Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich, Bayramdere) Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich, Bayramdere) 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 Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich, Bayramdere) 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 Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper; Mineral Reserves based on $1,350/oz gold, Mineral Resources exclusive of reserves based on $1,750/oz gold, $22.00/oz silver and $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 Au (5-year annual average). Average head grade is 2.14 g/t Au (total processed); 1.69 g/t Au oxide heap leach; 2.33 g/t Au sulfide.
Resources and ownership. Mineral reserves: Mineral Reserves estimates as at 31 December 2021 based on $1,350/oz gold price (Table 1.7 / Table 12.1). Mineral resources: Mineral Resources estimates exclusive of Mineral Reserves as at 31 December 2021 based on $1,750/oz gold price (Table 1.5 / Table 11.57). The company holds a 80% interest in the project. Royalties and streams: Gold royalty rates per Table 3.2 (Section 3.6 Royalties).
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 86% of 154 projects we track
- Mine life
- 21yrs
- Study price assumption
- Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper; Mineral Reserves based on $1,350/oz gold, Mineral Resources exclusive of reserves based on $1,750/oz gold, $22.00/oz silver and $3.95/lb copper
- Spot gold today
- $4,424.90/oz
An after-tax NPV of $1.73B puts this asset ahead of 86% of the 154 gold projects we track, which is a genuinely high ranking. The caveat is what that rank is worth to an investor here: the company carrying it is a US$7.54B mid-cap with 20 projects in our coverage, so this is one line in a diversified portfolio rather than a company-defining asset. A high percentile on NPV does not translate into the same leverage when the owner has nineteen other irons in the fire.
The constraint that matters most is scale relative to the balance sheet. The NPV sits at roughly 0.2x the company's market cap, which cuts both ways. It means the asset is not large enough to move the equity on its own, and it also means the build is not obviously beyond the company's means: a mid-cap of this size can plausibly fund a project of this magnitude without the dilution that a build worth several times equity would force. That is the more comfortable side of the coin, and it is the reason the modest NPV-to-market-cap ratio is less alarming here than it would be for a smaller developer.
What supports the numbers is the study stage and the jurisdiction. This is feasibility-level work, the build-ready estimate that carries the tightest confidence band, so the 21-year mine life and the returns deserve more weight than a scoping study would. Erzincan Province, Turkey is a workable mining jurisdiction but not a first-tier one, and that sits in the risk column. The study's $1,600/oz gold assumption against a live spot of $4,424.90/oz is the real question: whether the economics hold if the price environment that justifies them does not persist.
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.