanup costs from the landslide at its Copler gold mine in Turkey, a government minister official told Bloomberg on Tuesday, without citing a specific figure.
Costs will include the removal of ~ 10M tons of waste soil, Energy & Natural Resources Minister Alparslan Bayraktar reportedly said after a cabinet meeting.
SSR Mining (SSRM) has not commented on the possible cost of the cleanup, but the Turkish government is believed likely to issue a fine to the company's local unit.
Anagold Madencilik, 80%-owned by SSR Mining (SSRM), was fined 16.4M liras - at the time equal to ~$1M - and had its environmental permits revoked after a cyanide spill in 2022.