SSR Mining (SSRM.TO, SSRM) has turned negative in after-hours Nasdaq trade after the company said its third-quarter adjusted profit fell 88%, missing forecasts, and offered an update on its troubled Copler mine in Turkey.

The company said its adjusted profit, excluding most one-time items, fell to US$6.36 million, or US$0.03 per share, in the quarter, down from US$53.04 million, or $0.26, in the year-prior quarter. The result missed the consensus analyst forecast from Capital IQ of $0.10.

Revenue fell to US$257.36 million from US$385.39 million.

Along with results, the company also provided an update on the Feb.13 collapse of a heap-leach pad at its Copler mine. It said the Copler remediation and containment work is estimated to cost between US$250.0 million to US$300.0 million and take a total of 24 to 36 months to complete. In the third quarter, US$48.3 million was spent on remediation activities at Copler, bringing remediation spending to date to US$103.3 million.

At this time, the company said it not able to estimate or predict when and under what conditions we will resume operations at Copler. SSR Mining noted it held US$334.3 million in total cash at the end of the third quarter, with total available liquidity of US$834.0 million and expects strong free cash flow generation from its Marigold, Seabee and Puna mines in the fourth quarter. SSR Mining added it "remains well positioned to continue remediation efforts ahead of a potential restart of operations at Copler".

The company's shares were last seen down $0.24 to US$5.90 after hours. They closed up $0.18 to $8.55 on the Toronto Stock Exchange.