A CIBC report specified 2018 production and 2019 production guidance figures.
In a Jan. 16 research note, CIBC analyst Cosmos Chiu reported that SSR Mining Inc (NASDAQ:SSRM) three producing mines each exceeded the upper end of annual production guidance in 2018. Further, production guidance for 2019 implies growth.
The company's production in 2018 totaled 2.8 million ounces (2.8 Moz) silver, above CIBC's 2.5 Moz estimate, and 301,000 ounces (301 Koz) gold, in line with CIBC's forecast. Of the total, 892 Koz silver and 75 Koz gold were produced in Q4/18.
Chiu noted that all of SSR's three producing assets contributed with a strong performance. Seabee achieved record production for 2018. Marigold boasted record tons placed along with "slightly higher grades and consistent recoveries." At Chinchillas, ramp-up continued.
For 2019, Chiu relayed, SSR guided to midpoint production levels of 4.9 Moz silver and 312 Koz gold, at $693 per ounce.
Chiu concluded the report with, "SSRM remains one of our Top Picks among the intermediate producers for 2019, as we expect strong operational performance once again."
CIBC maintains its Outperformer rating and $14 per share price target on SSR Mining, whose current share price is about $11.63.
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