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 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); oxide 1.26 g/t Au; sulfide 2.45 g/t Au; concentrator 0.50 g/t Au and 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 153 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 55% of 149 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
- $4,424.90/oz
The after-tax NPV of $2.00B puts this project ahead of 88% of the 153 gold projects we track, which is a genuine top-decile position rather than a rounding artefact. But rank alone tells an investor little without the denominator: at roughly 0.3x the company's US$7.54B market cap, this asset is a modest slice of a diversified book of 24 projects. The NPV is real, and it is not what moves the equity.
What matters more is the build. Initial capex of $218M is 11% of NPV and sits below 45% of the 149 gold projects we track, so the capital burden is light by the standards of the sector. Against a US$7.54B market cap the cheque is small enough to be funded without the dilution or debt gymnastics that sink larger developments. That is the sharpest funding signal in the data, and it is favourable.
The caveats are the study stage and the price deck. This is a scoping-level PEA, which may lean on inferred resources and carries a capital estimate typically banded at plus or minus 50%: the $218M and the $2.00B both deserve that discount until a feasibility study tightens them. The study assumes $1,600/oz gold against a live spot of $4,424.90/oz, so the economics were struck far below today's market, which leaves headroom rather than optimism. Erzincan Province, Turkey, is a workable but not frictionless jurisdiction for permitting and construction.
The question that decides this: does the PEA survive the transition to feasibility, where the resource confidence, the capital number and the Turkish permitting timeline all get tested at once?
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.