SSR Mining Exits Hod Maden with $160M Royalty Option as Americas Pivot Nears Completion
Event summary
- SSR Mining sells 20% stake in Hod Maden to Lidya Mines for uncapped 4.0% NSR royalty.
- Royal Gold sells 15% stake for uncapped 2.5% NSR, with $160M call option on 2.0% of SSR Mining’s NSR.
- Transaction expected to close Q3 2026, subject to Turkish regulatory approval.
- SSR Mining exits operator role; Lidya Mines assumes 85% ownership and project funding obligations.
- Deal completes SSR Mining’s strategic shift to Americas-focused platform.
The big picture
SSR Mining’s exit from Hod Maden caps its strategic retreat from Turkey, aligning with its free-cash-flow-focused Americas platform. The $160M royalty call option provides upside while shifting operational risk to Lidya Mines. This deal underscores a broader mining sector trend of asset-light strategies through royalties and stream financing.
What we're watching
- Regulatory Timing
- Whether Turkish approvals will delay the Q3 2026 closing deadline.
- Royalty Monetization
- How SSR Mining will leverage its expanded royalty portfolio for shareholder returns.
- Americas Focus
- The pace at which SSR Mining integrates Cripple Creek & Victor into its core operations.
Related topics