Cover
Cover | 3 Months Ended |
Mar. 31, 2024 shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Mar. 31, 2024 |
Document Transition Report | false |
Entity File Number | 001-35455 |
Entity Registrant Name | SSR MINING INC. |
Entity Incorporation, State or Country Code | A1 |
Entity Tax Identification Number | 98-0211014 |
Entity Address, Address Line Two | Suite 1300 |
Entity Address, Address Line One | 6900 E. Layton Ave |
Entity Address, City or Town | Denver |
Entity Address, State or Province | CO |
Entity Address, Postal Zip Code | 80237 |
City Area Code | 303 |
Local Phone Number | 292-1299 |
Title of 12(b) Security | Common shares without par value |
Trading Symbol | SSRM |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 202,089,818 |
Entity Central Index Key | 0000921638 |
Amendment Flag | false |
Document Fiscal Year Focus | 2024 |
Document Fiscal Period Focus | Q1 |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Income Statement [Abstract] | |||
Revenue | $ 230,234,000 | $ 314,614,000 | |
Operating costs and expenses: | |||
Cost of sales | [1] | 125,901,000 | 199,297,000 |
Depreciation, depletion, and amortization | 38,398,000 | 47,095,000 | |
General and administrative expense | 12,861,000 | 18,541,000 | |
Exploration and evaluation | 10,231,000 | 10,525,000 | |
Reclamation and remediation costs | 275,318,000 | 2,173,000 | |
Impairment charges | 114,230,000 | 0 | |
Care and maintenance | 14,409,000 | 0 | |
Other operating expenses, net | 15,310,000 | (2,000) | |
Operating income (loss) | (376,424,000) | 36,985,000 | |
Other income (expense): | |||
Interest expense | (4,655,000) | (5,060,000) | |
Other income (expense) | 3,767,000 | 13,052,000 | |
Foreign exchange gain (loss) | (913,000) | (13,185,000) | |
Total other income (expense) | (1,801,000) | (5,193,000) | |
Income (loss) before income and mining taxes | (378,225,000) | 31,792,000 | |
Income and mining tax benefit (expense) | 20,237,000 | (2,788,000) | |
Equity income (loss) of affiliates | (174,000) | 0 | |
Net income (loss) | (358,162,000) | 29,004,000 | |
Net loss (income) attributable to non-controlling interest | 71,080,000 | 809,000 | |
Net income (loss) attributable to SSR Mining shareholders | $ (287,082,000) | $ 29,813,000 | |
Net income (loss) per share attributable to SSR Mining shareholders | |||
Basic (in dollars per share) | $ (1.42) | $ 0.14 | |
Diluted (in dollars per share) | $ (1.42) | $ 0.14 | |
[1]Excludes depreciation, depletion, and amortization. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating activities | ||
Net income (loss) | $ (358,162,000) | $ 29,004,000 |
Adjustments for: | ||
Depreciation, depletion, and amortization | 38,398,000 | 47,095,000 |
Reclamation and remediation costs | 252,851,000 | 2,173,000 |
Deferred income taxes | (22,817,000) | (1,977,000) |
Stock-based compensation | (3,942,000) | 2,047,000 |
Equity (income) loss of affiliates | 174,000 | 0 |
Change in fair value of marketable securities | (2,817,000) | (1,866,000) |
Non-cash fair value adjustment on acquired inventories | 2,830,000 | 3,623,000 |
Loss (gain) on sale of mineral properties, plant and equipment | 657,000 | 240,000 |
Impairment charges | 114,230,000 | 0 |
Change in fair value of deferred consideration | (630,000) | 2,085,000 |
Loss (gain) on foreign exchange | 3,528,000 | 8,210,000 |
Non-cash care and maintenance | 6,731,000 | 0 |
Other operating activities | 1,226,000 | 235,000 |
Net change in operating assets and liabilities | (7,626,000) | (87,902,000) |
Net cash provided by operating activities | 24,631,000 | 2,967,000 |
Investing activities | ||
Additions to mineral properties, plant and equipment | (34,035,000) | (59,242,000) |
Purchases of marketable securities | (6,338,000) | (484,000) |
Net proceeds from sale of marketable securities | 3,717,000 | 7,845,000 |
Contributions to equity method investments | (122,000) | 0 |
Net cash used in investing activities | (36,778,000) | (51,881,000) |
Financing activities | ||
Repayment of debt, principal | 0 | (17,802,000) |
Repurchase of common shares | (9,825,000) | (5,197,000) |
Proceeds from exercise of stock options | 0 | 208,000 |
Principal payments on finance leases | (995,000) | (950,000) |
Dividends paid | 0 | (14,448,000) |
Net cash used in financing activities | (10,820,000) | (38,189,000) |
Effect of foreign exchange rate changes on cash and cash equivalents | (2,415,000) | (6,191,000) |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (25,382,000) | (93,294,000) |
Cash, cash equivalents, and restricted cash beginning of period | 492,494,000 | 689,106,000 |
Cash, cash equivalents, and restricted cash end of period | 467,112,000 | 595,812,000 |
Reconciliation of cash, cash equivalents, and restricted cash: | ||
Cash and cash equivalents | 467,010,000 | 561,783,000 |
Restricted cash | 102,000 | 34,029,000 |
Total cash, cash equivalents, and restricted cash | $ 467,112,000 | $ 595,812,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and cash equivalents | $ 467,010 | $ 492,393 |
Marketable securities | 24,985 | 20,944 |
Trade and other receivables | 103,759 | 142,180 |
Inventories | 465,109 | 515,143 |
Restricted cash | 102 | 101 |
Prepaids and other current assets | 20,905 | 25,715 |
Total current assets | 1,081,870 | 1,196,476 |
Mineral properties, plant and equipment, net | 3,824,778 | 3,872,886 |
Inventories | 238,954 | 219,808 |
Equity method investments | 1,045 | 127 |
Deferred income tax assets | 27,319 | 22,307 |
Other non-current assets | 77,816 | 74,169 |
Total assets | 5,251,782 | 5,385,773 |
LIABILITIES | ||
Accounts payable | 30,567 | 37,095 |
Accrued liabilities and other | 130,816 | 124,639 |
Reclamation and remediation liabilities | 185,797 | 3,364 |
Finance lease liabilities | 4,633 | 4,555 |
Current portion of debt | 955 | 920 |
Total current liabilities | 352,768 | 170,573 |
Debt | 227,777 | 227,516 |
Finance lease liabilities | 85,000 | 86,141 |
Reclamation and remediation liabilities | 240,498 | 170,455 |
Deferred income tax liabilities | 346,047 | 363,852 |
Other non-current liabilities | 60,864 | 63,033 |
Total liabilities | 1,312,954 | 1,081,570 |
EQUITY | ||
Common shares – unlimited authorized common shares with no par value; $202,090 and $202,952 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively | 2,991,225 | 3,005,015 |
Retained earnings (deficit) | 87,560 | 368,065 |
SSR Mining’s shareholders’ equity | 3,078,785 | 3,373,080 |
Non-controlling interest | 860,043 | 931,123 |
Total equity | 3,938,828 | 4,304,203 |
Total liabilities and equity | $ 5,251,782 | $ 5,385,773 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common shares, issued (in shares) | 202,090 | 202,952 |
Common shares, outstanding (in shares) | 202,090 | 202,952 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Equity - USD ($) shares in Thousands, $ in Thousands | Total | Total equity attributable to SSR Mining shareholders | Common shares | Retained earnings (accumulated deficit) | Non-controlling interest |
Beginning balance (in shares) at Dec. 31, 2022 | 206,653 | ||||
Beginning balance at Dec. 31, 2022 | $ 4,126,199 | $ 3,579,737 | $ 3,057,920 | $ 521,817 | $ 546,462 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (348) | ||||
Repurchase of common shares | (5,197) | (5,197) | $ (5,111) | (86) | |
Exercise of stock options (in shares) | 17 | ||||
Exercise of stock options | 216 | 216 | $ 216 | ||
Settlement of restricted share units (RSUs) (in shares) | 198 | ||||
Equity-settled stock-based compensation | 2,037 | 2,037 | $ 2,037 | ||
Dividends paid to SSR Mining shareholders | (14,448) | (14,448) | (14,448) | ||
Net income (loss) | 29,004 | 29,813 | 29,813 | (809) | |
Ending balance (in shares) at Mar. 31, 2023 | 206,520 | ||||
Ending balance at Mar. 31, 2023 | $ 4,137,811 | 3,592,158 | $ 3,055,062 | 537,096 | 545,653 |
Beginning balance (in shares) at Dec. 31, 2023 | 202,952 | 202,952 | |||
Beginning balance at Dec. 31, 2023 | $ 4,304,203 | 3,373,080 | $ 3,005,015 | 368,065 | 931,123 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Repurchase of common shares (in shares) | (1,117) | ||||
Repurchase of common shares | (9,825) | (9,825) | $ (16,402) | 6,577 | |
Settlement of restricted share units (RSUs) (in shares) | 255 | ||||
Equity-settled stock-based compensation | 2,612 | 2,612 | $ 2,612 | ||
Net income (loss) | $ (358,162) | (287,082) | (287,082) | (71,080) | |
Ending balance (in shares) at Mar. 31, 2024 | 202,090 | 202,090 | |||
Ending balance at Mar. 31, 2024 | $ 3,938,828 | $ 3,078,785 | $ 2,991,225 | $ 87,560 | $ 860,043 |
THE COMPANY
THE COMPANY | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
THE COMPANY | THE COMPANY SSR Mining Inc. and its subsidiaries (collectively, “SSR Mining” or the “Company”) is a precious metals mining company with four producing assets located in the United States, Türkiye, Canada and Argentina. The Company is principally engaged in the operation, acquisition, exploration and development of precious metal resource properties located in Türkiye and the Americas. The Company produces gold doré as well as copper, silver, lead and zinc concentrates. The Company’s properties include Çöpler Gold Mine (“Çöpler”) in Erzincan, Türkiye, Marigold mine (“Marigold”) in Nevada, USA, Seabee Gold Operation (“Seabee”) in Saskatchewan, Canada, and Puna Operations (“Puna”) in Jujuy, Argentina. The Company also has development projects that it seeks to advance, as market and project conditions permit. SSR Mining is incorporated under the laws of the Province of British Columbia, Canada. The Company's common shares are listed on the Toronto Stock Exchange (“TSX”) in Canada and the Nasdaq Global Select Market (“Nasdaq”) in the U.S. under the symbol “SSRM” and the Australian Securities Exchange (“ASX”) in Australia under the symbol “SSR.” On February 13, 2024, the Company suspended all operations at Çöpler as a result of a significant slip on the heap leach pad (the “Çöpler Incident”). See Note 3 for further details. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment ; Inventories ; and Deferred income tax assets are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company's business may be impacted by adverse macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations and slowdown of economic activity around the world. The Company maintains its cash and cash equivalents primarily in United States dollars (“USD”). Any fluctuation in the exchange rate of the Turkish Lira (“TRY”), Canadian Dollar (“CAD”), Argentine Peso (“ARS”), or the currency of any other country in which the Company operates, against the USD could result in a loss on the Company’s books to the extent the Company holds funds or net monetary or non-monetary assets denominated in those currencies, and any fluctuations of currency prices generally may result in volatility. Certain of the Company's operations are located in countries that have in the past and are currently experiencing high rates of inflation. It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, silver, copper, zinc or lead). Maintaining operating costs in currencies subject to significant inflation could expose us to risks relating to devaluation and high domestic inflation. The Company's business may also be impacted by physical risks that can impact each of its properties, such as those experienced in connection with the Çöpler Incident. Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 27, 2024. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the three month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Recently Issued Accounting Pronouncements In March 2024, the U.S. Securities and Exchange Commission (“SEC”) issued Final Rule 33-11275 "The Enhancement and Standardization of Climate-Related Disclosures for Investors" (“Final Rule”). The Final Rule requires disclosures regarding information about a registrant's climate-related risks that have a material impact on, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, certain disclosures related to capitalized costs, expenditures, and losses incurred as a result of severe weather events and other natural conditions will be required to be disclosed in the footnotes to the audited financial statements. The Final Rule is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. On April 4, 2024, the SEC stayed the rules pending the resolution of certain legal challenges. The Company is currently evaluating the impact on the consolidated financial statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The standard is effective beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact on the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss and interim disclosures of a reportable segment’s profit or loss and assets. The standard is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company does not expect the adoption to have a material impact on the consolidated financial statements or disclosures. |
__PLER INCIDENT
ÇÖPLER INCIDENT | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
ÇÖPLER INCIDENT | ÇÖPLER INCIDENT On February 13, 2024, the Company suspended all operations at Çöpler as a result of the Çöpler Incident. The Company is not, at this time, able to estimate or predict when and under what conditions it will resume operations at Çöpler. During the suspension, Care and maintenance was recorded in the Statements of Operations which represents direct costs of $7.7 million and depreciation of $6.7 million. Financial impacts of the Çöpler Incident Statement of Operations Three Months Ended 2024 Reclamation and remediation costs Incurred remediation costs (1) $ (22,466) Estimated future reclamation and remediation costs (250,437) (272,903) Impairment charges Leach pad inventory (76,023) Mineral properties, plant and equipment, net (38,207) (114,230) Contingencies and other legal matters (15,310) Total operating loss $ (402,443) (1) Represents cash outflows included in Reclamation and remediation costs in the Condensed Consolidated Statements of Operations. Balance Sheet March 31, 2024 Current Non-current Total Liabilities Reclamation and remediation liabilities $ 182,625 $ 67,812 $ 250,437 Accrued liabilities and other 15,310 — 15,310 Total liabilities $ 197,935 $ 67,812 $ 265,747 Remediation and reclamation liabilities The Company estimated a preliminary cost range of $250.0 to $300.0 million for future reclamation and remediation costs related to the Çöpler Incident. The Company accrued approximately $250.0 million, which represents the low end of the estimated cost range. Reclamation During the three months ended March 31, 2024, the Company recorded an $11.2 million revision to the reclamation liability to reflect changes in the timing and extent of the closure of the heap leach pad as a result of the Çöpler Incident. The revision was recorded in Reclamation and remediation costs in the Condensed Consolidated Statements of Operations. Remediation During the three months ended March 31, 2024, the Company recorded a remediation liability of $261.7 million as a result of the Çöpler Incident. The remediation activities include movement of the debris out of the Sabırlı Valley and Manganese pit, sloping and stabilization of the heap leach pad in preparation for permanent closure, construction of a permanent storage facility for the debris, and management of surface and ground water in the Sabırlı Valley. The Company incurred $22.5 million of remediation costs during the first quarter of 2024 in connection with the Çöpler Incident. The costs incurred and the remediation liability were recorded in Reclamation and remediation costs in the Condensed Consolidated Statements of Operations. As of March 31, 2024, the remediation liability of $239.2 million consists of $178.5 million classified as current and $60.7 million classified as non-current. Impairment charges As a result of the Çöpler Incident, the Company plans to permanently close the heap leach pad; therefore, the Company fully impaired the heap leach pad inventory and related heap leach pad processing facilities. Accordingly, during the three months ended March 31, 2024, the Company recorded non-cash impairment charges of $76.0 million related to Inventories and $38.2 million related to Mineral properties, plant and equipment, net , for a total non-cash impairment charge of $114.2 million. No impairment charges were recognized for the three months ended March 31, 2023. Contingencies and other legal matters The Company may be subject to additional legal costs and expenses due to the Çöpler Incident. As of March 31, 2024, the Company has recorded $15.3 million of contingencies related to the Çöpler Incident in Other operating expenses, net in the Condensed Consolidated Statements of Operations and Accrued liabilities and other in the Condensed Consolidated Balance Sheets. See Note 18 for additional information. |
OPERATING_SEGMENTS
OPERATING SEGMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | OPERATING SEGMENTS The Company currently has four producing mines which represent the Company’s reportable and operating segments. The results of operating segments are reviewed by management to make decisions about resources to be allocated to the segments and to assess their performance. All operations at Çöpler ceased on February 13, 2024, following the Çöpler Incident. The following tables provide a summary of financial information related to the Company's segments (in thousands): Three Months Ended March 31, 2024 Çöpler Marigold Seabee Puna Segment Total Corporate and other (1) Consolidated Revenue $ 48,571 $ 76,685 $ 59,128 $ 45,850 $ 230,234 $ — $ 230,234 Cost of sales (2) $ 24,423 $ 49,071 $ 24,433 $ 27,974 $ 125,901 $ — $ 125,901 Depreciation, depletion, and amortization $ 9,831 $ 7,439 $ 15,213 $ 5,915 $ 38,398 $ — $ 38,398 Exploration and evaluation $ 774 $ 4,095 $ 3,546 $ 335 $ 8,750 $ 1,481 $ 10,231 Care and maintenance expenses (3) $ 14,409 $ — $ — $ — $ 14,409 $ — $ 14,409 Operating income (loss) $ (403,803) $ 15,356 $ 15,602 $ 10,763 $ (362,082) $ (14,342) $ (376,424) Capital expenditures $ 6,541 $ 2,432 $ 15,773 $ 3,359 $ 28,105 $ 8,132 $ 36,237 Total assets as of March 31, 2024 $ 2,763,672 $ 793,179 $ 491,153 $ 287,833 $ 4,335,837 $ 915,945 $ 5,251,782 (1) Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. (3) Care and maintenance expense represents direct costs not associated with the environmental reclamation and remediation costs of $7.7 million and depreciation of $6.7 million during the suspension of operations at Çöpler starting in the first quarter of 2024. Three Months Ended March 31, 2023 Çöpler Marigold Seabee Puna Segment Total Corporate and other (1) Consolidated Revenue $ 110,513 $ 98,168 $ 32,093 $ 73,840 $ 314,614 $ — $ 314,614 Cost of sales (2) $ 74,646 $ 54,541 $ 23,265 $ 46,845 $ 199,297 $ — $ 199,297 Depreciation, depletion, and amortization $ 22,651 $ 8,574 $ 8,987 $ 6,883 $ 47,095 $ — $ 47,095 Exploration and evaluation $ 557 $ 3,077 $ 3,869 $ 1,072 $ 8,575 $ 1,950 $ 10,525 Operating income (loss) $ 11,496 $ 31,284 $ (4,318) $ 18,223 $ 56,685 $ (19,700) $ 36,985 Capital expenditures $ 10,069 $ 29,592 $ 8,445 $ 2,577 $ 50,683 $ — $ 50,683 Total assets as of March 31, 2023 $ 3,278,695 $ 697,817 $ 585,557 $ 326,660 $ 4,888,729 $ 346,074 $ 5,234,803 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization. |
REVENUE
REVENUE | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE | REVENUE The following table represents revenues by product (in thousands): Three Months Ended March 31, 2024 2023 Gold doré sales Çöpler $ 48,226 $ 109,646 Marigold 76,661 98,132 Seabee 59,103 32,083 Concentrate sales Puna 48,372 66,348 Other (1) Çöpler 345 867 Marigold 24 36 Seabee 25 10 Puna (2,522) 7,492 Total $ 230,234 $ 314,614 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal Revenue by metal type for the three months ended months ended March 31 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Gold $ 183,990 $ 239,861 Silver 39,334 49,115 Lead 8,462 12,776 Zinc 576 4,457 Other (1) (2,128) 8,405 Total $ 230,234 $ 314,614 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Provisional metal sales For the three months ended March 31, 2024 and 2023, the change in the fair value of the Company's embedded derivatives relating to provisional concentrate metal sales was an increase (decrease) o f $(2.5) million and $7.5 million, respectively. The changes in fair value have been recorded in Revenue . At March 31, 2024, the Company had silver sales of 4.5 million ounces at an average pric e of $23.57 per ounce, lead sales of 21.81 million pounds at an average price of $0.95 per pound, and zinc sales of 2.5 million pounds at |
INCOME AND MINING TAXES
INCOME AND MINING TAXES | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
