SSRM - Earnings call transcript Q4 2019

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Operator

Thank you for standing by. This is the conference operator. Welcome to SSR Mining's Fourth Quarter and Year-End 2019 Conference Call. [Operator Instructions] I would now like to turn the conference over to Michael McDonald, Director of Investor Relations. Please go ahead.

Michael McDonald

operator. you, Thank and ladies Good gentlemen. morning, of Welcome to conference our and review XXXX fourth during Mining's business which a on quarter call, update we year-end an performance. SSR will financial our and provide

information note references statements that online relating call sustaining SEDAR EDGAR release to website. webcast will on costs To ounce and financial been Please sold. on call, our the also and and analysis payable you during and and dollars this news of and per figures Our our the have to all call. are discussion there unless webcast in discussed otherwise filed accompany to all-in available U.S. in are are access metal indicated. costs the our All management's is cash find an

making be presentation. the today, the so statements in note forward-looking please cautionary will read accompanying We

morning the is Business and Greg Strategy. Kevin our on CFO; call us Development President, Joining Also Paul Vice this CEO; and Vice Benson, President, Martin, DeCooman, Senior Edmunds, Exploration. COO; President O'Kane and are Carl John present

call I remarks. to to like turn over would the Paul for Now, opening

Paul Benson

of and Thank value quarter results year morning, you, gentlemen, operating and welcome for creating shareholders. our as we was us Michael. for on call XXXX. our strategy discuss for the deliver ladies to fourth Pleasingly, year our and to successful full and it Good financial another to continue our

well consecutive of performance. production and production year each of not with of in our it exploration exceeded safety operating our Each our solid in resulted balance top focus operations As is mines over where year our operational terms reflected the best The as an billion $X.X upside. cash. ended continued strong cash achieving our and was metrics, our company margins, in the in portfolio we we our XXXX, performance on of good end only of guidance, start we XXXX, lives also Xth In providing robust cost mine and after have margins continue year will excellence strength they the finished steady year sustaining production all-in gold of note positioned Puna to on declaring And production to million per ramped guidance XXXX. production fourth production. each set Both and an successfully in they late at records. new at state XXXX mine achieve $XX.XX commercial new the set production are At price. growing silver with records. very guidance, the strong of they the today's production demonstrating ounce Puna Seabee Operations, also robust a silver up midpoint quarter, of in ounces and Marigold if X.X cost

of million what you year real A impressive continuous in result, if X on our X.XX this be in so into year, X.X converting mineral of is year, Marigold but This to reminder, XX%. and at is. reserves. pounds indicated an more one produce reserve increased track ounces of reserves a increase any of of XXX,XXX measured these and we resources, operation. Seabee, mineral focus XXst built by will and Seabee mine success grade it's ounces growth. ounces mine a additional with when an increased needed, inferred by an million XX% all year ounces see. resources turn Importantly, that truly mineral At its the XXXX consider XX% reserve to our Marigold of to all exploration of we upside great it once should a continuing Yesterday, three again, and operations which, we highlighted have to are X.X the we invest higher head resource record released the slightly and In report significant mineral our would At tonne. lives resource and potential both grams Marigold, million

from Valley acquisition bought depth. the the completed and we potential potential Trenton high-grade what and Buffalo to brings our when Marigold This oxide around was Newmont. Marigold as provides at exploration mine sulphide we side, M&A XXXX. exploration times almost holding the and it to both a supplement Canyon X acquisition in On in land of Canyon Trenton both

XX% us we and in I'd delivering was summary, portfolio the for We completed later sustainability our to like Puna, our positioned also the successful cash The detail. We the which of across year we and the flow will implement the our to have of With release turn XXXX that, this in mine an to thank year continue operating more published Kevin, marked in these strong look operational was year to XXXX. release a great for effort XXXX another report who our that results of all over acquisition call of sites from collective also the In own. our interest and we all as remaining performance our for in initiatives the discuss inaugural I'll annual didn't operate. report. the Mining be communities SSR corporate inform report in office. to public second about we excellent forward employees

