Çöpler District (Initial Assessment Case) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (Initial Assessment Case) in Erzincan Province, Turkey has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $2.00B and initial capital of $218M. The mine plan runs 22 years at about 300 koz Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District (Initial Assessment Case) has reported Preliminary Economic Assessment (PEA) results for the gold project in Erzincan Province, Turkey. The study headlines an after-tax net present value of $2.00B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $2.00B using a 5% discount rate. Initial capital expenditure is estimated at $218M. All-in sustaining costs are pegged at 924 USD/oz. Economics are based on Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 22 years. Average annual production is approximately 300 koz Au (5-year annual average). Average head grade is 1.67 g/t Au (total 126.4 Mt).
Resources and ownership. The company holds a 80% interest in the project.
These figures are extracted from SSR Mining Inc.'s technical disclosures and reflect the most recent PEA on file. Compare this project against other developers and producers in our project economics database, and always verify the numbers against the original technical report before making any investment decision.
Our Analysis
- NPV after-tax
- $2.00B
higher than 88% of 192 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 55% of 176 projects we track
- Mine life
- 22yrs
- Study price assumption
- Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper
- Spot gold today
- $4,216.30/oz
A 22-year mine life is the number that matters most here: it puts the asset in the small group of gold projects whose economics are not hostage to a single commodity cycle, and it is the reason the study can carry a $2.00B after-tax NPV, ranking above 88% of the 192 gold projects we track. That is a genuine top-decile outcome on our peer set, and it is achieved without any single exceptional input. This is not an outlier project. It is a solid one, and the investment case rests on where it sits rather than on anything extraordinary.
The constraint is not capital. At $218M, initial capex is 11% of NPV and below 45% of the 176 gold projects we track, and it is small against the company's US$7.37B market cap. A build of that size can be funded without the dilution or debt package that typically reshapes a developer's equity story, and that is the sharpest positive signal in these numbers. The NPV itself is roughly 0.3x market cap, which cuts both ways: it may mean the asset is not yet in the price, or that the market is discounting something the study does not capture, whether permitting, jurisdiction or the fact that this is one of 66 projects in a diversified portfolio where no single asset commands attention.
Two things temper the headline. This is a PEA, scoping-level work that may rest on inferred material and whose capital estimate carries a plus or minus 50% band, so the 11% ratio is indicative rather than bankable. And the study assumes $1,600/oz gold against a live spot of $4,216.30/oz, so the returns are struck well below today's market. Erzincan Province is a workable but not frictionless jurisdiction. The question that decides this: does the PEA convert to a feasibility study at anything close to these capital numbers?
Our take, benchmarked against the project economics in the Mining Stocks database. Figures are estimates drawn from company technical reports — not investment advice; always verify against the source filing.
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