Location of containment and proposed remediation infrastructure overlain on an aerial view of the Çöpler site. (Source: SSR Mining Inc.)
  • SSR Mining (TSX:SSRM) is facing mounting losses after a series of negative developments, culminating in a securities class action lawsuit
  • The embattled miner stated it had received a copy of the Expert Committee Report commissioned by the Iliç Chief Public Prosecutor’s Office related to its investigation of the Çöpler Incident
  • In February 2024, a landslide at the mine in eastern Türkiye occurred because of a large slip on the heap leach pad, killing nine workers
  • SSR Mining Inc. opened trading at C$7.51 per share

SSR Mining (TSX:SSRM) is facing mounting losses after a series of negative developments, culminating in a securities class action lawsuit.

In a news release, the embattled miner stated it had received a copy of the Expert Committee Report commissioned by the Iliç Chief Public Prosecutor’s Office related to its investigation of the Çöpler Incident. So far, the company has completed only a preliminary review.

In February 2024, a landslide at the mine in eastern Türkiye claimed the lives of nine workers. The company stated this was because of a large slip on the heap leach pad. SSR had suspended operations at the Çöpler mine and is under investigation by Turkish regulators. The Turkish government also insists that SSR Mining will pay for the clean-up costs of the accident.

Based on an initial review and assessment of the incident, the Denver-based precious metals producer claimed that the Çöpler heap leach pad was designed by multiple reputable, third-party engineering firms and had been reviewed over the years. SSR’s leadership added that it has not found any material non-conformance with the construction or operation of the heap leach pad.

An estimated 18 million-20 million tonnes slid from the heap leach pad into Sabirli Valley and the Manganese Pit. The landslide has also raised concerns about environmental contamination from the mine’s storage of cyanide and other chemicals.

The incident spawned several securities class-action lawsuits against SSR and its senior management.

One of the latest is Hagens Berman, a firm that filed on behalf of investors who purchased company stock between Feb. 23, 2022 and Feb. 27, 2024. The lawsuit alleges that SSR misled investors by overstating its commitment to safety protocols and engaging in unsafe mining practices that increased the risk of a disaster. They join the Schall Law Firm, which is encouraging investors who lost $100,000 or more to contact them.

According to SSR’s production outlook for 2024, Çöpler produced 220,999 ounces in 2023. Gold production was 57,126 ounces in Q4 2023.

SSR Mining Inc. is a precious metals mining company with four producing assets in the United States, the Republic of Türkiye, Canada and Argentina, combined with a global pipeline of development and exploration assets. Over the past three years, the four operating assets combined have produced on average more than 700,000 gold-equivalent ounces annually.

SSR Mining Inc. (TSX:SSRM) opened trading up 0.5 percent at C$7.51 per share, but has fallen more than 50 per cent since the incident made headlines in February.

Join the discussion: Learn what other investors are saying about the company on the SSR Mining Inc. Bullboard, and check out Stockhouse’s stock forums and message boards.

The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.


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