INCOME AND MINING TAXES | INCOME AND MINING TAXES The Company’s consolidated effective income tax rate was 5.4% for the first three months of 2024 compared to 8.8% for the first three months of 2023. The primary drivers of the change in the effective rate were due to foreign currency fluctuations and a decline in year-to-date operating income compared to 2023. The Company’s statutory tax rate for the period is 27.0%. The effective rate differs from the statutory rate primarily due to foreign currency fluctuations. Unrecognized Tax Benefits The Company records uncertain tax positions on the basis of a two-step process in which (1) the Company determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions meeting the “more-likely-than-not” recognition threshold, the Company recognizes the largest amount of tax benefit that is more than 50% likely to be realized upon ultimate settlement with the related tax authority. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands): Three Months Ended March 31, 2024 2023 Balance as of January 1 $ — $ 8,574 Increase (decrease) associated with tax positions taken during a prior year (1) — (6,594) Balance as of March 31 (1) $ — $ 1,980 (1) Of the gross unrecognized tax benefits, nil were recognized as current liabilities in Condensed Consolidated Balance Sheet as of March 31, 2024. As of March 31, 2024 and December 31, 2023, there were no unrecognized tax benefits, inclusive of interest and penalties that, if recognized, would impact the Company’s effective income tax rate. As of March 31, 2024 and December 31, 2023, there were no accrued income-tax-related interest and penalties. On March 12, 2023, Türkiye enacted Tax Amnesty legislation, which allowed taxpayers to voluntarily pay tax on uncertain tax positions and waived assessed interest, penalties up to 50.0% of tax and risk of audit if paid in accordance with the process outlined in the legislation. As a result, during the year ended December 31, 2023, the Company released $7.2 million of tax, interest, and penalties in Income and mining tax benefit (expense) in the Condensed Consolidated Statements of Operations and paid $1.4 million in a cash tax payment in accordance with the Tax Amnesty agreement. As of March 31, 2024 and December 31, 2023, the Company no longer maintains a provision for uncertain tax positions as there are no positions that meet the criteria. On December 20, 2023, Pillar Two minimum tax legislation was enacted in Luxembourg, a jurisdiction in which the Company operates. The legislation is effective for the Company’s financial year beginning January 1, 2024. Furthermore, Canada has Pillar Two legislation in draft form that, if enacted, would take retroactive effect from January 1, 2024. Pillar Two is a global corporate tax framework developed by the Organization for Economic Cooperation and Development (“OECD”) aimed at establishing a minimum tax floor of 15% on multinational corporate profits. For the three months ended March 31, 2024, the Company satisfies the transitional safe harbors with respect to the legislation enacted in Luxembourg and thus has not recorded additional tax expense for Pillar Two. However, exposure may exist in other jurisdictions if legislation is enacted at the ultimate parent level in Canada. The Company continues to monitor Pillar Two exposures. |
OTHER OPERATING EXPENSES, NET
OTHER OPERATING EXPENSES, NET | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER OPERATING EXPENSES, NET | OTHER OPERATING EXPENSE, NET The following table includes the components of Other operating expense, net : Three Months Ended March 31, 2024 2023 Contingencies related to the Çöpler Incident $ 15,310 $ — Other — (2) Total $ 15,310 $ (2) |
OTHER INCOME (EXPENSE)
OTHER INCOME (EXPENSE) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
OTHER INCOME (EXPENSE) | OTHER INCOME (EXPENSE) The following table includes the components of Other income (expense) : Three Months Ended March 31, 2024 2023 Interest income $ 6,296 $ 7,646 Gain (loss) on investments and on marketable security sales 1,177 — Change in fair value of marketable securities (2,817) 1,866 Gain (loss) on sale of mineral properties, plant, and equipment — (240) Other (889) 3,780 Total $ 3,767 $ 13,052 |
INCOME (LOSS) PER SHARE
INCOME (LOSS) PER SHARE | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
INCOME (LOSS) PER SHARE | INCOME (LOSS) PER SHARE The Company calculates basic net income (loss) per share using, as the denominator, the weighted average number of common shares outstanding during the period. Diluted net income (loss) per share uses, as its denominator, the weighted average number of common shares outstanding during the period plus the effect of potential dilutive shares during the period. Potential dilutive common shares include stock options, Restricted Share Units (“RSUs”), and convertible notes for periods in which the Company has reported net income (loss). The calculations of basic and diluted net income (loss) per share attributable to SSR Mining shareholders for the three months ended months ended March 31, 2024 and 2023 are based on the following (in thousands): Three Months Ended March 31, 2024 2023 Net income (loss) $ (358,162) $ 29,004 Net (income) loss attributable to non-controlling interest 71,080 809 Net income (loss) attributable to SSR Mining shareholders (287,082) 29,813 Interest saving on 2019 Notes, net of tax — 1,221 Net income (loss) used in the calculation of diluted net income per share $ (287,082) $ 31,034 Weighted average number of common shares issued 202,355 206,778 Adjustments for dilutive instruments: Restricted share units — 14 2019 Notes — 12,611 Diluted weighted average number of shares outstanding 202,355 219,403 Net income (loss) per share attributable to SSR Mining shareholders Basic $ (1.42) $ 0.14 Diluted $ (1.42) $ 0.14 |
FAIR VALUE MEASUREMENTS AND FIN
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS | FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS Fair value accounting establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 - Quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, quoted prices or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability and model-based valuation techniques (e.g. the Black-Scholes model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). As required by accounting guidance, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands): Fair value at March 31, 2024 Level 1 (1) Level 2 (2) Level 3 Total Assets: Cash $ 467,010 $ — $ — $ 467,010 Restricted cash 102 — — 102 Marketable securities 33,017 — — 33,017 Trade receivables from provisional sales, net — 55,220 — 55,220 Deferred consideration — — 21,843 21,843 $ 500,129 $ 55,220 $ 21,843 $ 577,192 Liabilities: Contingent consideration $ — $ — $ 28,986 $ 28,986 Option liability - EMX shares (3) — 2,194 — 2,194 $ — $ 2,194 $ 28,986 $ 31,180 Fair value at December 31, 2023 Level 1 (1) Level 2 (2) Level 3 Total Assets: Cash $ 492,393 $ — $ — $ 492,393 Restricted cash 101 — — 101 Marketable securities 28,351 — — 28,351 Trade receivables from provisional sales, net — 86,897 — 86,897 Deferred consideration — — 21,213 21,213 $ 520,845 $ 86,897 $ 21,213 $ 628,955 Liabilities: Contingent consideration $ — $ — $ 29,648 $ 29,648 Option liability - EMX shares (3) — 1,431 — 1,431 $ — $ 1,431 $ 29,648 $ 31,079 (1) Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) The Company’s provisional metal sales contracts, included in Trade and other receivabl es in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3) The fair value of the option liability, which represents the option of the holder to acquire an EMX common share from SSR, was determined using the Black-Scholes model. The inputs to the Black-Scholes model included the EMX stock price of CAD $2.34 per share, exercise price of CAD $2.27 per unit, one-year maturity, one-year risk-free rate of 5.0%, and annualized volatility of 34.9%. Deferred and contingent consideration are included in Level 3 as certain assumptions used in the calculation of the fair value are not based on observable market data. The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Three Months Ended March 31, 2024 2023 Deferred consideration assets: Balance as of January 1 $ 21,213 $ 24,369 Revaluations 630 (2,085) Balance as of March 31 $ 21,843 $ 22,284 Three Months Ended March 31, 2024 2023 Contingent consideration liabilities: Balance as of January 1 $ 29,648 $ — Revaluations (662) — Balance as of March 31 $ 28,986 $ — Fair values of financial assets and liabilities not already measured at fair value The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands): March 31, 2024 December 31, 2023 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 227,777 $ 205,275 $ 227,516 $ 216,545 (1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. |
TRADE AND OTHER RECEIVABLES
TRADE AND OTHER RECEIVABLES | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
TRADE AND OTHER RECEIVABLES | TRADE AND OTHER RECEIVABLES Trade and other receivables was composed of the following (in thousands): March 31, 2024 December 31, 2023 Trade receivables $ 56,618 $ 91,340 Value added tax receivables 25,788 30,554 Income tax receivable 1,866 3,172 Other taxes receivable 17,056 11,734 Other 2,431 5,380 Total $ 103,759 $ 142,180 No provision for credit loss was recognized as of March 31, 2024 or December 31, 2023. All trade receivables are expected to be settled within twelve months. |
INVENTORIES
INVENTORIES | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | INVENTORIES The components of Inventories for the periods ended March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, 2024 December 31, 2023 Materials and supplies $ 124,181 $ 104,217 Stockpiled ore 57,317 77,142 Leach pad inventory 253,121 305,271 Work-in-process 13,541 7,189 Finished goods 16,949 21,324 Total current inventories 465,109 515,143 Stockpiled ore 238,954 218,139 Materials and supplies — 1,669 Total non-current inventories $ 238,954 $ 219,808 During the three months ended March 31, 2024, following the Çöpler Incident, the Company recognized an impairment of leach pad inventory at Çöpler of $76.0 million classified as a component of Impairment charges . See Note 3 for further information relating to the impairment of inventories. During the three months ended March 31, 2023, the Company recognized write-downs of leach pad inventory at Çöpler of $2.0 million, with $1.3 million classified as a component of Cost of sales and $0.7 million classified as a component of Depreciation, depletion and amortization in the Consolidated Statements of Operations. |
MINERAL PROPERTIES, PLANT AND E
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET | MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET The components of Mineral properties, plant and equipment, net are as follows (in thousands): March 31, 2024 December 31, 2023 Plant and equipment (1) $ 1,853,060 $ 1,889,634 Construction in process 92,210 86,304 Mineral properties subject to depletion 2,092,706 2,085,678 Mineral properties not yet subject to depletion 880,135 878,712 Exploration and evaluation assets 253,841 253,842 Total mineral properties, plant, and equipment 5,171,952 5,194,170 Accumulated depreciation, plant and equipment (724,306) (714,579) Accumulated depletion, mineral properties (622,868) (606,705) Mineral properties, plant, and equipment, net $ 3,824,778 $ 3,872,886 (1) As of March 31, 2024 and December 31, 2023, plant and equipment includes finance lease right-of-use assets with a carrying amount of $83.5 million and $84.7 million, respectively. During the three months ended March 31, 2024, the Company concluded that certain mineral properties, plant and equipment at Çöpler was impaired and recorded a non-cash impairment. See Note 3 for further details relating to impairment of mineral properties, plant and equipment. No impairment was recognized for the three months ended March 31, 2023. |
