It has been a disappointing session for the SSR Mining Inc (ASX: SSR) share price.
In afternoon trade, the ASX mining stock is down 15% to $18.48. At one stage it hit a 52-week low of $18.29.
This has reduced the gold miner's market capitalisation from $4.4 billion to approximately $3.7 billion.
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Why is this ASX mining stock getting hammered?
Investors have been heading to the exits today after the company released its third-quarter results.
According to the release, the gold miner delivered third-quarter production of 192,195 ounces with an all-in sustaining cost (AISC) of US$1,289 per ounce.
This means that year-to-date production is 495,668 ounces with an AISC of US$1,516 per ounce. In light of this, the company believes that it is tracking towards the lower end of its production guidance in 2023.
So why the selling?
Investors may be disappointed because despite this production, its lower AISC, and the strong gold price, it only delivered net income of US$15.2 million for the three months. That's not much for a company of this size.
Management advised that this reflects one-time tax expenses associated with the increase of the corporate income tax rate in Turkey.
On an adjusted basis, its net income would have been much higher at US$53 million for the period.
Another thing that appears to be weighing on the ASX mining stock is the average realised price it commanded for its gold. That came in at US$1,913 per ounce, which was short of the Bloomberg consensus estimate.
Overall, a very messy set of results with positives and negatives.
