SSR Mining Inc announces that it has reached an agreement to acquire from Lidya Mines an up to 40% interest in, and operational control of, the Hod Maden gold-copper development project, located in northeastern Türkiye. Currently, Lidya Mines and Horizon Copper Corp hold a 70% and 30% ownership interest, respectively, in Hod Maden.
According to the key takeaways, SSR Mining to acquire an up to 40% interest and immediate operational control in the Hod Maden gold-copper development project (“Hod Maden” or the “Project”) in northeastern Türkiye from Lidya Mines.
Aggregate acquisition consideration totals $270 million, which includes $120 million in upfront cash payment to acquire a 10% interest in Hod Maden, followed by $150 million in earn-in structured milestone payments to acquire an additional 30% interest, payable between the start of construction and the first anniversary of commercial production.
The acquisition of Hod Maden will add one of the highest margin and lowest capital intensity development projects globally to SSR Mining’s robust portfolio of high-return growth projects and is expected to deliver an estimated all-in after-tax internal rate of return (IRR) in excess of 15% after acquisition costs.
Hod Maden features a 13-year mine life averaging approximately 195,000 ounces of gold equivalent production annually at first quartile co-product AISC of $588/oz, generating $164 million of annual free cash flow and a 36% after-tax internal rate of return at base case commodity prices of $1,599/oz gold.
Transaction projected to provide SSR Mining with approximately an expected attributable 80,000 gold equivalent ounces and $66 million in free cash flow annually once in production, expected in 2027. Hod Maden is a world-class, high grade and high-margin asset which will further enhance SSR Mining’s free cash flow generation, which has been a key pillar of the Company’s strategy and sector-leading capital returns program.
Rod Antal, President and CEO of SSR Mining, said, “We have been closely monitoring Hod Maden for well over seven years as it has progressed through critical development and permitting milestones, largely de-risking the Project as it approaches a construction decision in 2024.
Our due diligence team was complimentary as to the detail and quality of work completed so far on the Project. Following our review and after discussions with our joint venture partners, we believe there are several positive operational value levers as well as exploration potential beyond the existing life of mine plan that was presented in the 2021 Feasibility Study.
We will now spend the next twelve months updating the existing technical report for these value enhancing opportunities, as well as to account for changes in market conditions.”
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