Q2 2024 SSR Mining Inc Earnings Call Transcript
Key Points
- SSR Mining Inc (SSRM) reported strong performance from Marigold, Seabee, and Puna operations, all on track to meet full-year production and cost guidance.
- The company has a robust cash position of $358 million, despite significant remediation costs at the Ãöpler site.
- Successful installation of containment infrastructure at Ãöpler, with no recordable contamination to local soil, water, or air.
- Continued advancement of brownfield exploration programs at Marigold, Seabee, and Puna, indicating potential for future growth.
- Positive outlook for improved production and free cash flow generation in the second half of the year.
- High all-in sustaining cost (AISC) of $2,116 per ounce, significantly impacted by cash, care, and maintenance costs at Ãöpler.
- Negative cash flow from operating activities in the second quarter, amounting to negative $78 million.
- Significant remediation costs at Ãöpler, with an estimated total spend of $250 to $300 million.
- Uncertainty regarding the timeline and conditions for the restart of the Ãöpler mine, pending approvals from Turkish authorities.
- Second-quarter production of 76,000 gold equivalent ounces was relatively low, reflecting the impact of the Ãöpler incident.
Hello, everyone, and welcome to SSR Mining's second-quarter 2024 financial results conference call. Please be advised that this call is being recorded. (Operator Instructions)
At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.
Thank you, operator. And hello, everyone. Thank you for joining today's conference call, during which we'll provide an update on the Ãöpler incident, as well as a review of our second-quarter financial results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR, SEDAR, ASX, and are also available on our website.
To accompany our call, there is an online webcast and you will find the information to access the webcast in our news release relating to this call. Please note that all figures discussed during the call are in US dollars unless otherwise indicated.
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