Çöpler District Master Plan 2021 (Initial Assessment Case) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District Master Plan 2021 (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 (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District Master Plan 2021 (Initial Assessment Case) has reported Preliminary Economic Assessment (PEA) results for the gold, copper 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 1.26 g/t Au oxide; 2.45 g/t Au sulfide; 0.50 g/t Au and 0.20% Cu concentrator; total 1.67 g/t 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 83% of 532 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 44% of 502 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
Against the 532 projects we track, this one's after-tax NPV of $2.00B sits above 83% of them. That is a genuinely strong absolute rank, and it is the single most useful fact here: whatever else is true, the asset is large by the standards of our universe. But rank is not the same as opportunity. The company carrying it is a US$6.99B mid-cap with 63 projects in our database, so this is one line in a diversified book, not a company-defining bet. An investor buying the equity is buying a portfolio, and this NPV is a fraction of it.
The constraint that matters is scale, and it cuts the opposite way to most development stories. Initial capex of $218M is 11% of NPV and below 56% of the 502 projects we track, and it is small relative to the company's own market cap. That is the sharpest funding signal available: a build this size can plausibly be funded without the dilution or debt package that sinks larger projects. The trade-off is that a $2.00B NPV against a US$6.99B market cap (roughly 0.3x, currency-adjusted) means this asset alone will not move the share price much. The market may simply not need to price it, which is a less flattering read than neglect.
Two caveats temper all of it. This is a PEA, scoping-level, potentially resting on inferred resources, with a capital estimate that typically carries a plus or minus 50% band. And the economics lean on long-term assumptions of $1,600/oz gold, $21.00/oz silver and $3.40/lb copper; a 22-year mine life in Erzincan, Turkey adds a permitting and jurisdiction dimension that a headline NPV does not capture. The question that decides this one: does a preliminary study on a minority-of-portfolio asset ever get financed and built on the timeline the numbers imply?
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.
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