SSR Mining’s Q4 Adjusted Income Soars Thanks to Higher Production and Prices
(Kitco News) – SSR Mining Inc. (NASDAQ, TSX: SSRM) on Thursday evening reported much higher adjusted fourth quarter profit than a year ago as revenue rose sharply due to an increase in the amount of gold and silver sold, as well as higher prices.
The company reported adjusted net income of $ 36.6 million, or 30 cents per share, up sharply from $ 4.4 million, or 4 cents, in the same quarter of 2018. Net income of 19 , $ 5 million was a turnaround from a loss of $ 3.5 million in the fourth quarter. from 2018.
Quarterly revenue increased 71% year-over-year to $ 177 million. The company said this was mainly due to an 18% increase in ounces of gold sold and a 20% increase in the price of gold realized at the Marigold Mine and Seabee Gold Operation, as well as ‘a 177% increase in silver ounces sold and an increase in the price of silver realized from Puna operations.
Paul Benson, President and CEO, said SSR Mining has met its annual production and cost targets for the eighth consecutive year. SSR Mining produced 421,828 ounces of gold equivalent. The Seabee operation reached its sixth consecutive annual production record with 112,137 ounces of gold, while Marigold delivered a record 220,227 ounces. Production from both mines exceeded expectations.
During this time, Puna produced 7.7 million ounces of silver, 24 million pounds of lead and 8.4 million pounds of zinc. In addition, the company has achieved resource growth at both Marigold and Seabee.
For the full year of 2019, income per share increased 840% to 47 cents per share, while adjusted income climbed 252% to 81 cents per share, SSR Mining said.
“Going forward, 2020 consolidated production is expected to be approximately 425,000 ounces of gold equivalent,” Benson said. “With over $ 500 million in cash and the prospect of increased production and higher margins at today’s precious metal prices, we are well positioned to continue our experience in creating value for our shareholders. “
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