ACCRUED LIABILITIES AND OTHER
ACCRUED LIABILITIES AND OTHER | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
ACCRUED LIABILITIES AND OTHER | ACCRUED LIABILITIES AND OTHER Accrued liabilities and other are comprised of the following items (in thousands): March 31, 2024 December 31, 2023 Accrued liabilities $ 84,895 $ 66,478 Royalties payable 21,751 28,550 Stock-based compensation liabilities 3,373 9,048 Income taxes payable 14,786 16,392 Lease liabilities 1,566 1,545 Other 4,445 2,626 Total accrued liabilities and other $ 130,816 $ 124,639 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT The following tables summarize the Company’s debt balances (in thousands): March 31, 2024 December 31, 2023 2019 Notes (1) $ 227,777 $ 227,516 Other 955 920 Total carrying amount $ 228,732 $ 228,436 Current Portion $ 955 $ 920 Non-Current Portion $ 227,777 $ 227,516 (1) Amount is net of discount and debt issuance costs of $2.2 million and $2.5 million, respectively. Convertible Debt 2019 Notes On March 19, 2019, the Company issued $230.0 million of 2.50% convertible senior notes due in 2039 (the “2019 Notes”) for net proceeds of $222.9 million after payment of commissions and expenses related to the offering of $7.1 million. The 2019 Notes mature on April 1, 2039 and bear an interest rate of 2.50% per annum, payable semi-annually in arrears on April 1 and October 1 of each yea r. The 2019 Notes are convertible into the Company's common shares at a fixed conversion rate, subject to certain anti-dilution adjustments. In addition, if certain fundamental changes occur, holders of the 2019 Notes may be entitled to an increased conversion rate. As a result of dividends paid in 2023 and in accordance with the 2019 Notes Agreement, during the fourth quarter of 2023 the conversion rate was adjusted to 56.7931 common shares per $ 1,000 principal amount of the 2019 Notes converted. Prior to April 1, 2026, the Company may redeem all or part of the 2019 Notes for cash, but only if the last reported sales price of its common shares for 20 or more trading days in a period of 30 consecutive trading days exceeds 130% of the conversion price in effect on each such trading day. On or after April 1, 2026, the Company may redeem the 2019 Notes in full or in part, for cash. Holders of the 2019 Notes have the right to require the Company to repurchase all or part of their 2019 Notes on April 1 of each of 2026, 2029 and 2034, or upon certain fundamental corporate changes. The repurchase price will be equal to par plus accrued and unpaid interest. The Company does not have any financial covenants in relation to the 2019 Notes, however it does contain a cross default provision with the Second Amended Credit Agreement. Credit Agreement On August 15, 2023, the Company entered into a further amendment to the Amended Credit Agreement (the “Second Amended Credit Agreement”) with the Bank of Nova Scotia, as administrative agent, and along with Canadian Imperial Bank of Commerce, as co-lead arrangers and joint bookrunners, the lenders party thereto and certain subsidiary guarantors named therein. The amendment, among other things, (i) extends the maturity to August 15, 2027, (ii) increases the credit agreement to $400.0 million with an additional accordion feature of $100.0 million and (iii) modifies the reference rate from LIBOR to an adjusted SOFR plus applicable margin varying based on the Company’s consolidated leverage ratio and amounts drawn on the credit facility ranging from 2.00% to 2.75%. The adjusted SOFR includes a credit spread adjustment of 0.10% for all interest periods |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
EQUITY | EQUITY Repurchase of common shares On June 16, 2023, the Company received approval of its Normal Course Issuer Bid ("2023 NCIB") to purchase for cancellation up to 10.2 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period beginning June 20, 2023 and ending June 19, 2024. On November 27, 2023, in connection with the 2023 NCIB, the Company entered into an automatic share purchase plan with its broker to allow for the repurchase of shares at times when the Company ordinarily would not be active in the market due to regulatory restrictions and customary self-imposed blackout periods. Following the Çöpler Incident, the Company terminated the automatic share purchase plan effective March 1, 2024. On June 19, 2023, the Normal Course Issuer Bid established as of June 20, 2022 (the “2022 NCIB”), expired. Under the 2022 NCIB, the Company was authorized to purchase for cancellation up to 10.6 million of its common shares through the facilities of the TSX, Nasdaq or other Canadian and U.S. marketplaces over a twelve month period. During the three months ended March 31, 2024, and prior to the Çöpler Incident, the Company purchased 1,117,100 of its outstanding common shares at an average share price of $8.79 per share for total consideration of $9.8 million. All shares were cancelled upon purchase. The difference of $6.6 million reflects the difference between the total amount paid and the amount deducted from common shares of $16.4 million was recorded as an increase to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date. During the three months ended March 31, 2023, the Company purchased 348,171 of its outstanding common shares at an average share price of $14.92 per share for total consideration of $5.2 million. All shares were cancelled upon purchase. During the three months ended March 31, 2023, the difference of $0.1 million between the total amount paid and the amount deducted from common shares of $5.1 million was recorded as a direct charge to retained earnings. The amount deducted from common shares was determined based on the average paid in capital per common share outstanding prior to the repurchase date. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | SUPPLEMENTAL CASH FLOW INFORMATION Net change in operating assets and liabilities during the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Decrease (increase) in operating assets: Trade and other receivables $ 37,794 $ (45,705) Inventories (47,832) (28,019) Other operating assets 286 (5,564) Increase (decrease) in operating liabilities: Accounts payable (5,647) 1,280 Accrued liabilities 6,978 (8,423) Reclamation and remediation liabilities (193) (380) Other operating liabilities 988 (1,091) $ (7,626) $ (87,902) Other cash information during the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Interest paid $ (3,272) $ (4,732) Interest received $ 4,913 $ 3,205 Income taxes paid $ (1,855) $ (15,534) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES General Estimated losses from loss contingencies are accrued by a charge to income when information is available prior to the issuance of the financial statements that indicates it is probable that a liability could be incurred, and the amount of the loss can by reasonably estimated. Legal expenses associated with the loss contingency are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the financial statements when it is at least reasonably possible that a material loss could be incurred. Environmental matters The Company uses surety bonds to support certain environmental bonding obligations. As of March 31, 2024 and December 31, 2023, the Company had surety bonds totaling $142.0 million and $142.7 million outstanding, respectively. Other Commitments and Contingencies As of March 31, 2024, the Company has recorded $15.3 million of contingencies related to the Çöpler Incident in Other operating expenses, net in the Condensed Consolidated Statements of Operations and Accrued liabilities and other in the Condensed Consolidated Balance Sheets. Following the Çöpler Incident, the Company has been named as a defendant in six securities class actions and is subject to various risks and contingencies arising in the normal course of business. Based on the information currently available to the Company, no liability has been recorded for these lawsuits because the Company believes that any such liability is not probable and reasonably estimable at this time. See Note 3 for further details. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (287,082) | $ 29,813 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rod Antal [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On September 28, 2023, Rod Antal, the Company’s Executive Chairman, adopted a Rule 10b5-1 trading arrangement for the sale of up to 200,000 common shares, which was originally scheduled to expire on December 31, 2024. Following the Çöpler Incident, Mr. Antal terminated this 10b5-1 trading arrangement on March 18, 2024. |
Name | Rod Antal |
Title | Executive Chairman |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | March 18, 2024 |
Arrangement Duration | 460 days |
Aggregate Available | 200,000 |
Micheal Sparks [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On September 28, 2023, Michael Sparks, the Company’s Executive Vice President, Chief Legal and Administrative Officer, adopted a Rule 10b5-1 trading arrangement for the sale and donation of up to 37,000 common shares, which was originally scheduled to expire on December 31, 2024. Following the Çöpler Incident, Mr. Sparks terminated this 19b5-1 trading arrangement on February 20, 2024. |
Name | Michael Sparks |
Title | Executive Vice President |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | February 20, 2024 |
Arrangement Duration | 460 days |
Aggregate Available | 37,000 |
F. Edward Farid [Member] | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | On September 29, 2023, F. Edward Farid, the Company’s Executive Vice President, Chief Corporate Development Officer, adopted a Rule 10b5-1 trading arrangement for the sale of up to 27,500 common shares, which was originally scheduled to expire on December 31, 2024. Following the Çöpler Incident, Mr. Farid terminated this 10b5-1 trading arrangement on February 20, 2024. |
Name | F. Edward Farid |
Title | Executive Vice President |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | February 20, 2024 |
Arrangement Duration | 459 days |
