Disaster Strikes at Turkish Gold Mine, Triggering Environmental and Safety Concerns
A catastrophic event unfolded at the Çöpler gold mine in Erzincan's İliç district, operated by SSR Mining, as a massive landslide occurred, reportedly involving the collapse of cyanide and sulfuric acid heaps. The incident, captured in a video shared on social media platform X, highlights the severity of the disaster, with numerous workers feared to be trapped under the debris. The landslide took place around 6:30 a.m. EST, sparking immediate concerns regarding the safety of the mine's personnel and the environmental impact of the released substances.
Çöpler, situated approximately 1,100 kilometers southeast of Istanbul, is a key asset for SSR Mining, boasting 3.2 million ounces of gold in proven and probable reserves and an anticipated mine life of 20 years. Operational since 2010, the mine processes ore through two plants, focusing on oxide ore through heap leaching and sulfide ore via pressure oxidation. This is not the first operational halt for Çöpler; in June 2022, the Turkish environment ministry suspended the mine's operations due to a cyanide waste spill, raising questions about the mine's environmental management practices.
The repercussions of the disaster were immediately felt in the financial markets, with SSR Mining's stock plummeting by over 55% to $4.36 by midday in New York, marking a new 52-week low for the company. This sharp decline reflects investors' concerns over the mine's future operations and the potential financial and reputational damage to SSR Mining, whose market capitalization has significantly eroded to $909.2 million.
