SSR targets October restart for Seabee operations as forest fire subsides

Gold miner SSR Mining (Nasdaq, TSX: SSRM, ASX: SSR) is expecting to restart its Seabee operations in Saskatchewan, Canada, in the second half of October after a forest fire forced the company to temporarily stop mining activities a month ago.

On August 21, SSR announced that a temporary suspension of the Seabee operations due to forest fires in the vicinity of the underground mine, located 125 km northeast of the town of La Ronge. All staff were evacuated from the site at the time, expect those who remained to assist with fire protection.

On Monday, the company said the fire activity has significantly reduced since, and all employees have been cleared to return to the site in order to begin repairs to certain remote equipment that have been damaged by the fire.

Meanwhile, the process plant and Santoy mine, where mining has been taking place at Seabee, have had no material damage, SSR said, adding that it will update its production and cost guidance in its third quarter 2024 financial results.

Last year, Seabee produced 90,777 oz. of gold, and is forecast to produce 75,000-85,000 oz. of gold in 2024 at all-in sustained cost of US$1,495-$1,535 per payable oz.

Acquired by SSR in 2016, the Seabee operations previously consisted of two underground mines, but the Seabee mine, which entered production in 1991, had exhausted all its resources. The Santoy mine has been in continuous production since 2014.

As of year-end 2023, Seabee had an estimated mineral reserve base of 343,000 oz. of gold at an average grade of 5.17 g/t. Current exploration programs are focused on new reserve growth at both Santoy and the Gap Hangingwall targets.