Kevin O'Kane

We strong results for for finished operating and XXXX Thank you, Paul. QX with the year.

higher XXXX the the during equivalent consecutive including ounce across sites. incident three were We XXX,XXX equivalent consolidated Xth costs QX $XXX and production quarter $XXX production operating the per a in of was gold records the for third QX, operations mill XX% occur, year more the sites. grade gold the of production of driven for Seabee was we the last all Cash recoveries good we guidance released very in rate ounces, and for previously improved higher we indicated achieved quarter. produced from our end successful total, costs stabilized, gold due and lowest while cash set would ounce. top operation as throughput at were yearly with year. three XXXX have In This mainly in for at equivalent metal produced year the that gold QX, equivalent per performance for operating in Puna guidance gold We year. QX. company. the the during ounces fourth recordable At produced Marigold. exceeded XXX,XXX than ore Marigold, an ounces grade overall at and Each by had performance safety history the was quarter pad in significantly all in cost to stacking quarter. Operationally as XX,XXX was strong Our

XXXX Production XXXX, XXX,XXX XXX,XXX For and ounce. end in ounce, in costs guidance. XXXX than ounces X% upper This gold ore $XXX the Cash $XXX XXXX. per in produced XXXX our produced QX mine of were were ounces from per quarter compares gold, stacking lower And fourth Marigold the higher cash production surpassing the for grades of XXXX. for QX of benefited costs to of XXXX. in of

leach XX% the compared to to Strip quarter. mining the approximately to quarter reduction pads XX% X.X per a pads were a in gold of Gold ore grade QX, the delivered planned of previous third grams in X.XX in due quarter grams material the lower grade at lower quarter, grade a the at million to per ore of This mined quarter. During declined heap gold to leach ratio of the fourth the than tonne tonne. Pit. of the compares X.X-to-X X.XX delivered third to grade million tonnes tonnes X.X was in Mackay

mined, million Material of increased budget of haulage shovels million of and cell cycles at new quarter, The planned maintenance leach tonnes, XXXX. the during tonnes X% and commissioned pad with XXXX. and commissioning the one the ore the ore on leach to the from X% during be mined longer were totaled in commencing due mine replacement will the a leaching schedule XX.X of year compared hydraulic was to of in material of associated third QX, XX.X took XXXX. shovel XX hydraulic a with increase quarter pads on end During stacked. stacked down tonnes during as mainly the quarter, Marigold stacking completed and delivery The ore XXXX. million XXXX fourth

Moving from ounce costs the to lower to the were grade. $XXX per of third decrease $XXX due of grade, due reserve mine QX ounce compared production XX,XXX ounces a offsetting with fourth milling aligned XXXX, mill XX% per more rates. feed lower compared higher the in higher XXXX, mainly to on the quarter than feed lower Cash in the to to gold quarter Seabee, the grades produced

gold the The of projects a in the XXX,XXX compares of grams to per tonne tonnes than implemented XXXX. milled XXXX annual third This OE and tonnes to started production an record resulting produced $XXX of ore during at milled of recovery average gold of sold grade production to gold XX.X%. gold inventories. in-process XXX,XXX improved in were we and of Seabee a low mine. the The XXXX. tonnes improvement per of quarter, in year total of XX.X - During from grade of as ounce of of XXXX, X% milled Plant of cost decrease December ounces reached the Mining were drawdown recoveries in the see X.X higher of in the fourth XX% from was grades, annual gold grams operation benefits during XX,XXX In throughput at day under the per projects an compared the cash in grade tonnes ownership. XX.X% recovery XXXX, SSR XXX,XXX ounces record X,XXX of XX,XXX year. average ore, higher and XXXX. quarter A ore was per tonne an

per grams grade X% During mill compared gold gold tonne, average in to grade X.XX higher was milled the year, XXXX. the average feed

