This article is about SSR Mining and current reports on the situation in Turkey:

It looks like they are ready to reopen the Çöpler mine in Turkey. We summarize the most important excerpts from the current news links. That’s what the article Anagold: Madeni güvenli bir şekilde açmak için hazırız says:

„The rehabilitation work at the mine site in İliç District of Erzincan has been completed……. Çöpler Mine is ready to resume its production activities……the measures taken are in line with current national and international standards…. .. Production will continue in the sulfide plant ….. around 3,000 people are directly employed in the mine. SSR Mining plans to invest a total of 1.5 billion dollars over the next 5 years, spread across a total of five projects in Erzincan. In the medium term, investments totaling 7 billion dollars are expected across Turkey. All administrative and technical preparations for the resumption of activities are almost completed and the mine is ready for production again. The investigation revealed that the cause of the incident was a design problem and not an operational error ….. The studies conducted by Ankara and Aksaray Universities clearly stated that the mining activities and the accident did not cause any environmental pollution.“

Anagold PR çalışmalarına başladı: Ölüm madeni açılmak için işaret bekliyor

Here you can read: „Anagold opened its doors to the press nine months after the incident and stated that they had largely removed the debris and that gold production could begin within 20 days.“

Excerpt from the article Çöpler Madeni rehabilite edildi : „The Çöpler mine in Erzincan, where nine workers died in a collapse, is being renovated and reopened for production. The company is strengthening its workplace safety and also converting its production processes.“

Below we have another earnings estimate: National Bank Financial Estimates SSR Mining FY2024 Earnings

Conclusion: I see the criticisms and risks – but I remain extremely optimistic

about the reopening of the Cöpler mine in Turkey and therefore extremely bullish about SSR Mining’s shares.

We opened our „speculation“ on SSR Mining at a ratio of 30 to the mining index XAU. This means that the Philadelphia Gold/Silver Index (XAU) was trading at exactly 30 times the price of SSR Mining Inc (SSRM) in dollar terms. The ratio is currently 27 ( 166,29: 6,15) so SSR Mining has performed about 10% better than the index itself since then! Our goal for the coming years remains a ratio of less than 10.

Money is made on the stock market primarily where priced-in risks dissolve and not by putting it in the portfolio at peak prices ……… even if that of course feels safer and better. 3,000 jobs are a real burden in such an economically weak region – not to mention the economic consequences that are still attached to the surrounding area, the tax losses, etc. Have you taken a closer look at the pictures of the mining facility? Does anyone seriously believe that everything will be permanently closed and allowed to fall into disrepair?

I suspect that we will see the first reactions of the share price to this news in the coming days, although this is of course still a bet of a special kind. This is also because all the material that was not mined (during the clean-up work or until the reopening) will probably be able to be sold later at a much higher price. This effect alone should offset a significant part of the costs incurred: The total cost of the accident of 300 million dollars corresponds to only around 1.50 dollars per share with around 200 million shares issued. In my opinion, penalizing the share price by over 16 dollars (from 22 to 5) since 2021 despite increased gold prices is completely excessive. The only explanation for this can be that many private individuals have withdrawn out of fear or uncertainty. And which institutionalist would want to have such a value in their portfolio for image reasons alone? A reopening of the mine and a slow pricing of the risks could make SSR Mining one of the best investments in the mining sector over the next few years. ……… even if it takes months or a year to get the approvals!!!