ASX All Ords stock SSR Mining Inc (ASX: SSR) is deep in the red on Friday following the release of the gold miner's quarterly results overnight.
The figures show SSR's performance for the third quarter of 2024, and investors aren't pleased with the results.
Shares are currently swapping hands at $7.93 apiece, nearly 13% lower on the day and their lowest mark since September.
Here's what the company posted.
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ASX All Ords stock in red after quarterly
It's been a tough session for the ASX All Ords stock after its quarterly numbers were posted to the market yesterday.
The company's Çöpler mine in Turkey experienced a serious fatal incident in February this year, which continues to weigh on its operations and bottom line.
The incident — in which nine workers were trapped in a significant landslide that occurred at the Çöpler heap leach pad — has led to ongoing remediation efforts that have impacted operations. SSR estimates costs will range between $250 million and $300 million over 24 to 36 months.
During the quarter, the ASX All Ords stock allocated $48 million to this remediation, bringing the total spent to $103.3 million so far.
Alongside this, the company faces delays in securing Turkish regulatory permits to restart mining activities. The uncertainty around when the site can resume operations may have added to investor concerns, especially as SSR continues negotiations with Turkish authorities over long-term site remediation.
Turning to the quarter, SSR's production also took a hit across several sites, with operations at its Seabee suspended temporarily due to nearby forest fires.
In total, SSR reported 97,429 gold equivalent ounces in third-quarter production, falling short of previous quarters.
Year-to-date production is 275,113 gold equivalent ounces. All-in-sustaining costs (AISC) surged to $1,886 per ounce, driven up by higher care and maintenance expenses.
As a result, net profit for the quarter was $10.6 million, down from $15.2 million this time last year.
Stock prices follow earnings – both historical and projected – so a decrease in earnings hardly comes with a growth in stock price. This could be impacting the ASX All Ords stock today.
What's next for SSR Mining?
The company left the quarter with a total liquidity of $834 million, which provides some buffer as it addresses its operational issues.
But it's what is set to come at its Copler site in Turkey that investors will be watching most. As per the release, the company had this to say about what to expect:
In partnership with the Turkish authorities, the Company has continued to progress the remediation at the site. To date, over 16 million tonnes (approximately 86%) of the displaced heap leach material has been moved to temporary storage locations, including substantially all the displaced material from the Sabırlı Valley.
At this time, we are not able to estimate or predict when and under what conditions we will resume operations at Çöpler. Additionally, SSR Mining cannot, at this time, assess the entire scope of the impact of operating under the 2014 EIA…
… SSR Mining remains well positioned to continue remediation efforts ahead of a potential restart of operations at Çöpler.
Foolish takeaway
This ASX All Ords stock is being hammered today after its quarterly numbers overnight. Investors continue unloading shares at the time of writing.
In the past 12 months, the stock has fallen more than 56% and has dropped nearly 50% this year to date.