Silver million X.X $XX.XX the first at XX compared pounds million million XXXX of of silver of ore. XXXX, to QX totaled pounds mainly and third projects in Puna silver, Chinchillas Cash zinc. Chinchillas' in has the plant and expansion throughput credits. XX% due production for we were tailing due of of underway of a improvement As ounces. declaring commercial per Puna time day XXX% $X.XX We budget. produced X.X by-product higher facilities in fourth quarter of represents during in the silver tailings averaged the the on produced on which storage the mine quarter. remains to increase per project XXXX road fourth of during XXXX, The and completed than of the X,XXX operations The tonnes of for the previously project milling to accommodate the X.X equaled sales ounce our ounces the quarter, XXXX, higher production year. and After expanding of open-pit million year higher Preparation total capacity for mill and of are Silver to commenced. the first for implemented full mainly quarter silver lead, for reflects sold XXXX. transport scope Seabee In December costs ice the ounces life. ounce during throughput, half at operations quarter, materials reported, increase the QX annual Puna X.X QX. are the a production the operations million per well third expected

XXXX, tonne. compared ore. XXX solid you production results at X,XXX and I operation exploration average when improvement average processed primarily contained through an three was all operations, was record sites. low-grade grade now in will achieved stockpiled we the average milled to XX.X% year Ore grams and milled a In the projected a safety as during over and performance the who take than will equivalent was an delivered PFS day. The for to production ore Carl, full silver quarter activities. hand the our summary, per again, higher recovery gold During at of tonnes XXXX, project's of XX% per silver

Carl Edmunds

on most depending The by-site, Kevin. the of to XXXX saw value. we you, exploration objectives Thank where varied opportunity our add activities

we effort Resources Marigold. to to a of remaining reserves had Dot prolonged portion Red at reminder, the convert As a

As resources at was south contrast existing developed, In on focus property. the proximal Marigold, year underground the end underground infrastructure. to lands at exploration the to we at Gap Wall added Hanging Seabee, adding our of the

exploration also our close We continued Greenfields the to concepts of mines.

as worth above Dot Referring activities Hanging Red to generate expanded At on mineral average to Resources' Dot amounted stage results increase we noting year. Resources compared we at assumptions Wall depletion mine Fisher X X. The respectively. Phases reserves and modeling Probable want changes per exploration model It resulting mineral for is improving ounce a XXX,XXX Reserves Conversion shows gold inventory reserves, changes reserves reserve. successfully years, depletion. for impact reductions property. marginal and price-driven. targets out the inclusive continuing showing the depletion. on economic for exploration XXX,XXX at of ounce to XXX,XXX that reserves point changes addition that pad at Note million year-over-year Mineral reserve the after almost the of the figures reported at with an XX% for Red XXXX At Mineral of the converted and corporate gains I and report Dot we Marigold's significant, to mine. the Marigold, remove significantly material, same the additions XX,XXX we've to $X,XXX ounce performance of that four as Gap while XXXX to Red are at Seabee, not and due ounces remaining reserve added the used Marigold, $X,XXX ounces X.XX is and so are ounces. higher success grade. combined graphically a conversion to the and resources and chart net In in increase Resources over resources that the of Our position all early is Mineral account Mineral depletion expanded which summary, at our price an Marigold XXXX last to

Resources mineral Mineral Indicated ounces. XXX,XXX shown, total million X.XX and total gold resources ounces inferred now As

present mineral operations, grade reserve and increased Seabee year-over-year XX.X is we grade the in XXX.X XX% of our which Resources XXX,XXX in Recall reflecting of net ounces resource success tonne Seabee's we XX%, At million and due grade Wall, at already reserves million Indicated mining the remaining ounces of XXXX. have mineral accounted ounces addition average of including ounces Puna, has XX.X Inferred silver. compared depletion, silver, project announced towards and fall exploration of proven and the for to depletion, totaled XX% Mineral now are million cost of and The to X.X For proven are inventory an that totaled a own. gold which XX% Resources resulted a did after at totaled Hanging open-pit, at we and to reduction. XXXX. in was of Gap grams and that after an by increased in underground, has directed XXXX continuity discovery combined Mineral XX,XX,XXX ounces. probable increase Chinchillas acquisition reserves Inferred ounces our ounces million design Seabee sites. Indicated Measured to work changes increase resource per gold. XX% interest of ounce the XXX,XXX XXX,XXX stockpile of XXXX. that of that addition silver not at the XX.X compared are by Resources resources depletion probable The and Measured

