10:53 AM EDT, 09/23/2024 (MT Newswires) -- SSR Mining ( SSRGF ) said on Monday that operations at its Seabee mine in Saskatchewan will restart in the second half of October after forest fires disrupted activities at the site in August.

While the process plant and Santoy mine were not materially impacted by the fires, SSR said the flames did damage remote equipment including power poles, piping, and exploration equipment.

As fire risk at the site has reduced, the company said it has cleared the return of employees to begin repairs to the damaged equipment.

SSR said it will update the production and cost guidance at Seabee when it releases its financial results for the third quarter.

Meanwhile, SSR maintained its Sector Perform rating and $7.75 price target at National Bank of Canada following the news.

The bank noted that it values the Seabee mine at $168 million or $0.83 per share, making up about 6% of the mining asset value of the overall net asset value for SSR.

SSR's share price fell 2.2% at last look to $8.00 on the TSX.

Price: 7.94, Change: -0.24, Percent Change: -2.93