Aggregate Available | 27,500 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Risks and Uncertainties | Risks and Uncertainties As a mining company, the revenue, profitability and future rate of growth of the Company are substantially dependent on the prevailing prices for gold, silver, lead and zinc. The prices of these metals are volatile and affected by many factors beyond the Company’s control, and there can be no assurance that commodity prices will not be subject to wide fluctuations in the future. A substantial or extended decline in commodity prices could have a material adverse effect on the Company’s financial position, results of operations, cash flows, access to capital and the quantities of reserves that the Company can economically produce. The carrying value of the Company’s Mineral properties, plant and equipment ; Inventories ; and Deferred income tax assets are sensitive to the outlook for commodity prices. A decline in the Company’s price outlook could result in material impairment charges related to these assets. In addition, the Company maintains cash balances at banking institutions in various jurisdictions which may or may not have deposit insurance. The Company mitigates potential cash risk by maintaining bank accounts with credit-worthy financial institutions. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. The Company's business may be impacted by adverse macroeconomic and geopolitical conditions. These conditions include inflation, interest rate and foreign currency fluctuations and slowdown of economic activity around the world. The Company maintains its cash and cash equivalents primarily in United States dollars (“USD”). Any fluctuation in the exchange rate of the Turkish Lira (“TRY”), Canadian Dollar (“CAD”), Argentine Peso (“ARS”), or the currency of any other country in which the Company operates, against the USD could result in a loss on the Company’s books to the extent the Company holds funds or net monetary or non-monetary assets denominated in those currencies, and any fluctuations of currency prices generally may result in volatility. Certain of the Company's operations are located in countries that have in the past and are currently experiencing high rates of inflation. It is possible that in the future, high inflation in the countries in which we operate may result in an increase in operational costs in local currencies (without a concurrent devaluation of the local currency of operations against the dollar or an increase in the dollar price of gold, silver, copper, zinc or lead). Maintaining operating costs in currencies subject to significant inflation could expose us to risks relating to devaluation and high domestic inflation. The Company's business may also be impacted by physical risks that can impact each of its properties, such as those experienced in connection with the Çöpler Incident. |
Basis of Presentation | Basis of Presentation The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and do not include all information and disclosures required by generally accepted accounting principles in the United States. Therefore, this information should be read in conjunction with SSR Mining Inc.’s Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed on February 27, 2024. The information furnished herein reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods reported. All such adjustments are, in the opinion of management, of a normal recurring nature. The results for the three month period ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2024, the U.S. Securities and Exchange Commission (“SEC”) issued Final Rule 33-11275 "The Enhancement and Standardization of Climate-Related Disclosures for Investors" (“Final Rule”). The Final Rule requires disclosures regarding information about a registrant's climate-related risks that have a material impact on, or are reasonably likely to have a material impact on, its business strategy, results of operations, or financial condition. In addition, certain disclosures related to capitalized costs, expenditures, and losses incurred as a result of severe weather events and other natural conditions will be required to be disclosed in the footnotes to the audited financial statements. The Final Rule is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. On April 4, 2024, the SEC stayed the rules pending the resolution of certain legal challenges. The Company is currently evaluating the impact on the consolidated financial statements. In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09 “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 enhances the transparency and decision usefulness of income tax disclosures through changes to the rate reconciliation and income taxes paid information. The standard is effective beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact on the consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss and interim disclosures of a reportable segment’s profit or loss and assets. The standard is effective for the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company does not expect the adoption to have a material impact on the consolidated financial statements or disclosures. |
__PLER INCIDENT (Tables)
ÇÖPLER INCIDENT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Financial Impacts of the Çöpler Incident | Financial impacts of the Çöpler Incident Statement of Operations Three Months Ended 2024 Reclamation and remediation costs Incurred remediation costs (1) $ (22,466) Estimated future reclamation and remediation costs (250,437) (272,903) Impairment charges Leach pad inventory (76,023) Mineral properties, plant and equipment, net (38,207) (114,230) Contingencies and other legal matters (15,310) Total operating loss $ (402,443) (1) Represents cash outflows included in Reclamation and remediation costs in the Condensed Consolidated Statements of Operations. Balance Sheet March 31, 2024 Current Non-current Total Liabilities Reclamation and remediation liabilities $ 182,625 $ 67,812 $ 250,437 Accrued liabilities and other 15,310 — 15,310 Total liabilities $ 197,935 $ 67,812 $ 265,747 |
OPERATING_SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following tables provide a summary of financial information related to the Company's segments (in thousands): Three Months Ended March 31, 2024 Çöpler Marigold Seabee Puna Segment Total Corporate and other (1) Consolidated Revenue $ 48,571 $ 76,685 $ 59,128 $ 45,850 $ 230,234 $ — $ 230,234 Cost of sales (2) $ 24,423 $ 49,071 $ 24,433 $ 27,974 $ 125,901 $ — $ 125,901 Depreciation, depletion, and amortization $ 9,831 $ 7,439 $ 15,213 $ 5,915 $ 38,398 $ — $ 38,398 Exploration and evaluation $ 774 $ 4,095 $ 3,546 $ 335 $ 8,750 $ 1,481 $ 10,231 Care and maintenance expenses (3) $ 14,409 $ — $ — $ — $ 14,409 $ — $ 14,409 Operating income (loss) $ (403,803) $ 15,356 $ 15,602 $ 10,763 $ (362,082) $ (14,342) $ (376,424) Capital expenditures $ 6,541 $ 2,432 $ 15,773 $ 3,359 $ 28,105 $ 8,132 $ 36,237 Total assets as of March 31, 2024 $ 2,763,672 $ 793,179 $ 491,153 $ 287,833 $ 4,335,837 $ 915,945 $ 5,251,782 (1) Corporate and other consists of business activities that are not included within the reportable segments and is provided for reconciliation purposes. (2) Excludes depreciation, depletion, and amortization. (3) Care and maintenance expense represents direct costs not associated with the environmental reclamation and remediation costs of $7.7 million and depreciation of $6.7 million during the suspension of operations at Çöpler starting in the first quarter of 2024. Three Months Ended March 31, 2023 Çöpler Marigold Seabee Puna Segment Total Corporate and other (1) Consolidated Revenue $ 110,513 $ 98,168 $ 32,093 $ 73,840 $ 314,614 $ — $ 314,614 Cost of sales (2) $ 74,646 $ 54,541 $ 23,265 $ 46,845 $ 199,297 $ — $ 199,297 Depreciation, depletion, and amortization $ 22,651 $ 8,574 $ 8,987 $ 6,883 $ 47,095 $ — $ 47,095 Exploration and evaluation $ 557 $ 3,077 $ 3,869 $ 1,072 $ 8,575 $ 1,950 $ 10,525 Operating income (loss) $ 11,496 $ 31,284 $ (4,318) $ 18,223 $ 56,685 $ (19,700) $ 36,985 Capital expenditures $ 10,069 $ 29,592 $ 8,445 $ 2,577 $ 50,683 $ — $ 50,683 Total assets as of March 31, 2023 $ 3,278,695 $ 697,817 $ 585,557 $ 326,660 $ 4,888,729 $ 346,074 $ 5,234,803 (1) Corporate and other consists of business activities that are not included within the reportable segments and provided for reconciliation purposes. During the first quarter of 2023, the Company determined it has four reportable segments: Çöpler, Marigold, Seabee and Puna. The exploration, evaluation and development properties are no longer considered a reportable segment and the portfolio of prospective exploration tenures, near or adjacent to the existing operations (near-mine) are included in the respective reportable segment. The greenfield standalone prospects and development projects are included in Corporate and other. (2) Excludes depreciation, depletion, and amortization. |
REVENUE (Tables)
REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table represents revenues by product (in thousands): Three Months Ended March 31, 2024 2023 Gold doré sales Çöpler $ 48,226 $ 109,646 Marigold 76,661 98,132 Seabee 59,103 32,083 Concentrate sales Puna 48,372 66,348 Other (1) Çöpler 345 867 Marigold 24 36 Seabee 25 10 Puna (2,522) 7,492 Total $ 230,234 $ 314,614 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to changes in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. Revenue by metal type for the three months ended months ended March 31 are as follows (in thousands): Three Months Ended March 31, 2024 2023 Gold $ 183,990 $ 239,861 Silver 39,334 49,115 Lead 8,462 12,776 Zinc 576 4,457 Other (1) (2,128) 8,405 Total $ 230,234 $ 314,614 (1) Other revenue includes changes in the fair value of concentrate trade receivables due to fluctuations in silver and base metal prices; and silver and copper by-product revenue arising from the production and sale of gold doré. |
INCOME AND MINING TAXES (Tables
INCOME AND MINING TAXES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, inclusive of interest and penalties, is as follows (in thousands): Three Months Ended March 31, 2024 2023 Balance as of January 1 $ — $ 8,574 Increase (decrease) associated with tax positions taken during a prior year (1) — (6,594) Balance as of March 31 (1) $ — $ 1,980 (1) Of the gross unrecognized tax benefits, nil were recognized as current liabilities in Condensed Consolidated Balance Sheet as of March 31, 2024. |
OTHER OPERATING EXPENSES, NET (
OTHER OPERATING EXPENSES, NET (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Operating Expenses, Net | The following table includes the components of Other operating expense, net : Three Months Ended March 31, 2024 2023 Contingencies related to the Çöpler Incident $ 15,310 $ — Other — (2) Total $ 15,310 $ (2) |
OTHER INCOME (EXPENSE) (Tables)
OTHER INCOME (EXPENSE) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Income (Expense) | The following table includes the components of Other income (expense) : Three Months Ended March 31, 2024 2023 Interest income $ 6,296 $ 7,646 Gain (loss) on investments and on marketable security sales 1,177 — Change in fair value of marketable securities (2,817) 1,866 Gain (loss) on sale of mineral properties, plant, and equipment — (240) Other (889) 3,780 Total $ 3,767 $ 13,052 |
INCOME (LOSS) PER SHARE (Tables
