SSR Mining drops after environmental permit for Copler mine revoked

SSR Mining

20/02/2024 15:00

** U.S.-listed shares of Canadian miner SSR Mining  SSRM.TO 
 SSRM.O  drop 9% to $4.46
    ** Company said late on Sunday its environmental permit for
Copler gold mine in eastern Turkey has been revoked
    ** Last week, a landslide at the gold mine left at least
eight miners missing
     ** Several team members facing charges in relation to the
incident - company
    ** SSRM suspended production at the mine after the incident
and said on Sunday suspension would continue until further
notice
    ** Brokerage RBC Capital Markets downgrades U.S.-listed
stock to "underperform" from "sector perform", cuts PT to $3
from $6
    ** "While an extended shutdown was expected, the updates in
our view reduce the prospect of SSRM realizing value from the
mine" - RBC
    ** U.S.-listed shares down 58.5% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
 ;))