Çöpler District Master Plan 2021 - Initial Assessment Case (Çöpler Deposit) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District Master Plan 2021 - Initial Assessment Case (Çöpler Deposit) 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 average) per year.
SSR Mining Inc.'s Çöpler District Master Plan 2021 - Initial Assessment Case (Çöpler Deposit) 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 average). Average head grade is 1.67 g/t Au (total).
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 186 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 54% of 171 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
- $4,173.30/oz
On the numbers we track, this sits in the upper tier but not at the front: an after-tax NPV of $2.00B ranks above 88% of the 186 gold projects in our database. That is a genuinely strong position, and it is the reason the asset is worth a close look. But rank is a relative measure, and the absolute numbers behind it are more modest than the percentile suggests. The NPV is roughly 0.3x the company's US$6.91B market cap, so this is a meaningful but not transformational piece of a diversified portfolio that already holds 62 projects. An investor buying the equity is buying many things, of which this is one.
The constraint that matters most is not capital. Initial capex of $218M is 11% of NPV, lower than 46% of the 171 gold projects we track, and small against a US$6.91B market cap. On funding risk alone, this is about as comfortable as a development project gets: the company can carry this build without the equity dilution that usually defines the story. The sharper issue is confidence in the numbers themselves. This is a PEA, scoping-level work that may lean on inferred resources and whose capital estimate typically carries a plus or minus 50% band. A 22-year mine life and a capital-light build are only as good as the study that produced them, and at this stage they have not been tested by feasibility work.
Then there is the price deck. The study assumes $1,600/oz gold against a live spot of $4,173.30/oz. That gap is the single most important fact here: the economics were built on a gold price far below today's market, so the headline NPV is not inflated by an aggressive assumption. It may, if anything, understate the asset at current prices. The offsetting risks are jurisdictional (Erzincan Province, Turkey) and the ordinary execution risk of moving a PEA toward a construction decision. The question that decides this project is whether the resource and capital estimates survive feasibility, because at $218M the funding is not the problem.
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.