Çöpler District Master Plan 2021 – Initial Assessment Case (copper concentrator) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District Master Plan 2021 – Initial Assessment Case (copper concentrator) 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 (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District Master Plan 2021 – Initial Assessment Case (copper concentrator) 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 (5-year annual average). Average head grade is 1.67 g/t Au total (41.8 Mt at 1.26 g/t Au oxide; 59.7 Mt at 2.45 g/t Au sulfide; 24.9 Mt at 0.50 g/t Au and 0.20% Cu concentrator).
Resources and ownership. Mineral reserves: Total 126.4 Mt at 1.67 g/t Au; gold production 5.4 Moz and 164 Mlb copper (Initial Assessment, includes Inferred Resources). 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
The after-tax NPV of $2.00B puts this project ahead of 88% of the 172 gold projects we track, which is a genuinely high rank. But rank is a relative measure, and what it tells an investor here is narrower than it first appears: this is a solid asset in a crowded field, not a standout. The distinguishing feature is not the headline number but the company behind it. With a market cap of US$7.28B and 47 projects in its portfolio, this is a diversified mid-cap for which Erzincan is one asset among many, not a company-defining bet. That cuts both ways: less binary risk, but also less torque.
The constraint that matters most is not capital. Initial capex of $218M is 11% of NPV, lower than 45% of the 162 gold projects we track, and small relative to a US$7.28B market cap. On funding risk, this is about as comfortable as it gets: a company of this size can absorb a build of this scale without the dilution or financing gymnastics that sink smaller developers. The NPV-to-market-cap ratio of roughly 0.3x is the more interesting signal, and it reads two ways. Either the market has not yet credited the asset, or it is discounting something specific: the PEA's preliminary status, the jurisdiction, or the fact that a diversified portfolio dilutes the impact of any single project.
That PEA label deserves weight. Scoping-level studies may lean on inferred resources, and the capital estimate typically carries a plus or minus 50% band, so the $218M and the $2.00B NPV are both softer than a feasibility study would deliver. The study's $1,600/oz gold assumption sits well below today's $4,188.80/oz spot, which leaves real upside if prices hold, though a 22-year mine life means the long-term assumption is the more honest planning basis. The question that decides this: does Erzincan advance to feasibility with its capital estimate intact, or does the plus or minus 50% band resolve upward?
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.