INCOME (LOSS) PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The calculations of basic and diluted net income (loss) per share attributable to SSR Mining shareholders for the three months ended months ended March 31, 2024 and 2023 are based on the following (in thousands): Three Months Ended March 31, 2024 2023 Net income (loss) $ (358,162) $ 29,004 Net (income) loss attributable to non-controlling interest 71,080 809 Net income (loss) attributable to SSR Mining shareholders (287,082) 29,813 Interest saving on 2019 Notes, net of tax — 1,221 Net income (loss) used in the calculation of diluted net income per share $ (287,082) $ 31,034 Weighted average number of common shares issued 202,355 206,778 Adjustments for dilutive instruments: Restricted share units — 14 2019 Notes — 12,611 Diluted weighted average number of shares outstanding 202,355 219,403 Net income (loss) per share attributable to SSR Mining shareholders Basic $ (1.42) $ 0.14 Diluted $ (1.42) $ 0.14 |
FAIR VALUE MEASUREMENTS AND F_2
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, by Balance Sheet Grouping | The following tables set forth the Company’s assets and liabilities measured at fair value on a recurring (at least annually) and nonrecurring basis by level within the fair value hierarchy (in thousands): Fair value at March 31, 2024 Level 1 (1) Level 2 (2) Level 3 Total Assets: Cash $ 467,010 $ — $ — $ 467,010 Restricted cash 102 — — 102 Marketable securities 33,017 — — 33,017 Trade receivables from provisional sales, net — 55,220 — 55,220 Deferred consideration — — 21,843 21,843 $ 500,129 $ 55,220 $ 21,843 $ 577,192 Liabilities: Contingent consideration $ — $ — $ 28,986 $ 28,986 Option liability - EMX shares (3) — 2,194 — 2,194 $ — $ 2,194 $ 28,986 $ 31,180 Fair value at December 31, 2023 Level 1 (1) Level 2 (2) Level 3 Total Assets: Cash $ 492,393 $ — $ — $ 492,393 Restricted cash 101 — — 101 Marketable securities 28,351 — — 28,351 Trade receivables from provisional sales, net — 86,897 — 86,897 Deferred consideration — — 21,213 21,213 $ 520,845 $ 86,897 $ 21,213 $ 628,955 Liabilities: Contingent consideration $ — $ — $ 29,648 $ 29,648 Option liability - EMX shares (3) — 1,431 — 1,431 $ — $ 1,431 $ 29,648 $ 31,079 (1) Marketable securities of publicly quoted companies, consisting of investments, are valued using a market approach based upon unadjusted quoted prices in an active market obtained from securities exchanges. (2) The Company’s provisional metal sales contracts, included in Trade and other receivabl es in the Consolidated Balance Sheets, are valued using inputs derived from observable market data, including quoted commodity forward prices. The inputs do not involve significant management judgment. Such instruments are classified within Level 2 of the fair value hierarchy. (3) |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Three Months Ended March 31, 2024 2023 Deferred consideration assets: Balance as of January 1 $ 21,213 $ 24,369 Revaluations 630 (2,085) Balance as of March 31 $ 21,843 $ 22,284 Three Months Ended March 31, 2024 2023 Contingent consideration liabilities: Balance as of January 1 $ 29,648 $ — Revaluations (662) — Balance as of March 31 $ 28,986 $ — |
Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table reconciles the beginning and ending balances for financial instruments that are recognized at fair value using significant unobservable inputs (Level 3) in the consolidated financial statements (in thousands): Three Months Ended March 31, 2024 2023 Deferred consideration assets: Balance as of January 1 $ 21,213 $ 24,369 Revaluations 630 (2,085) Balance as of March 31 $ 21,843 $ 22,284 Three Months Ended March 31, 2024 2023 Contingent consideration liabilities: Balance as of January 1 $ 29,648 $ — Revaluations (662) — Balance as of March 31 $ 28,986 $ — |
Schedule of Fair Value Disclosure of Asset and Liability Not Measured at Fair Value | The fair value of the 2019 Notes as compared to the carrying amounts were as follows (in thousands): March 31, 2024 December 31, 2023 Level Carrying amount Fair value Carrying amount Fair value 2019 Notes (1) 1 $ 227,777 $ 205,275 $ 227,516 $ 216,545 (1) The fair value disclosed for the Company's 2019 Notes is included in Level 1 as the basis of valuation uses a quoted price in an active market. |
TRADE AND OTHER RECEIVABLES (Ta
TRADE AND OTHER RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Trade and other receivables was composed of the following (in thousands): March 31, 2024 December 31, 2023 Trade receivables $ 56,618 $ 91,340 Value added tax receivables 25,788 30,554 Income tax receivable 1,866 3,172 Other taxes receivable 17,056 11,734 Other 2,431 5,380 Total $ 103,759 $ 142,180 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | The components of Inventories for the periods ended March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, 2024 December 31, 2023 Materials and supplies $ 124,181 $ 104,217 Stockpiled ore 57,317 77,142 Leach pad inventory 253,121 305,271 Work-in-process 13,541 7,189 Finished goods 16,949 21,324 Total current inventories 465,109 515,143 Stockpiled ore 238,954 218,139 Materials and supplies — 1,669 Total non-current inventories $ 238,954 $ 219,808 |
Schedule of Inventory, Noncurrent | The components of Inventories for the periods ended March 31, 2024 and December 31, 2023 are as follows (in thousands): March 31, 2024 December 31, 2023 Materials and supplies $ 124,181 $ 104,217 Stockpiled ore 57,317 77,142 Leach pad inventory 253,121 305,271 Work-in-process 13,541 7,189 Finished goods 16,949 21,324 Total current inventories 465,109 515,143 Stockpiled ore 238,954 218,139 Materials and supplies — 1,669 Total non-current inventories $ 238,954 $ 219,808 |
MINERAL PROPERTIES, PLANT AND_2
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Mineral Properties, Plant and Equipment | The components of Mineral properties, plant and equipment, net are as follows (in thousands): March 31, 2024 December 31, 2023 Plant and equipment (1) $ 1,853,060 $ 1,889,634 Construction in process 92,210 86,304 Mineral properties subject to depletion 2,092,706 2,085,678 Mineral properties not yet subject to depletion 880,135 878,712 Exploration and evaluation assets 253,841 253,842 Total mineral properties, plant, and equipment 5,171,952 5,194,170 Accumulated depreciation, plant and equipment (724,306) (714,579) Accumulated depletion, mineral properties (622,868) (606,705) Mineral properties, plant, and equipment, net $ 3,824,778 $ 3,872,886 (1) As of March 31, 2024 and December 31, 2023, plant and equipment includes finance lease right-of-use assets with a carrying amount of $83.5 million and $84.7 million, respectively. |
ACCRUED LIABILITIES AND OTHER (
ACCRUED LIABILITIES AND OTHER (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Liabilities and Other | Accrued liabilities and other are comprised of the following items (in thousands): March 31, 2024 December 31, 2023 Accrued liabilities $ 84,895 $ 66,478 Royalties payable 21,751 28,550 Stock-based compensation liabilities 3,373 9,048 Income taxes payable 14,786 16,392 Lease liabilities 1,566 1,545 Other 4,445 2,626 Total accrued liabilities and other $ 130,816 $ 124,639 |
DEBT (Tables)
DEBT (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following tables summarize the Company’s debt balances (in thousands): March 31, 2024 December 31, 2023 2019 Notes (1) $ 227,777 $ 227,516 Other 955 920 Total carrying amount $ 228,732 $ 228,436 Current Portion $ 955 $ 920 Non-Current Portion $ 227,777 $ 227,516 (1) Amount is net of discount and debt issuance costs of $2.2 million and $2.5 million, respectively. |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Net change in operating assets and liabilities during the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Decrease (increase) in operating assets: Trade and other receivables $ 37,794 $ (45,705) Inventories (47,832) (28,019) Other operating assets 286 (5,564) Increase (decrease) in operating liabilities: Accounts payable (5,647) 1,280 Accrued liabilities 6,978 (8,423) Reclamation and remediation liabilities (193) (380) Other operating liabilities 988 (1,091) $ (7,626) $ (87,902) Other cash information during the three months ended March 31, 2024 and 2023 were as follows (in thousands): Three Months Ended March 31, 2024 2023 Interest paid $ (3,272) $ (4,732) Interest received $ 4,913 $ 3,205 Income taxes paid $ (1,855) $ (15,534) |
THE COMPANY (Details)
THE COMPANY (Details) | Mar. 31, 2024 mine |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of producing mines | 4 |
__PLER INCIDENT - Narrative (De
ÇÖPLER INCIDENT - Narrative (Details) - USD ($) | 2 Months Ended | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||||
Direct costs | $ 275,318,000 | $ 2,173,000 | ||
Impairment charges | 114,230,000 | 0 | ||
Çöpler Incident | ||||
Segment Reporting Information [Line Items] | ||||
Direct costs | $ 7,700,000 | 272,903,000 | ||
Depreciation | 6,700,000 | |||
Estimated future reclamation and remediation costs | $ 250,000,000 | 250,437,000 | ||
Reclamation adjustments, changes in estimates | 11,200,000 | |||
Increase to remediation liability | 261,700,000 | |||
Incurred remediation costs | 22,500,000 | |||
Remediation liability | 239,200,000 | 239,200,000 | 239,200,000 | |
Reclamation liabilities, current | 178,500,000 | 178,500,000 | 178,500,000 | |
Reclamation liabilities, non-current | 60,700,000 | 60,700,000 | 60,700,000 | |
Impairment charges | 114,230,000 | $ 0 | ||
Contingencies related to the Çöpler incident | 15,300,000 | $ 15,300,000 | 15,300,000 | |
Çöpler Incident | Inventories | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charges | 76,000,000 | |||
Çöpler Incident | Mineral properties, plant and equipment, net | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charges | $ 38,200,000 | |||
Çöpler Incident | Minimum | ||||
Segment Reporting Information [Line Items] | ||||
Estimated future reclamation and remediation costs | 250,000,000 | |||
Çöpler Incident | Maximum | ||||
Segment Reporting Information [Line Items] | ||||
Estimated future reclamation and remediation costs | $ 300,000,000 |
__PLER INCIDENT - Schedule of S
ÇÖPLER INCIDENT - Schedule of Statement of Operations (Details) - USD ($) | 2 Months Ended | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||||
Reclamation and remediation costs | $ (275,318,000) | $ (2,173,000) | ||
Impairment charges | (114,230,000) | 0 | ||
Contingencies and other legal matters | (15,310,000) | 0 | ||
Operating income (loss) | (376,424,000) | 36,985,000 | ||
Çöpler Incident | ||||
Segment Reporting Information [Line Items] | ||||
Incurred remediation costs | (22,466,000) | |||
Estimated future reclamation and remediation costs | $ (250,000,000) | (250,437,000) | ||
Reclamation and remediation costs | $ (7,700,000) | (272,903,000) | ||
Impairment charges | (114,230,000) | $ 0 | ||
