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 kozpa Au 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 gold. Economics are based on $1,600/oz gold, $21.00/oz silver, $3.40/lb copper.
Production and mine plan. Life of mine is 22 years. Average annual production is approximately 300 kozpa Au.
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 90% of 124 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 61% of 121 projects we track
- Mine life
- 22yrs
- Study price assumption
- $1,600/oz gold, $21.00/oz silver, $3.40/lb copper
- Spot gold today
- $4,139.10/oz
Twenty-two years of mine life puts this asset in the top tier of durability among the 124 gold projects we track, and that longevity is the first thing an investor should weigh. A two-decade production horizon is not just a cash-flow statement; it is a statement about reserve quality and operational staying power in a sector where many peers are chasing shorter, higher-grade deposits. The after-tax NPV of $2.00B ranks above 90% of that same peer set, so the project is not an outlier on either dimension, but it is comfortably upper-quartile on both.
The constraint that matters most is not geology, it is funding, and here the picture is unusually clean. Initial capex of $218M is just 11% of NPV, and the build cost is small relative to the company's US$5.54B market cap. That combination means the financing hurdle is low in absolute terms and trivial relative to the balance sheet. For a mid-cap with seven projects in the portfolio, this is a development candidate that can be funded without existential dilution or a distressed equity raise. The capital-light profile is the sharpest risk mitigant in the file.
The caveat is the study stage. This is a PEA, scoping-level work, and its capital estimate carries a plus or minus 50% band. The returns are also built on a $1,600/oz gold assumption, well below today's $4,139.10/oz spot, which suggests meaningful upside if prices hold, but the NPV is not a feasibility-grade number. Turkey is a workable mining jurisdiction, though not without its own risk premium. The single question that decides whether this works is whether the PEA's cost and grade assumptions survive the transition to a definitive feasibility study; if they do, the funding math is almost too easy, and if they do not, the durability story loses its anchor.
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.