Çöpler District (Initial Assessment) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (Initial Assessment) 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 gold (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District (Initial Assessment) 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. The project envisions an open-pit operation. Life of mine is 22 years. Average annual production is approximately 300 kozpa gold (5-year annual average).
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 181 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 55% of 168 projects we track
- Mine life
- 22yrs
- Study price assumption
- $1,600/oz gold, $21.00/oz silver, $3.40/lb copper
- Spot gold today
- $4,162.30/oz
Against the 181 gold projects we track, this one's after-tax NPV of $2.00B ranks above 88% of them, and that is the whole point: it is a genuinely large asset, but it is not an outlier, and the ranking tells you more about the peer set than about the asset itself. The number that should frame everything else is the price deck. The study was run at $1,600/oz gold against a live spot of $4,162.30/oz, so the headline NPV is built on a gold price roughly a third of today's. That is a large gap, and it cuts both ways: it can mean the market is discounting the study's assumptions rather than the orebody, or that the economics as published simply do not reflect what the asset would earn at current prices. Either read is defensible, and neither is a reason to take the $2.00B at face value.
The constraint that matters most is not capital. Initial capex of $218M is 11% of NPV and small relative to a US$6.78B market cap, so the build is not the risk here: a company of this size funds this without strain, and the capital-light profile is a real advantage over the 168 gold projects we track, where the build cost is frequently the thing that kills the story. Erzincan Province, Turkey, is the constraint that does matter. It is a jurisdiction that demands a higher discount for permitting and political risk than the headline numbers imply, and the market will apply that discount whether or not the study does.
Then there is the study itself. This is a PEA, scoping-level, which may include inferred resources and whose capital estimate typically carries a plus or minus 50% band. A 22-year mine life and an 88th-percentile NPV are encouraging, but they rest on preliminary work. The question that decides this project is whether the company can advance it to feasibility and permitting in Turkey without the discount widening further.
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.