54% Down...SSRM?

Back in 2022, SSRM shares dropped approximately 20% when operations were halted due to a cyanide waste spill. The cyanide leak occurred in June, and in September of that same year, they had already received the required regulatory approvals from the Turkish government to immediately restart all operations at the Copler gold mine. However, there's a huge difference between that cyanide accident and this dangerous negligence.

This time, there was a loss of life, and SSRM management is fully to blame. In fact, so far, eight people have been detained by police in Turkey. It's going to be interesting to see how this all plays out.

The fact of the matter is that due to a merger, SSRM owns 80% of the operation through that Anagold Madencilik unit. So, when operations are successful, shareholders reap those rewards. None of that really matters now that the Turkish government has ceased all operations at that mine and has revoked all prior authorization. Now, instead of searching for gold, they're trying to rescue miners.

Mining accidents are kind of par for the course, and anyone who has shares in mining commodities should be prepared for the unexpected to happen at any moment. For me, that doesn't necessarily mean to run. It simply means to tread lightly. It most definitely means setting up a trailing stop loss just-in-case. But that, too, especially during events like this, must be done with caution as short sellers are on the lookout to test levels and force your stop loss.

Wallstreet hates uncertainty, and this capitulation reflects one and the same. I, for one, can't stand when a company puts greed above human life. That said, I won't be reinvesting in SSRM anytime soon. I'll be waiting patiently from the sidelines, sending prayers to all those affected by this, and intently hoping to see SSRM implement the new safety regulations it will be facing at all of it's mining operations. Only then will I reinvest in this company.