SSR Mining (SSRM) Climbs 15% as Firm Raises $1.5B, Shifts Business Focus

SSR Mining Inc. (NASDAQ:SSRM) is one of the 10 Stocks Dominating Today's Market Action.

SSR Mining snapped a two-day losing streak on Wednesday, surging 14.97 percent to finish at $33.26 apiece after raising $1.5 billion in fresh funds from the sale of the majority of its stake in the Copler mine in what appears to be a business exit from Turkiye and a shift of focus on American operations.

In a statement, SSR Mining Inc. (NASDAQ:SSRM) said that it entered into a binding memorandum of understanding with Turkiye-based Cengiz Holding AS for the sale of its 80 percent ownership in the mine site, proceeds of which will be used for continued reinvestment in the business, capital returns, and accretive growth initiatives.

The transaction does not include SSR Mining Inc.’s (NASDAQ:SSRM) interest in the Hod Maden development, although the company is also reviewing the next steps for its 20 percent stake in the project.

“Over the last two years, we have worked diligently to progress the Çöpler mine to allow for a safe and responsible restart of operations. We have also concurrently worked closely with the Türkiye government authorities to address each requirement to secure the necessary approvals to restart operations. As part of these extensive efforts, we continued a strategic review of the optimal path forward at Çöpler to maximize shareholder value, and today we are pleased to announce this all-cash transaction with Cengiz Holding,” SSR Mining Inc. (NASDAQ:SSRM) Executive Chairman Rod Antal said.

“We believe the transaction will deliver significant net asset value and cash flow accretion relative to consensus estimates for Çöpler, which we expect will deliver immediate value to shareholders,” he added.

While we acknowledge the potential of SSRM as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. Follow Insider Monkey on Google News.