SSR Mining Provides Update on Çöpler Incident
SSR Mining provided an update on the February 13, 2024 incident at its Çöpler Mine.
On May 24, 2024, the Company received the Expert Committee Report commissioned by the İliç Chief Public Prosecutor’s Office.
Preliminary review indicates no material non-conformance with the heap leach pad's design or operation relative to third-party engineering parameters.
SSR Mining will continue to evaluate the report and support affected communities.
SSR Mining trades under the ticker SSRM on Nasdaq and TSX, and SSR on ASX.
- Preliminary review found no material non-conformance with heap leach pad design.
- The heap leach pad was designed and reviewed by multiple reputable third-party firms.
- SSR Mining continues to support colleagues and community members affected by the incident.
- Incident occurred on February 13, 2024, leading to an investigation by the İliç Chief Public Prosecutor's Office.
- The full impact of the incident and the Expert Committee Report’s findings are not yet fully assessed.
Insights
The update from SSR Mining regarding the Çöpler incident emphasizes the involvement of multiple reputable third-party engineering firms in the design and review of the heap leach pad. From an environmental compliance perspective, this is a critical point. The heap leach pad, a structure used in mining to extract metals from ore, must adhere to stringent environmental regulations to prevent contamination. The company's preliminary review indicates no material non-conformance with these standards, which is essential for mitigating legal and environmental repercussions.
However, investors should remain cautious until the complete assessment is available. Environmental incidents can lead to significant regulatory fines and remediation costs, affecting the company's financial health. Long-term, this could impact the company's reputation and its ability to operate in environmentally sensitive regions.
Rating: 0 (Neutral)
From a legal standpoint, the involvement of the İliç Chief Public Prosecutor's Office and the commissioning of the Expert Committee Report underscores the seriousness of the incident. The company's preliminary review suggests compliance with third-party engineered design parameters, which could be favorable in legal terms. However, the ongoing investigation and the final conclusions of the report will be important in determining potential liabilities.
Legal claims, especially those involving environmental damage, can lead to substantial financial penalties and operational disruptions. Investors should monitor this situation closely as the legal outcomes could have significant implications for SSR Mining's financial stability and market perception.
Rating: 0 (Neutral)
On May 24, 2024, the Company received a copy of the Expert Committee Report (the “Report”) commissioned by the İliç Chief Public Prosecutor’s Office related to its investigation of the Çöpler Incident at the time it was made available to the public. At this time the Company has only completed a preliminary review.
The Company notes that the Çöpler heap leach pad was designed, and has been reviewed over the years, by multiple reputable, third-party engineering firms and based on the Company’s preliminary, initial review and assessment of the incident, the Company has not identified any material non-conformance with the construction or operation of the heap leach pad relative to the third-party engineered design parameters. The Company will continue to evaluate the Report in conjunction with its assessment of the Çöpler Incident.
We continue to support our colleagues at the Çöpler Mine and our thoughts remain with all of the families, colleagues and community members impacted by the Çöpler Incident.
About SSR Mining
SSR Mining is listed under the ticker symbol SSRM on the Nasdaq and the TSX, and SSR on the ASX.
Cautionary Note Regarding Forward-Looking Information and Statements
Except for statements of historical fact relating to us, certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of applicable securities laws. Forward-looking information may be contained in this document and our other public filings. Forward-looking information relates to statements concerning our outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.
Forward-looking information and statements in this news release are based on certain key expectations and assumptions made by us. Although we believe that the expectations and assumptions on which such forward-looking information and statements are based are reasonable, undue reliance should not be placed on the forward-looking information and statements because we can give no assurance that they will prove to be correct. Forward-looking information and statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release.
Forward-looking information and statements in this news release include any statements concerning, among other things: consultation with third parties and government authorities, the results of continuing and future analysis and assessments of the cause of the Çöpler Incident, any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.
The above list is not exhaustive of the factors that may affect any of the Company’s forward-looking information. You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties resulting from the incident at Çöpler described in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our quarterly report on Form 10-Q for the quarter end March 31, 2024; and other risks and uncertainties disclosed in our filings on our website at www.ssrmining.com, on SEDAR at www.sedarplus.ca, on EDGAR at www.sec.gov and on the ASX at www.asx.com.au and other unforeseen events or circumstances. Other than as required by law, we do not intend, and undertake no obligation to update any forward-looking information to reflect, among other things, new information or future events. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.
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SSR Mining Inc.
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Phone: +1 (888) 338-0046
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Source: SSR Mining Inc.
FAQ
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