Contingencies and other legal matters | (15,310,000) | |||
Operating income (loss) | (402,443,000) | |||
Çöpler Incident | Mineral properties, plant and equipment, net | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charges | (38,207,000) | |||
Çöpler Incident | Leach pad inventory | ||||
Segment Reporting Information [Line Items] | ||||
Impairment charges | $ (76,023,000) |
__PLER INCIDENT - Schedule of B
ÇÖPLER INCIDENT - Schedule of Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Segment Reporting Information [Line Items] | ||
Reclamation and remediation liabilities, current | $ 185,797 | $ 3,364 |
Reclamation and remediation liabilities, non-current | 240,498 | 170,455 |
Accrued liabilities and other, current | 130,816 | 124,639 |
Total current liabilities | 352,768 | 170,573 |
Total liabilities | 1,312,954 | $ 1,081,570 |
Çöpler Incident | ||
Segment Reporting Information [Line Items] | ||
Reclamation and remediation liabilities, current | 182,625 | |
Reclamation and remediation liabilities, non-current | 67,812 | |
Reclamation and remediation liabilities | 250,437 | |
Accrued liabilities and other, current | 15,310 | |
Accrued liabilities and other, con-current | 0 | |
Accrued liabilities and other | 15,310 | |
Total current liabilities | 197,935 | |
Total liabilities, non-current | 67,812 | |
Total liabilities | $ 265,747 |
OPERATING_SEGMENTS - Narrative
OPERATING SEGMENTS - Narrative (Details) | Mar. 31, 2024 mine |
Segment Reporting [Abstract] | |
Number of producing mines | 4 |
OPERATING_SEGMENTS - Disaggrega
OPERATING SEGMENTS - Disaggregation of Segments (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) segment | Dec. 31, 2023 USD ($) | ||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 230,234 | $ 314,614 | ||
Cost of sales | [1] | 125,901 | 199,297 | |
Depreciation, depletion, and amortization | 38,398 | 47,095 | ||
Exploration and evaluation | 10,231 | 10,525 | ||
Care and maintenance expense | 14,409 | 0 | ||
Operating income (loss) | (376,424) | 36,985 | ||
Capital expenditures | 36,237 | 50,683 | ||
Total assets | 5,251,782 | 5,234,803 | $ 5,385,773 | |
Reclamation and remediation costs | 275,318 | $ 2,173 | ||
Number of reportable segments | segment | 4 | |||
Operating segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 230,234 | $ 314,614 | ||
Cost of sales | 125,901 | 199,297 | ||
Depreciation, depletion, and amortization | 38,398 | 47,095 | ||
Exploration and evaluation | 8,750 | 8,575 | ||
Care and maintenance expense | 14,409 | |||
Operating income (loss) | (362,082) | 56,685 | ||
Capital expenditures | 28,105 | 50,683 | ||
Total assets | 4,335,837 | 4,888,729 | ||
Operating segments | Çöpler | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 48,571 | 110,513 | ||
Cost of sales | 24,423 | 74,646 | ||
Depreciation, depletion, and amortization | 9,831 | 22,651 | ||
Exploration and evaluation | 774 | 557 | ||
Care and maintenance expense | 14,409 | |||
Operating income (loss) | (403,803) | 11,496 | ||
Capital expenditures | 6,541 | 10,069 | ||
Total assets | 2,763,672 | 3,278,695 | ||
Reclamation and remediation costs | 7,700 | |||
Depreciation | 6,700 | |||
Operating segments | Marigold | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 76,685 | 98,168 | ||
Cost of sales | 49,071 | 54,541 | ||
Depreciation, depletion, and amortization | 7,439 | 8,574 | ||
Exploration and evaluation | 4,095 | 3,077 | ||
Care and maintenance expense | 0 | |||
Operating income (loss) | 15,356 | 31,284 | ||
Capital expenditures | 2,432 | 29,592 | ||
Total assets | 793,179 | 697,817 | ||
Operating segments | Seabee | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 59,128 | 32,093 | ||
Cost of sales | 24,433 | 23,265 | ||
Depreciation, depletion, and amortization | 15,213 | 8,987 | ||
Exploration and evaluation | 3,546 | 3,869 | ||
Care and maintenance expense | 0 | |||
Operating income (loss) | 15,602 | (4,318) | ||
Capital expenditures | 15,773 | 8,445 | ||
Total assets | 491,153 | 585,557 | ||
Operating segments | Puna | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 45,850 | 73,840 | ||
Cost of sales | 27,974 | 46,845 | ||
Depreciation, depletion, and amortization | 5,915 | 6,883 | ||
Exploration and evaluation | 335 | 1,072 | ||
Care and maintenance expense | 0 | |||
Operating income (loss) | 10,763 | 18,223 | ||
Capital expenditures | 3,359 | 2,577 | ||
Total assets | 287,833 | 326,660 | ||
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 0 | 0 | ||
Cost of sales | 0 | 0 | ||
Depreciation, depletion, and amortization | 0 | 0 | ||
Exploration and evaluation | 1,481 | 1,950 | ||
Care and maintenance expense | 0 | |||
Operating income (loss) | (14,342) | (19,700) | ||
Capital expenditures | 8,132 | 0 | ||
Total assets | $ 915,945 | $ 346,074 | ||
[1]Excludes depreciation, depletion, and amortization. |
REVENUE - Revenue by Product (D
REVENUE - Revenue by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 230,234 | $ 314,614 |
Gold doré sales | Çöpler | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 48,226 | 109,646 |
Gold doré sales | Marigold | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 76,661 | 98,132 |
Gold doré sales | Seabee | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 59,103 | 32,083 |
Concentrate sales | Puna | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 48,372 | 66,348 |
Other | Çöpler | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 345 | 867 |
Other | Marigold | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 24 | 36 |
Other | Seabee | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 25 | 10 |
Other | Puna | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (2,522) | $ 7,492 |
REVENUE - Revenue by Metal (Det
REVENUE - Revenue by Metal (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 230,234 | $ 314,614 |
Gold | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 183,990 | 239,861 |
Silver | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 39,334 | 49,115 |
Lead | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,462 | 12,776 |
Zinc | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 576 | 4,457 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ (2,128) | $ 8,405 |
REVENUE - Narrative (Details)
REVENUE - Narrative (Details) - Concentrate Metal Sales Agreement lb in Thousands, oz in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 USD ($) oz lb $ / Ounce $ / pound | Mar. 31, 2023 USD ($) | |
Disaggregation of Revenue [Line Items] | ||
Embedded derivative, increase (decrease) of value | $ | $ (2.5) | $ 7.5 |
Silver | ||
Disaggregation of Revenue [Line Items] | ||
Average price per ounce/pounds (in dollars per share) | oz | 4.5 | |
Average price per ounce/pound | $ / Ounce | 23.57 | |
Lead | ||
Disaggregation of Revenue [Line Items] | ||
Average price per ounce/pounds (in dollars per share) | lb | 21,810 | |
Average price per ounce/pound | $ / pound | 0.95 | |
Zinc | ||
Disaggregation of Revenue [Line Items] | ||
Average price per ounce/pounds (in dollars per share) | lb | 2,500 | |
Average price per ounce/pound | $ / pound | 1.22 |
INCOME AND MINING TAXES - Narra
INCOME AND MINING TAXES - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate reconciliation, rate (as a percent) | (5.40%) | (8.80%) | ||
Effective income tax rate reconciliation, statutory rate (as a percent) | 27% | |||
Unrecognized tax benefits | $ 0 | $ 1,980,000 | $ 0 | $ 8,574,000 |
Unrecognized tax benefits, income tax penalties and interest accrued | $ 0 | 0 | ||
Unrecognized tax benefits, release of income tax penalties and interest expense | (7,200,000) | |||
Unrecognized tax benefits, cash settlement | $ 1,400,000 |
INCOME AND MINING TAXES - Unrec
INCOME AND MINING TAXES - Unrecognized Tax Benefits (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 0 | $ 8,574,000 |
Increase (decrease) associated with tax positions taken during a prior year | 0 | |
Increase (decrease) associated with tax positions taken during a prior year | (6,594,000) | |
Ending balance | $ 0 | $ 1,980,000 |
OTHER OPERATING EXPENSES, NET_2
OTHER OPERATING EXPENSES, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Contingencies related to the Çöpler Incident | $ 15,310 | $ 0 |
Other | 0 | (2) |
Total | $ 15,310 | $ (2) |
OTHER INCOME (EXPENSE) (Details
OTHER INCOME (EXPENSE) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Other Income and Expenses [Abstract] | ||
Interest income | $ 6,296 | $ 7,646 |
Gain (loss) on investments and on marketable security sales | 1,177 | 0 |
Gain (loss) on investments and on marketable security sales | (2,817) | 1,866 |
Gain (loss) on sale of mineral properties, plant, and equipment | 0 | (240) |
Other | (889) | 3,780 |
Total | $ 3,767 | $ 13,052 |
INCOME (LOSS) PER SHARE - Calcu
INCOME (LOSS) PER SHARE - Calculation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (358,162) | $ 29,004 |
Net (income) loss attributable to non-controlling interest | 71,080 | 809 |
Net income (loss) attributable to SSR Mining shareholders | (287,082) | 29,813 |
Interest saving on 2019 Notes, net of tax | 0 | 1,221 |
Net income (loss) used in the calculation of diluted net income per share | $ (287,082) | $ 31,034 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Weighted average number of common shares issued (in shares) | 202,355 | 206,778 |
Adjustments for dilutive instruments, convertible notes (in shares) | 0 | 12,611 |
Diluted weighted average number of shares outstanding (in shares) | 202,355 | 219,403 |
Net income (loss) per share attributable to SSR Mining shareholders | ||
Basic (in dollars per share) | $ (1.42) | $ 0.14 |
Diluted (in dollars per share) | $ (1.42) | $ 0.14 |
Restricted share units | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Adjustments for dilutive instruments (in shares) | 0 | 14 |
INCOME (LOSS) PER SHARE - Narra
INCOME (LOSS) PER SHARE - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Earnings Per Share [Abstract] | |
Interest saving on convertible notes, net of tax | $ | $ 1.2 |
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | shares | 12,921,000 |
FAIR VALUE MEASUREMENTS AND F_3
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Assets and Liabilities (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2024 $ / shares | Dec. 31, 2023 USD ($) | |
Assets: | |||
Cash | $ 467,010 | $ 492,393 | |
Restricted cash | 102 | 101 | |
Marketable securities | 33,017 | 28,351 | |
Trade receivables from provisional sales, net | 55,220 | 86,897 | |
Deferred consideration | 21,843 | 21,213 | |
Total assets | 577,192 | 628,955 | |
Liabilities: | |||
Contingent consideration | 28,986 | 29,648 | |
Total liabilities | 31,180 | 31,079 | |
EMX Common Share | |||
Liabilities: | |||
Option liability - EMX shares | $ 2,194 | 1,431 | |
EMX Common Share | Disposal Group, Disposed of by Sale | Royalty Portfolio | |||
Liabilities: | |||
