On a gloomy Friday, Reuters reported the shocking news of the detainment of SSR Mining’s high-ranking executive, adding to the tally of eight company employees under investigation in connection with a catastrophic landslide at the Copler mine. This devastating event has resulted in nine workers missing since Tuesday, an ordeal that has cast a dark cloud over the entire corporation.

In the harsh mountainous terrain of the Erzincan province in eastern Turkey, hundreds of courageous search and rescue personnel are tirelessly combing through the rubble in a desperate attempt to locate the missing workers, presumed to be buried beneath the debris triggered by the landslide at the gold mine, operated by Anagold Madencilik, the Copler mine operator majority-owned by SSR Mining.

Adding to the turmoil, Turkey’s environment ministry made a resolute decision over the weekend, revoking the environmental permit and license held by Anagold Madencilik, thereby deepening the company’s regulatory woes.

The perilous state of the mine site has long been an area of concern, given the hazardous substances, including cyanide used in the gold extraction process. This danger was underscored in 2020 when a cyanide leak into the Euphrates River led to the temporary shutdown of the mine. Such environmental hazards have sparked significant unease and further regulatory scrutiny.

Following these grim developments, SSR Mining lamented late on Friday that all operations at Copler remain indefinitely suspended. The untimely halt of operations has sent disarray throughout the company, which, through Anagold, has been operating the mine since 2009, providing employment for over 650 individuals. However, the recent events have sent ripples of uncertainty and apprehension among these workers and their families.

Unsurprisingly, the mine disaster has exacted a terrible toll, wiping out nearly half ($1 billion) of the company’s market value on the Toronto Stock Exchange, a staggering blow that leaves investors reeling in shock and dismay.