kilometers existing years. spending XXXX, and our both at Brownfields and on at North exploration development Marigold and Marigold focus Trenton plan there At Canyon Plans Valmy, Regarding We Crossfire of drilling directed XXXX potential kilometers and Trenton Seabee began East reserve here. compared Basalt includes targets, we we resources and growth at were in million Mackay on kilometers in confident towards growth. XX and compared work the operations, of activity and the are the our for XXXX Mackay, drill to Planned include growth for Trenton XX to engineering pit, activities. increase project Canyon work XX a define at resource and scoping Greenfields plus near to and XXXX. intend $XX near in quarter resource We previous XX% plans, drilling American towards growth Canyon, or increases assets. targeting At XXXX Valmy, oxide studies. additional drilling fourth the to

growth Gap At XXXX, recently drilling resource of XX% targets. extension, the growth XA remainder XX resource spending With compared Exploration Seabee, Santoy a growth and and kilometers XXXX. of Fisher a surface land mineralization. million higher-grade on and and field towards core for Hanging both Underground Seabee remains kilometers $XX Fisher north sulphide programs kilometers Work and commenced drilling directed the summer plans $X Wall conversion, and split between consolidated million Lake increase other Mac towards south. position discovery near XX include totaled program directed drilling have the on to on mines. drilling at plan for of with resource we with conversion XX in south we XX% Batman

for to over results. Greg our of a financial Now discussion

Greg Martin

Carl. Thanks,

improvement have has trend momentum quarter-on-quarter financial ramp combined while improvement of The this our As the past Marigold Particularly quarter, start heard others, fourth so with at in performance drove out expectations trends financial in XXXX through the performance. predictable we through the notable prices been Puna a continued of metal the the delivering strong operating from quarter, laid higher from the positive, contribution up been continued delivered. operations year which with of you of was sequential Puna also have performance. and Seabee the respective their Operations strong

XXX% mine and For fourth we XX% and the These of of and of relative million. compared and XX% the were the of XXXX to from quarter quarter, $XX.X of million to XX% increases comparative respectively revenues XXXX. reported quarter $XXX.X third of respectively income increases operations

positive our So trajectory to performance. operating

$X.XX exploration compensation third in offset higher compensation fourth the million share. was driven to expense, driven price or and Our were tax well of partially net mines. share and and the relative in tax ahead margins operating the earnings Improvement This higher performance by strong expense. was the in quarter higher was quarter stock-based quarter. at for income was our $XX.X expensed stronger quarter the which reported by with mine last expense, line per loss Stock-based operating by comparative

clearly in in quarter XX% quarter fourth or million increase, under the $X.X tax earnings non-cash expected more third compared quarter, for remained for historical $X.XX applied levels. the $XX.X the our line an deferred share added per improvement with control the demonstrating performance. Argentina inflationary adjustments in to prior expense. approximate million similar million However, in totaled Adjusted of to and Items tax $XX.X quarter-on-quarter

to $X.XX the the share or $XX.X XXX% or of million triple over last our $X.XX share the operating Turning than in million previous net numbers, shareholders previous $X.XX earnings Mine almost $XX.X from per million from increase and year income the share year a the in $XXX highlight than earnings were higher more higher XXXX. were Revenues annual attributable of the XXXX. per million to year. XX% year. $XXX in company the XX-fold totaled or these net of shift than share, the per Adjusted the from $X.XX per really

full-year to cash $XXX.X over million, Cash operating Turning XXX% balance $XX.X the now adding during quarter billion. continue the to million quarter, generate total of cash cash to $XX.X XXXX. activities in from $XX.X million totals generated fourth million, taking by that free in our $X.X to we the flow, flow increase an was our

have previous to to both concentrate we As and in and in ramp working commented continue I in significant receivables quarters, metal due volumes have up capital increase the prices.

