SSR Mining sells Çöpler mine stake for $1.5B

SSR Mining (TSX: SSRM; Nasdaq: SSRM) shares rose 6.6% on Wednesday after the Canadian miner agreed to sell its 80% stake in Turkey’s Çöpler mine for $1.5 billion (C$2.07 billion) in cash.

The deal with Cengiz Holding includes the mine, licences and all associated assets and liabilities tied to SSR Mining’s operations in eastern Anatolia, and aligns with terms outlined in a memorandum of understanding announced earlier this month.

“The purchase price looks attractive for what is seen as a distressed asset,” TD Cowen analyst Steven Green said in a note, adding the divestiture removes a key risk overhang for the company.

Landslide

SSR Mining suspended operations at Çöpler in 2024 after a landslide left at least nine miners missing. An independent review of the heap leach failure later identified a third-party engineered design flaw as the likely cause of the incident, prompting the company to conduct its own review of the asset.

The company has spent nearly $150 million on reclamation and remediation activities since the incident, according to RBC Capital Markets.

Analysts said the sale marks a decisive step in reducing operational and reputational risk.

SSR Mining’s shares were at C$35.85 apiece in Toronto, giving the company a market value of C$7.34 billion.