Share price (in canadian dollars per share) | $ / shares | $ 2.34 | ||
Exercise price (in canadian dollars per share) | $ / shares | $ 2.27 | ||
Expected life (in years) | 1 year | ||
Risk free interest rate term (in years) | 1 year | ||
Risk-free interest rate (as a percent) | 5% | ||
Annualized volatility (as a percent) | 34.90% | ||
Level 1 | |||
Assets: | |||
Cash | $ 467,010 | 492,393 | |
Restricted cash | 102 | 101 | |
Marketable securities | 33,017 | 28,351 | |
Trade receivables from provisional sales, net | 0 | 0 | |
Deferred consideration | 0 | 0 | |
Total assets | 500,129 | 520,845 | |
Liabilities: | |||
Contingent consideration | 0 | 0 | |
Total liabilities | 0 | 0 | |
Level 1 | EMX Common Share | |||
Liabilities: | |||
Option liability - EMX shares | 0 | 0 | |
Level 2 | |||
Assets: | |||
Cash | 0 | 0 | |
Restricted cash | 0 | 0 | |
Marketable securities | 0 | 0 | |
Trade receivables from provisional sales, net | 55,220 | 86,897 | |
Deferred consideration | 0 | 0 | |
Total assets | 55,220 | 86,897 | |
Liabilities: | |||
Contingent consideration | 0 | 0 | |
Total liabilities | 2,194 | 1,431 | |
Level 2 | EMX Common Share | |||
Liabilities: | |||
Option liability - EMX shares | 2,194 | 1,431 | |
Level 3 | |||
Assets: | |||
Cash | 0 | 0 | |
Restricted cash | 0 | 0 | |
Marketable securities | 0 | 0 | |
Trade receivables from provisional sales, net | 0 | 0 | |
Deferred consideration | 21,843 | 21,213 | |
Total assets | 21,843 | 21,213 | |
Liabilities: | |||
Contingent consideration | 28,986 | 29,648 | |
Total liabilities | 28,986 | 29,648 | |
Level 3 | EMX Common Share | |||
Liabilities: | |||
Option liability - EMX shares | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS AND F_4
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Fair Value of Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Balance as of January 1 | $ 21,213 | $ 24,369 |
Revaluations | 630 | (2,085) |
Balance as of March 31 | 21,843 | 22,284 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance as of January 1 | 29,648 | 0 |
Revaluations | (662) | 0 |
Balance as of March 31 | $ 28,986 | $ 0 |
FAIR VALUE MEASUREMENTS AND F_5
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS - Debt (Details) - 2019 Notes - Level 1 - Convertible Senior Notes - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 227,777 | $ 227,516 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt | $ 205,275 | $ 216,545 |
TRADE AND OTHER RECEIVABLES (De
TRADE AND OTHER RECEIVABLES (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Receivables [Abstract] | ||
Trade receivables | $ 56,618,000 | $ 91,340,000 |
Value added tax receivables | 25,788,000 | 30,554,000 |
Income tax receivable | 1,866,000 | 3,172,000 |
Other taxes receivable | 17,056,000 | 11,734,000 |
Other | 2,431,000 | 5,380,000 |
Total | 103,759,000 | 142,180,000 |
Provision for credit loss | $ 0 | $ 0 |
INVENTORIES - Components of Inv
INVENTORIES - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory [Line Items] | ||
Work-in-process | $ 13,541 | $ 7,189 |
Finished goods | 16,949 | 21,324 |
Total current inventories | 465,109 | 515,143 |
Total non-current inventories | 238,954 | 219,808 |
Materials and supplies | ||
Inventory [Line Items] | ||
Raw materials | 124,181 | 104,217 |
Total non-current inventories | 0 | 1,669 |
Stockpiled ore | ||
Inventory [Line Items] | ||
Raw materials | 57,317 | 77,142 |
Total non-current inventories | 238,954 | 218,139 |
Leach pad inventory | ||
Inventory [Line Items] | ||
Raw materials | $ 253,121 | $ 305,271 |
INVENTORIES - Narrative (Detail
INVENTORIES - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Inventory [Line Items] | ||
Impairment charges | $ 114,230,000 | $ 0 |
Çöpler | Leach pad inventory | ||
Inventory [Line Items] | ||
Impairment charges | $ 76,000,000 | |
Write-down of leach pad inventory | 2,000,000 | |
Çöpler | Leach pad inventory | Cost of Sales | ||
Inventory [Line Items] | ||
Write-down of leach pad inventory | 1,300,000 | |
Çöpler | Leach pad inventory | Depreciation, Depletion and Amortization | ||
Inventory [Line Items] | ||
Write-down of leach pad inventory | $ 700,000 |
MINERAL PROPERTIES, PLANT AND_3
MINERAL PROPERTIES, PLANT AND EQUIPMENT, NET (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | |||
Total mineral properties, plant, and equipment | $ 5,171,952,000 | $ 5,194,170,000 | |
Accumulated depreciation, plant and equipment | (724,306,000) | (714,579,000) | |
Accumulated depletion, mineral properties | (622,868,000) | (606,705,000) | |
Mineral properties, plant, and equipment, net | 3,824,778,000 | 3,872,886,000 | |
Finance lease, right-of-use asset, before accumulated amortization | 83,500,000 | 84,700,000 | |
Impairment charges | 114,230,000 | $ 0 | |
Plant and equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total mineral properties, plant, and equipment | 1,853,060,000 | 1,889,634,000 | |
Construction in process | |||
Property, Plant and Equipment [Line Items] | |||
Total mineral properties, plant, and equipment | 92,210,000 | 86,304,000 | |
Mineral properties subject to depletion | |||
Property, Plant and Equipment [Line Items] | |||
Total mineral properties, plant, and equipment | 2,092,706,000 | 2,085,678,000 | |
Mineral properties not yet subject to depletion | |||
Property, Plant and Equipment [Line Items] | |||
Total mineral properties, plant, and equipment | 880,135,000 | 878,712,000 | |
Exploration and evaluation assets | |||
Property, Plant and Equipment [Line Items] | |||
Total mineral properties, plant, and equipment | $ 253,841,000 | $ 253,842,000 |
ACCRUED LIABILITIES AND OTHER_2
ACCRUED LIABILITIES AND OTHER (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Payables and Accruals [Abstract] | ||
Accrued liabilities | $ 84,895 | $ 66,478 |
Royalties payable | 21,751 | 28,550 |
Stock-based compensation liabilities | 3,373 | 9,048 |
Income taxes payable | 14,786 | 16,392 |
Lease liabilities | $ 1,566 | $ 1,545 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued liabilities and other | Total accrued liabilities and other |
Other | $ 4,445 | $ 2,626 |
Total accrued liabilities and other | $ 130,816 | $ 124,639 |
DEBT - Components of Debt (Deta
DEBT - Components of Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total carrying amount | $ 228,732 | $ 228,436 |
Current Portion | 955 | 920 |
Non-Current Portion | 227,777 | 227,516 |
2019 Notes | Convertible Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 227,777 | 227,516 |
Discount and debt issuance costs | 2,200 | 2,500 |
Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 955 | $ 920 |
DEBT - Convertible Debt (Detail
DEBT - Convertible Debt (Details) - 2019 Notes - Convertible Senior Notes | 3 Months Ended | |
Mar. 19, 2019 USD ($) day | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Face amount | $ 230,000,000 | |
Interest rate, stated (as a percent) | 2.50% | |
Advance from non-controlling interest | $ 222,900,000 | |
Commissions and expenses related to offering of debt | $ 7,100,000 | |
Convertible, conversion ratio | 0.0567931 | |
Convertible, threshold trading days | day | 20 | |
Convertible, threshold consecutive trading days | day | 30 | |
Convertible, threshold percentage of stock price trigger (as a percent) | 130% |
DEBT - Credit Agreement (Detail
DEBT - Credit Agreement (Details) - USD ($) | Aug. 15, 2023 | Mar. 31, 2024 |
Debt Instrument [Line Items] | ||
Line of credit | $ 0 | |
Remaining borrowing capacity | 399,100,000 | |
Letters of credit outstanding, amount | $ 900,000 | |
Revolving Credit Agreement | Line of Credit | ||
Debt Instrument [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |
Line of credit facility, accordion feature | $ 100,000,000 | |
Revolving Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Credit spread on variable rate (as a percent) | 0.10% | |
Revolving Credit Agreement | Line of Credit | Minimum | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2% | |
Revolving Credit Agreement | Line of Credit | Maximum | Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (as a percent) | 2.75% |
EQUITY (Details)
EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |||
Jun. 19, 2023 | Jun. 16, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, stock repurchased during period | $ 9,825 | $ 5,197 | ||
Common shares | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, repurchase of common shares (in shares) | 1,117,000 | 348,000 | ||
Stock repurchase program, stock repurchased during period | $ 16,402 | $ 5,111 | ||
Retained earnings (accumulated deficit) | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, stock repurchased during period | $ (6,577) | $ 86 | ||
Normal Course Issuer Bid | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, common shares authorized to be repurchased (in shares) | 10,600,000 | 10,200,000 | ||
Stock repurchase program, period in force (in months) | 12 months | 12 months | ||
Stock repurchase program, repurchase of common shares (in shares) | 1,117,100 | 348,171 | ||
Stock repurchased and retired during period, cost per share (in dollars per share) | $ 8.79 | $ 14.92 | ||
Stock repurchase program, stock repurchased during period | $ 9,800 | $ 5,100 | ||
Normal Course Issuer Bid | Common shares | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, stock repurchased during period | (6,600) | (100) | ||
Normal Course Issuer Bid | Retained earnings (accumulated deficit) | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase program, stock repurchased during period | $ 16,400 | $ 5,200 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Operating Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Decrease (increase) in operating assets: | ||
Trade and other receivables | $ 37,794 | $ (45,705) |
Inventories | (47,832) | (28,019) |
Other operating assets | 286 | (5,564) |
Increase (decrease) in operating liabilities: | ||
Accounts payable | (5,647) | 1,280 |
Accrued liabilities | 6,978 | (8,423) |
Reclamation and remediation liabilities | (193) | (380) |
Other operating liabilities | 988 | (1,091) |
Net change in operating assets and liabilities | $ (7,626) | $ (87,902) |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Other Cash Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Supplemental Cash Flow Information [Abstract] | ||
Interest paid | $ (3,272) | $ (4,732) |
Interest received | 4,913 | 3,205 |
Income taxes paid | $ (1,855) | $ (15,534) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions | Mar. 31, 2024 USD ($) action | Dec. 31, 2023 USD ($) |
Loss Contingencies [Line Items] | ||
Number of securities class actions where company is named as a defendant | action | 6 | |
Çöpler Incident | ||
Loss Contingencies [Line Items] | ||
Contingencies related to the Çöpler incident | $ 15.3 | |
Surety Bond | ||
Loss Contingencies [Line Items] | ||
Environmental bonding obligation, outstanding | $ 142 | $ 142.7 |