SSR Mining Suspends Dividend, Retracts Guidance As 9 Workers Remain Missing In Turkey Gold Mine Landslide
Portfolio Pulse from Matt Whittaker
SSR Mining (NASDAQ:SSRM) suspended its dividend, retracted guidance, and halted share buybacks following a landslide at its Copler gold mine in Turkey, which left nine workers missing. The incident led to the suspension of mining operations, revocation of the mine's environmental permit, and detention of six employees. The company is unable to predict when operations will resume and expects to record liability for remediation costs and an impairment charge on inventory and assets. SSRM's stock has halved in value since the landslide, with a significant downgrade from RBC Capital Markets.
February 28, 2024 | 4:06 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
SSR Mining suspended dividends, retracted guidance, and stopped share buybacks due to a landslide at its Turkey mine, causing significant operational and financial disruptions.
The suspension of dividends, retraction of guidance, and halt on share buybacks directly impact SSRM's financial health and investor returns. The operational suspension and legal issues further exacerbate the situation, leading to a significant downgrade by analysts and a halving of the stock's value. These factors collectively indicate a negative short-term impact on SSRM's stock price.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100