TSX Approves SSR Mining's Substantial 10% Share Buyback Program
SSRM has more than doubled off its 52-week low of $8.651.
Summary
SSR Mining has received approval from the Toronto Stock Exchange to launch a new share repurchase program, authorizing the buyback of up to 10% of its issued and outstanding shares. This program, valued at approximately C$734.5 million (around $530 million USD), is a significant capital allocation decision. It follows closely on the heels of the company's recent announcement of a definitive agreement to sell its Çöpler mine for $1.5 billion, suggesting the company intends to use a portion of these proceeds to return capital to shareholders. This new buyback is substantially larger than a previously announced $300 million program, indicating a strong commitment to shareholder returns and potentially providing significant support for the stock price by reducing share count and enhancing earnings per share. Traders will be watching for the program's commencement on March 31 and its execution over the next year.
At the time of this announcement, SSRM was trading at $25.24 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $5B. The 52-week trading range was $8.65 to $33.49. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.