Acquisition of 30% of Kartaltepe transfers control of entire Ҫӧpler district to SSR Mining
DENVER, CO., October 24, 2022 /PRNewswire/ – SSR Mining Inc. (NASDAQ: SSRM) (TSX: SSRM) (ASX: SSR) (“SSR Mining” or the “Company”) is pleased to announce that it has entered into an agreement to acquire 30% additional joint venture interest Kartaltepe Mining (“Kartaltepe”) in Ҫӧpler district from partner Lidya Mining (“Lidya”) for a total consideration of $150 million in cash (the “Transaction”). Upon completion of the transaction, SSR Mining will increase its stake in Kartaltepe to 50% and own 80% of the entire Ҫӧpler district. The acquisition is expected to generate significant synergies over the remainder of the currently defined 22-year life of the Ҫӧpler mine. The transaction will provide the company with increased exposure to potential exploration success on the geologically promising Kartaltepe licenses, including the Çakmaktepe Extension (Ardich), Çakmaktepe and the Mavialtin Porphyry Belt. SSR Mining will use proceeds from its sales of non-core assets received over the past 18 months to fund the transaction.
Cane AntalChairman and Chief Executive Officer, said, “The acquisition of an additional 30% of Kartaltepe builds on the company’s success in reinvesting proceeds from the sale of non-core assets in major international jurisdictions. exploitation. both short and long term for the operation. With this transaction, we expect to improve the life of mine cash flow for the Çakmaktepe extension while increasing our exposure to potential future upside in Ҫӧpler district. Resource conversion and expansion drilling at Çakmaktepe expansion continued throughout 2022, with the project remaining on track for first production in 2023. Thanks to our aggressive exploration targeting near-mine and regional prospects, we expect to generate further mineral resource and reserve growth in the Çöpler district in the coming years. This transaction builds on our longstanding, exclusive and accretive partnership with Lidya Mining within Turkey.”
Strategic rationale for the acquisition of Kartaltepe
- Expands ownership of existing mineral reserves and resources in the Çakmaktepe, Çakmaktepe Extension and Bayramdere deposits while providing increased exposure to mineral resource conversion and expansion activities in the deposits in the future. Kartaltepe comprises eight licenses covering 9,200 hectares, which host a total of approximately 207,000 ounces of gold mineral reserves, including approximately 200,000 ounces, or 12%, of Çakmaktepe’s existing extension mineral reserves described in the District Master Plan of Ҫӧpler of 2021 (“CDMP21”). In addition, the licenses contain 408,000 ounces of measured and indicated mineral resources and 394,000 ounces of inferred mineral resources.
- Streamlines operational, financial and exploration activities in the Ҫӧpler district while creating tangible synergies. Eliminates additional costs incurred by Anagold purchasing Kartaltepe ore to account for incremental ownership, as was the case previously 1.
- Increases ownership of regional buildings spanning the Mavialtin Porphyry Belt, including potential targets of Mavidere, Saridere, Aslantepe, and Findiklidere. SSR Mining is actively drilling at Mavidere in 2022, following positive results from geochemical and geophysical surveying activities carried out on the prospect over the past two field seasons.
The transaction is expected to close in the fourth quarter of 2022, once closing conditions are satisfied.
The total concessions of SSR Mining in the district of Çöpler cover approximately 25,800 ha. The licenses were previously handled under two separate joint ventures with Lidya: the Anagold Mining Joint Venture (“Anagold”) and Kartaltepe. With the completion of the transaction, SSR Mining will control 80% of each joint venture. SSR Mining previously controlled 50% of Kartaltepe, while the remaining 50% was controlled by Lidya. Kartaltepe hosts approximately 207,000 ounces of gold mineral reserves described in CDMP21, along with an additional 408,000 ounces of measured and indicated mineral resources and 394,000 ounces of inferred mineral resources, excluding mineral reserves. The licenses include the Çakmaktepe and Bayramdere deposits, and also cover the Mavialtin porphyry belt which has a number of exploration prospects including Mavidere, Saridere, Aslantepe and Findiklidere. Upon completion of this transaction, SSR Mining will own 80% of all licenses in the Ҫӧpler district.
1 Kartaltepe ore was previously sold in 2019 to JV Anagold in $15/tonne for on-site treatment.
About SSR Mining
SSR Mining Inc. is a premier, free cash flow focused gold mining company with four producing assets located in the UNITED STATESTurkey, Canadaand Argentina, combined with a global pipeline of high-quality development and exploration assets. In 2021, the four operating assets produced approximately 794,000 gold equivalent ounces. SSR Mining is listed under the symbol SSRM on NASDAQ and TSX, and SSR on ASX.
SSR mining contacts:
f. Edward FaridExecutive Vice President, Director of Corporate Development
Alex HinchakDirector, Corporate Development and Investor Relations
SSR Mining Inc.
E-mail: [email protected]
Phone: +1 (888) 338-0046
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SOURCE SSR Mining Inc.