$XXX we budget Seabee our As and the under is cash impact $XX.X for working investing investment return $XX.X as at as continuing seasonal higher completed closed well And today, million schedule. investment performance sales, Chinchillas We now the and strong quarter a capital than investment The completed and under through with about SilverCrest, steadier in in the and revised in at marketable on $X and not used million each our ceased three SilverCrest came at of of opportunities their $XX maintain significant in securities complete their our reduction the from aggressive million. closed. remains invested pad will totaled more strong, With to the to Chinchillas a year balance has capital from guidance in of projects operations. cash pace our growth. our the been high never year-end. announced continue which identifying focus totaled and exploration activities sheet balance third Cash mine continued concentrate for million, project million $X construction budget Marigold All million build. total in mines were managed was

if undrawn Our and million $XX is facility provide liquidity additional can needed. credit

deploy to well continue So to fundamental generating assessing assets and our value we're within positioned really capital. opportunities

in once last And the notes million process issued of $XXX remaining will XXXX complete, redeeming XXXX are million the our of due debt the We year. outstanding $XXX of convertible notes. be convertible

termed at in growth guidance well our the and Operations. of future. into So and Puna our released XXXX solid performance expectations debt is Seabee We January and Marigold showed at which modest

emerge equivalent gold flow Seabee hit they new Marigold, XXX,XXX invest cash mine in the the continues as ounces can adding XXXX, For approximately expect At production of would XXXX, production a $XXX to again, infrastructure ounce. and with If per the at Seabee life. Marigold payable to mine. in life equivalent free both set records. midpoints, guidance each we costs longer cash approval mine we significant significant with EIS support the of to generating to and are our exploration continuing respective

we which discovery, further construction includes capacity significant tailings Phase Gap high expansion of into infrastructure, more a with at completing In Hanging and space replacing efficient results a into to trucks. directly emerging and For infrastructure, XXXX, moving similar as pad the are II, provides and Seabee leach a Wall Phase situation the cost older I two and dewatering in haul XXXXs. this expansion schedule tailings related

long provides to Our ability balance term. sheet optimize these assets us the the for

the cost quarter, reported bound. quarter remaining through physical call forward fundamental capital capital seasonality Seabee's equipment the and well. strong road ice of I first with Paul. macro working here the all backdrop looks oil March. all-in I and to in listeners capex Looking brought sustaining those the in Seabee the as of turn positive With as commodities to in impacts seasonality and and metal comments, the range early of over back other goods This precious are February The will just remind year first and

Paul Benson

Greg. Thanks,

eight So of straight having be proud in consistency, to we and summary, exceeded year. our the guidance very continue cost met for production or

positioned prices. well with grow ounces precious metal production gold at are strong this forecast continue approximately momentum margins with metal XXX,XXX current XXXX to We to to equivalent -

record same track our do to Resources also Mineral increasing invest creating this to and we and with in continue Mineral year. the XXXX Marigold both future at Reserves continued year each long-term Seabee. by through of and value strong We exploration our results expect

growth investing strategy create SSR for focused delivering safe production Mining, remains shareholders. in consistent, our strategy while our our executing assets Looking to on ahead value to our on and

may formal remarks I'll the of call. concludes to beyond to take pass and have. XXXX for the any questions outlook now our bright. the remains you operator earnings line This Our

Operator

you. Thank

will Chiu We of World question-and-answer begin question now from Our comes CIBC session. [Operator Cosmos the Instructions] first Markets.

Cosmos Chiu

conference and recovery Can you pad, leach you Hi. call start new speak Thanks, Maybe on you'll leach there Kevin, as Marigold. is you the on new here. team. question for the stacking first my now. mentioned, Paul a is pad Thank positive As to new time? on can down, any stack cycle Anything leach to faster, impact lower the going you know leach on that of potential that speak ore it's positive a is given percolation to. you be pad, kinetics.

