PERTH (miningweekly.com) – Triple-listed gold miner SSR Mining has beaten its cost guidance for the 2021 financial year, while hitting production targets.

The Nasdaq-, TSX-, and ASX-listed company this week reported that gold production during the full year ending December reached 794 456 oz, with the December quarter contributing 211 140 oz.

The full-year production was in line with the previous production guidance of between 720 000 oz and 800 000 oz.

All-in sustaining costs (AISC) for the full year reached $982/oz, beating the previously lowered guidance range of between $1 000/oz and $1 040/oz.

“2021 was a year of operational and financial outperformance for SSR Mining as we showcased the quality and resiliency of our globally diversified business in an inflation-challenged landscape,” said president and CEO Rod Antal.

“We successfully delivered production at the top end of our guidance range and concurrently beat our reduced AISC guidance. This outperformance allowed SSR Mining to generate more than $400-million of free cash flow and drove peer-leading shareholder returns of nearly $200-million over the course of the year, resulting in a 5%+ yield.

“We also executed a number of strategic transactions which increased our presence in core jurisdictions, while divesting noncore assets. When completed, these transactions will cumulatively realise over $235-million in total consideration for SSR Mining.”

Antal said that the company was expected to deliver another year of stable production in 2022, with a cost profile and capital intensity that ensures continued strong free cash flow generation and capital returns.

“While we were able to manage and offset inflationary pressures in 2021, we expect cost increases across the portfolio in 2022. These pressures reflect increases in consumables, energy prices, and wages in addition to capital deferrals from 2021. Despite these sector-wide inflationary headwinds, we intend to increase our 2022 base dividend by 40%, and will continue with our share buyback programme implemented in 2021. We also look forward to beginning to delineate the value associated with some of our recent brownfield exploration success in our upcoming technical reports.”

In 2022, SSR is targeting gold production of between 700 000 oz and 780 000 oz, with AISC estimated at between $1 120/oz and $1 180/oz. For 2023 and 2024, the miner would continue with its stable production rate of some 700 000 oz/y.