SSR Mining Inc. SSRM announced that its Seabee mine operations will resume in the second half of October, following a temporary suspension on Aug. 21, 2024.

SSR Mining’s Restart and Recovery Efforts

Following the neighboring forest fire in August, the company's employees were evacuated from the premises. The fire impacted remote equipment such as power poles, pipes and exploration equipment. The process plant and the Santoy mine were not materially affected by the incident.

The fire risk has been greatly reduced with the help of the Saskatchewan Public Safety Agency, supported by a small number of employees who remained on site. The evacuated employees have been cleared to return to the site and start repairing the damaged products.

SSRM’s Seabee Mine Production Up Y/Y in Q2

In the quarter ended on June 30, 2024, the Seabee mine produced 16,709 ounces of gold, up 1.7% year over year.  In the second quarter of 2024, Seabee reported a cost of sales of $1,150 per payable ounce and an all-in-sustaining cost of $1,626 per payable ounce. 

Prior to the suspension, the company estimated that Seabee's full-year 2024 production would be between 75,000 and 85,000 ounces of gold. SSRM estimated the mine's cost of sales at $990 to $1,030 per payable ounce and an all-in-sustaining cost of $1,495 to $1,535 per payable ounce.

The company will update Seabee's 2024 production and cost guidance in its third-quarter financial results.

SSR Mining’s Top-Line Declines Y/Y in Q2

The company reported second-quarter 2024 adjusted earnings per share of 4 cents, which beat the Zacks Consensus Estimate of 2 cents. The bottom-line figure, however, marked a decline from earnings of 35 cents per share reported in the year-ago quarter.

SSR Mining’s total revenues decreased 38.5% year over year to around $185 million during the second quarter.

SSRM’s Share Price Lags Industry’s Decline

Shares of SSR Mining have lost 60.2% over the past year compared with the industry’s 0.8% decline.

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SSR Mining’s Zacks Rank & Stocks to Consider

SSRM currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the basic materials space are Carpenter Technology Corporation CRS, IAMGOLD Corporation IAG and Eldorado Gold Corporation EGO. At present, CRS, IAG and EGO sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Carpenter Technology’s fiscal 2025 earnings is pegged at $6.09 per share. The consensus estimate for 2025 earnings has moved 7% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 15.9%. CRS shares have gained 128.8% in a year.

The Zacks Consensus Estimate for IAMGOLD’s 2024 earnings is pegged at 39 cents per share. The consensus estimate for 2024 earnings has moved 36% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 200%. IAG shares have gained 148.4% in a year.

The Zacks Consensus Estimate for Eldorado Gold’s 2024 earnings is pegged at $1.32 per share. The consensus estimate for 2024 earnings has moved 16% north in the past 60 days. It has an average trailing four-quarter earnings surprise of 430%. EGO shares have gained 82.9% in a year.

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