Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich, Bayramdere deposits) Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich, Bayramdere deposits) in Erzincan Province, Turkey has a Feasibility Study outlining an after-tax NPV of $1.73B. The mine plan runs 21 years at about 278 kozpa gold (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich, Bayramdere deposits) has reported Feasibility Study results for the gold project in Erzincan Province, Turkey. The study headlines an after-tax net present value of $1.73B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.73B using a 5% discount rate. All-in sustaining costs are pegged at 966 USD/oz gold. Economics are based on Reserve Case: $1,600/oz gold, $21.00/oz silver, $3.40/lb copper; Reserve estimate: $1,350/oz gold; Resource estimate: $1,750/oz gold, $22.00/oz silver, $3.95/lb copper.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 21 years. Average annual production is approximately 278 kozpa gold (5-year annual average). Average head grade is 2.14 g/t Au (total processed); 1.69 g/t Au oxide; 2.33 g/t Au sulfide.
Resources and ownership. The company holds a 80% interest in the project. Royalties and streams: Gold royalty rates per Table 3.2 (not detailed in excerpt).
These figures are extracted from SSR Mining Inc.'s technical disclosures and reflect the most recent Feasibility Study 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
- $1.73B
higher than 79% of 191 projects we track
- Mine life
- 21yrs
- Study price assumption
- Reserve Case: $1,600/oz gold, $21.00/oz silver, $3.40/lb copper; Reserve estimate: $1,350/oz gold; Resource estimate: $1,750/oz gold, $22.00/oz silver, $3.95/lb copper
- Spot gold today
- $4,216.30/oz
A 21-year mine life is the number that frames this asset: long enough to span multiple price cycles, and unchanged from the 2021 filing, which tells you the reserve base has not moved in either direction. The after-tax NPV of $1.73B ranks above 79% of the 191 gold projects we track, so this sits in the upper quartile of the peer set without being an outlier at the top. For an investor, that rank is the honest description: a solid project, not a franchise one.
The feasibility study carries the most weight of any study stage, a build-ready estimate with a roughly plus or minus 15% band, and the flat comparison against the previous filing cuts both ways. Nothing has deteriorated, but nothing has improved either. A study that re-states the same NPV and the same mine life four years later suggests a project in steady state rather than one being optimised.
The constraint is scale against the sponsor. At $1.73B, the NPV is roughly 0.2x a US$7.24B market cap, and this is one of 66 projects in a diversified portfolio. That cuts two ways: the asset is not large enough to move the equity on its own, and equally it is not large enough to strain the balance sheet. Erzincan is a producing asset in Turkey, which brings jurisdiction into the risk assessment alongside the usual permitting and financing questions.
The study's $1,600/oz reserve case sits well below today's $4,216.30/oz spot, so the economics were built on a price far under the current market. Whether that gap reflects genuine upside or simply a conservative planning assumption is the question that decides this one.
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.