Çöpler District (Initial Assessment MII Case) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (Initial Assessment MII 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 MII 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 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 kozpa Au. Average head grade is Oxide heap leach 1.26 g/t Au; Sulfide 2.45 g/t Au; Cu concentrator 0.50 g/t Au, 0.20% Cu.
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 172 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 55% of 162 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
- $4,188.80/oz
A 22-year mine life is the first thing to register here: this is not a short-dated, single-pit proposition, and durability of cash flow is what separates development assets that get financed from those that stall. Against the 172 gold projects we track, the after-tax NPV of $2.00B ranks above 88% of them, so on headline scale it sits in the top tranche of the peer set. That rank is real, but it is also where the easy part of the analysis ends.
The constraint that matters is the study itself. This is a PEA: scoping-level work, potentially resting on inferred material, with a capital estimate that conventionally carries a plus or minus 50% band. A 22-year schedule and a top-decile NPV are only as good as the confidence behind them, and at this stage that confidence is limited. The offsetting strength is funding. Initial capex of $218M is 11% of NPV and small relative to a US$7.28B market cap, and it sits below 45% of the 162 gold projects we track. A build of that size against that equity base is a genuinely light lift, and it is the sharpest positive in the file. The company's 47-project portfolio cuts both ways: it dilutes single-asset risk, but it also means this project competes internally for capital and attention.
The price deck is the other tension. The study assumes $1,600/oz gold against a live spot of $4,188.80/oz, so the published economics are struck well below where the metal trades today. That leaves visible upside if spot holds, but it also means the headline numbers were not built on today's market. Erzincan, Turkey, is a workable but not frictionless jurisdiction for permitting and construction.
The question that decides this: does the PEA survive the step up to feasibility, with a capital estimate that holds inside its band?
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.