PRECIOUS METALS

SSR Mining posts strong post-merger quarter

SSR Mining has announced a 29.5% increase in September quarter net income to US$26.8 million on revenue of $225.4 million in its first results report following the zero-premium merger with Alacer Gold.

SSR Mining's Marigold mine in Nevada, USA

SSR Mining's Marigold mine in Nevada, USA

SSR produced 106,838 ounces gold-equivalent, a slight increase over the prior year period, as its all-in sustaining cost fell 9% to $1,034/oz from $1,136/oz a year ago. It said it was on-track to meet full-year 2020 updated production guidance of 680,000oz to 760,000oz gold-equivalent at an AISC of $965/oz to $1,040/oz.

SSR's cash and equivalents jumped 59% to $733.6 million at the end of the June quarter, while debt increased 93% to $334.5 million due to the assumption of debt from Alacer, which was more than offset by a 52% jump in working capital to $1 billion.

The company has approved the initiation of a quarterly cash dividend of 5c per share beginning in the first quarter of 2021.

Shares in SSR Mining are trading at C$23.66, valuing the company at C$5.2 billion.

 

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