SSR Mining (ASX:SSR) share price surges 8%. Here’s why

The SSR Mining (ASX: SSR) share price was among the top performers on the All Ordinaries index today. Let’s take a look at the company’s news.
The post SSR Mining (ASX:SSR) share price surges 8%. Here’s why appeared first on The Motley Fool Australia. –

mining asx share price rise represented by female mining exec talking happily on phone

SSR Mining Inc CDI (ASX: SSR) shares were among the top performers on the All Ordinaries Index today after the company released its financial statements for the first quarter of 2021. By market close, the SSR share price had jumped 7.81% higher to $22.10.

SSR Mining is a huge gold exploration company spread across the United States, Turkey, Canada, and Argentina. It also has a global pipeline of development and exploration assets in the US, Turkey, Mexico, Peru, and Canada. 

In 2019, the company’s four operating assets produced over 720,000 ounces of gold and 7.7 million ounces of silver. 

Financial reports

The SSR Mining share price had a bumper end to the week following the company’s release of its quarterly results. During the quarter, SSR delivered production of 196,094 gold equivalent ounces at current commodity prices of $1,004 per gold equivalent ounce, putting it on track to meet its full-year guidance ranges.

SSR generated cash flows from operating activities of $145.2 million and free cash flow of $76.6 million in the first quarter, which represented modest increases on the first quarter of 2020. 

The company also reported first-quarter attributable net income of $53 million, or 24 cents per share. It now has over $900 million in consolidated cash.

SSR Mining, along with most other large multinationals, has been hit by the impacts of COVID-19. As such, it’s cash assets and marketable securities were down on the first quarter of 2020. However, apart from Turkey’s continual government-led slow-downs of the company’s mining operations, SSR appeared bullish about the immediate future.

In its quarterly update, SSR also highlighted the focus on its environmental and sustainability programs. Following its recent merger with Alacer Gold, the company provided an update on its “new suite of sustainability policies”. SSR Mining is currently aiming for net-zero carbon emissions by 2050, in line with many other large resource companies.

SSR share price snapshot

The SSR share price has been rebounding lately, up by around 11% over the past month. Year to date, however, the company’s shares are still down by around 15%. They have also dropped more than 28% over the last 12 months. The company has a current market capitalisation of around $413 million. 

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Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post SSR Mining (ASX:SSR) share price surges 8%. Here’s why appeared first on The Motley Fool Australia.

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