SSR Mining May Realize Even Lower Value From Copler Mine, Says Bearish Analyst

    Date:

    Loading…

    Loading…

    Shares of SSR Mining Inc SSRM continued to decline in earlier trading on Tuesday, after joining other stocks that ended the premarket session in the red.

    Risks to the stock have increased again after the environmental permits of the company’s Copler mine in eastern Turkey were revoked, according to RBC Capital Markets.

    The SSR Mining Analyst: Michael Siperco downgraded the rating for SSR Mining from Sector Perform to Underperform, while lowering the price target from $6 to $3.

    The SSR Mining Thesis: The company has also confirmed that several employees at Copler have been charged in relation to the incident, Siperco said in the downgrade note.

    Check out other analyst stock ratings.

    “While an extended shutdown was expected (and reflected in the initial 50% discount we applied to Copler) the updates in our view reduce the prospect of SSRM realizing value from the mine, or obtaining construction permits for Hod Maden in Turkey,” the analyst wrote.

    “Our revised estimates see ~40% annualized lower production through 2026, and ~55% lower production in 2027, when higher production was previously guided to at both Copler/Hod Maden,” he added.

    SSRM Price Action: Shares of SSR Mining had declined by 7.10% to $4.56 at the time of publication Tuesday.

    Now Read: Ethereum Soars Past $3,000 As Experts Anticipate Network Upgrades, ETF Approval By May

    Loading…

    Loading…

    Go Source

    Chart

    SignUp For Breaking Alerts

    New Graphic

    We respect your email privacy

    Share post:

    Popular

    More like this
    Related

    What It Takes to Win Elections, According to Former Canadian PM Stephen Harper

    Last week, at the North American Blockchain Summit in...

    Midstream’s Goldilocks Phase

    The word of the week is re-rating. Both Wells Fargo...

    What are the national debt and deficit?

    Key takeaways What is the national debt? The national debt is...

    Chart Advisor: Evaluating NVIDIA

    By Fadi Dawood 1/ NVIDIA ($NVDA): Testing Key Support After Recent...