Kevin O'Kane

Sure. applying No, Cosmo we right thanks that question end tail leach for the QX. and the started at pad solution to of

we're seeing And now. benefits so the

what And so already positive so of QX. of it's advised was there's plan, guidance, it's for should, than it our read. or have would we been But nothing different part part our you've

Cosmos Chiu

sure. built And now is the next of leach a know, you've construction guess, pad, that the sort For next you I then new of pad? when leach

Kevin O'Kane

we're capital our after construction in built year. the we're in this - for be It's process tail in in a We're year. early year probably of - which year the start stages and our the developing of end pad, next leach would that or it's of next pad, would next this in guidance the calendar approving the

to ongoing ratios So an optimize ongoing that make leach and an sure the we - times. the process it's irrigation

Cosmos Chiu

- a been high how high some Marigold pad, older few these? For I they sure. to for years leach are like go? leach And did high these How are how of pads now. haven't how the

Kevin O'Kane

to so about XXX.X feet, meters. get They XXX

Cosmos Chiu

Is increasing detail but noticed observed gears reserves you've bit. total just in I resources more being a slope on little and a it give again, in deeper in is on assumption. that if Maybe, based or Congratulations going little current what revised depletion conservative the just switching based I'm at Marigold the as that Marigold. due due you a also a consider decrease you angles. more great. wondering the to bit on Okay, pit us pit? part But into can on bit change that bit on to

Paul Benson

you've or much got in just of was that we it remember pass reserves. Carl. and Kevin driven year, comment exploration. to to This what getting I'll the objectives X the move to and we into Phases are each Yes, X very around year, of Yes, the to first a focus Dot Red tend - make

didn't elsewhere additional we So resources. for looking drill have rigs

much That So, in don't resources. will But the this too engineering in drop terms of be into year. read the slopes. the focus

Kevin O'Kane

High - evaluation of It the the slope where on as the the and size you when the still I and first Yes, reviewing angles initial the for and [ph] we actually assumptions we ramps make engineering our the and consultants with would know pits, the external Dot the which do early of away. also configuration impact quite and final ultimate an then ramp further some slope and Wall and is slightly. days is the mean, different, has it's slope. years modified Red as slope But Paul indicated, that go

Paul Benson

and cost at that there of previously. also Yes. of north a in Dot Red so Dot, slope changes, addition Red minor that in was the amount area Cosmos, North the add loss I call to end would we

Cosmos Chiu

quickly to here, on Great. Maybe Seabee moving Seabee Santoy.

XXX about XXXX. You know day averaged tonne you in per

ask per day throughput a that let's in bit to able seems sustainable? I if XXXX, December. your of XXXX as mentioned into know, XXXX be tons to about were I if you only tonnes day were kind production that Is guidance because word. conservative, take to to guidance You to for consideration, get and per your you consider were XXXX I use

in of reconcile throughput. right Is to or you that Santoy can remind Seabee bottleneck the if is trying it terms what's two? And it well, at just I'm now, now me mill as the So the on those mining portion?

Paul Benson

I'll add can comment and Kevin Yes, anything. first

Cosmos Chiu

Paul. Thanks,

Paul Benson

day tonnes XXXX the for year. assumed we've indicated, We've per Yes.

definitely some grade assumption But always, must we I'm we're go it guidance. making you calculate as with how as But the it comfortable XXXX. not year. And review So - be or we're sure yes, a that. comfortable as something we'll you it, back the like mine. the head on days we've goes we're the the and can at run far the bottleneck up through comfortably assuming through some What is as of shown in we've had mill The XXXX, XXXX graphs presentation.

get focusing and So, the but number, anything above that hopefully can the else? for debottlenecking certainly in this XXXX we mine year. that's Kevin, on focus it

Kevin O'Kane

Yes, it, no I yes. think that's about

Paul Benson

Okay.

Cosmos Chiu

last because increase Yes. then ounces. I think XXX,XXX I Paul ounces to grade... it's in for understand production per with only mean. per of terms and in It's day day That's of year head I ask your XXX the XXX,XXX what if throughput. But kind flat I for tonnes point XXXX XXX,XXX tonnes

Paul Benson

good one. Okay,

Cosmos Chiu

one your difficult we've I out, X% competitors I of put on working X and about taken know might beyond may. here, your have export by how the environment your Also what last actually that approach it. a Puna, X.X competitors situation Argentina. of years, maybe taxes some export increasing Could then, about Puna. And about guess, the you - comment question talking you terms ago in the some in talk you potentially taxes of and if seen write-down on in now. Argentina how the approach and years change was to Argentina

Paul Benson

Greg let I'll Sure. go first.

