TD Securities downgraded SSR Mining to Hold from Buy with a price target of C$7, down from C$23. after the company reported a large slip on the heap-leach pad at Copler in Turkey. The firm believes the mine will be suspended for a prolonged period of time. It expects SSR will incur significant cleanup costs and potential liabilities associated with the accident. In addition, there is a possibility that SSR’s social license in Turkey, as well as management credibility, could be negatively impact, says TD.
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