SSR Mining Inc. [SSRM-TSX, NASDAQ, SSR-ASX] has announced the reorganization of key roles and responsibilities within its executive leadership team.
Michael Sparks, currently Executive Vice President, Chief Legal and Administrative Officer, will take on the role of Executive Vice-President, Chief Financial Officer, replacing Alison While, who is leaving to pursue other opportunities.
Edward Farid, currently Executive Vice-President, Chief Corporate Development Officer, will take on the role of Executive Vice-President, Chief Strategy Officer.
As well, Joanne Thomopoulos, currently Vice-President, Human Resources, will become Executive Vice-President, Human Resources. The changes to the executive leadership team are effective immediately.
“The changes to the roles and responsibilities of our executive leadership team will provide an opportunity to realign accountabilities to better support the business, particularly as the company continues to navigate and access the impacts of the Copler Incident,’’ said SSR Mining Executive Chairman Rod Antal.
SSR Mining is being investigated by Strosberg Sasso Sutts LLP, a boutique class action law firm that specializes in securities class actions. The firm is investigating the company in the wake of its announcement on February 13, 2024 that operations have been suspended at its Copler Mine in Turkey as a result of a land slide on the heap leach pad. In an update on February 14, 2024, the company said nine individuals were unaccounted for at the site.
The company has subsequently said it is unable to estimate or predict when it will resume operations at Copler. Due to the evolving situation at the site, the company has retracted its previously issued 2024 and long-term guidance forecasts for Copler and Turkey. The company has also suspended its quarterly dividend payments and the automatic share purchase plan.
“We continue to assess the impact of the Copler incident, with a year-end 2023 cash balance of nearly $500 million and our operations at Marigold, Seabee, and Puna continuing to generate cash flow, we do not, at this time anticipate any near-term liquidity concerns,’’ the company has said.
On Friday, SSR Mining shares rose 1.85% or 11 cents to $6.03 on volume of 471,190. That’s down from around $13 prior to the Copler incident. The shares trade in a 52-week range of $23.71 and $5.10.
SSR is a free cash flow focused gold company with four producing operations locate in the United States, Turkey, Canada and Argentina. Over the last three years, the four operating assets combined have produced on average more than 700,000 gold equivalent ounces annually.
Its portfolio also includes a pipeline of development and exploration assets in the U.S., Turkey, Mexico, Peru and Canada.
SSR is currently the only gold producer in Saskatchewan.
SSR recently announced a definitive deal to sell its San Luis project to Highlander Silver Corp. [HSLV-CSE] for up to US$42.5 million.
That amount consists of US$5.0 million in upfront cash and up to US$37.5 million in contingent payments, also payable in cash. Under the agreement, SSR will retain a 4.0% net smelter return (NSR) royalty on the project.
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