03:15:43 EDT Thu 25 Apr 2024
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SSR Mining Inc
Symbol SSRM
Shares Issued 201,900,657
Close 2024-04-01 C$ 6.38
Market Cap C$ 1,288,126,192
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SSR facing shareholder lawsuit over Copler failure

2024-04-01 21:15 ET - Street Wire

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by Mike Caswell

A shareholder of SSR Mining Inc. has filed a lawsuit in the Supreme Court of British Columbia against the company and its management over the failure of a heap leach pad at SSR's Copler mine in Turkey. The suit claims that SSR misled shareholders, failing to disclose that the pad had exceeded its capacity limits and was built too high, among other problems. Shareholders were not properly informed of the risks associated with the pad, the suit states.

The allegations are contained in a notice of claim filed at the Vancouver courthouse on March 25, 2024. The suit was filed by Glenna Padley, a Vancouver-area woman who purchased shares of SSR one week before the failure of the pad. The defendants include SSR chief executive officer Rodney Atnal, chief financial officer Alison White, executive vice-president Bill MacNevin and chief operating officer Stewart Beckman. Also named are several past and present board members.

The case arises from a heap leach pad that failed at the Copler mine on Feb. 13, 2024. That day, SSR reported that a "large slip" had occurred and that it was suspending mining operations. The "slip," as described in the lawsuit, resulted in a landslide that sent a large volume of material into the Sabirli Valley, near the Euphrates River. In the days that followed, the Turkish government revoked permits for the mine, and six mine employees were criminally charged.

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