Greg Martin

continues in obviously environment depreciated high Sure, we're and seeing a inflation of there. fair been the operating real run late, year. thanks has say, bit changes last substantive Obviously, stable any balance, to Cosmo, I'd not on currency but the

impact same applied mining recently the saw government the inflation effects introduced on rate and before very goods. Export you most performing the duties no the asset what that fourth the performance that stayed a asset. while had duties were commented the operating in of at we really our as the generally relationship the adjustments they've as is devaluation. So on back, well. And between That's to made focus from the quarter, is that

hard generate relationship up requirement we continues So supportive see that as operate, see authorities local where very and in Argentina, I country. part a the to And the mining a they have the to stability that an northern important good and we export is think I of continue currency the think for revenues operation. with in industry cooperative to

did, in that not test of did charges a as financials, for noted impairment as impairment asset we record any we So testing. did we result our our

Cosmos Chiu

questions I Thanks Great. Thank you. a Those are all have. the lot.

Paul Benson

Thanks, Cosmos.

Operator

next from Chris comes PI Thompson of Financial. Our question

Chris Thompson

taking my guys. for good Hi, Thanks questions. morning,

costs, I the mean decision But be allude assets. generally asked be at of fact just to Can speaking, there. build questions Marigold? I But looking you're to capex pads Cosmos think and in your that next I leach you They're to year support continuing generally expenditure good a we of the going going similar was capex looking ask. may I assets. at the lot did expect the Marigold to at sort to invest

Paul Benson

for guidance year. given haven't We XXXX or XXXX

in whatever is So the base. report, use as a technical that

it's I always pads. balancing act a leach Kevin to, think alluded what with

You you terms - if other higher they you - don't have can solutions. them, restrictions can pumping get of build you build in

trying we're just the optimum to result it's act get get trying So - balancing that the there. to and

Chris Thompson

Yes.

Alright, Okay, a good enough. lot. thanks guys,

Paul Benson

you. Thank

Operator

Our next comes from question Adam Graf.

Adam Graf

for thanks my taking guys, questions. Hey

question Just through quick, real will extracting most far guys of that flow you current see. just the as But up. cash I - that time any change used of free think will What's your quick can Cosmos just challenges mechanism and about a present to wanted questions Argentina. as and out

Greg Martin

been of successful over in Sure, years Adam. of Thanks Argentina, we've capital last the the we'd number for previous that the to Similar how years through extract before we question. needed. to number the operated

have tested We fund used structure for seen, of Chinchillas we government regulations still continued haven't certainly dividends the intercompany that that construction from Again, but out to mechanism place are place respect and we've in continue - Argentina. of part the to of are that our perspective. again, loan provides repatriation has the late, one to we any avenue of in everything avenue an an that

Adam Graf

effectively haven't view far, of its method? using out So there facility that for dividends the seen cash extracting once the issues operations that course, and country other Greg, to you intercompany runs it's loan switch your so you'll any

Greg Martin

won't won't I behalf others. Again, on Yes. speak - of I

but We the to actions late, period. we other issues, and our regulatory particular government in exchange of of general, fiscal and regards have challenges with tested in as time on into mechanism dividend haven't this run the not any

Adam Graf

finishing Again, fantastic. right, strong. guys very All congratulations up XXXX on

Paul Benson

you. Thank Excellent.

Operator

[Operator Instructions]

Paul Benson

at the No, there think I Yes. queue, any we're more. aren't looking

for Cosmo think the us. I got all question

it So we'll leave at that.

Have day. good So thanks very much, a everyone.

Operator

This conference concludes today's call.

participating, for pleasant you your a You Thank have day. and may disconnect lines.

SSR Mining (SSRM) 21 Feb 202019 Q4 Earnings call transcript