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, 2021-2026) 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.
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, 2021-2026). Average head grade is 2.14 g/t Au (total processed; oxide 1.69 g/t Au, sulfide 2.33 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 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 83% of 172 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
- Spot gold today
- $4,188.80/oz
An after-tax NPV of $1.73B puts this asset ahead of 83% of the 172 gold projects we track, which is a genuine top-quintile position rather than a marginal one. That ranking is the most useful thing the study tells us, because nothing else in the numbers is unusual: the feasibility study repeats the 2021 filing almost exactly, with after-tax NPV up 0% and mine life up 0%, so this is a re-confirmation of an existing plan rather than a re-rating event. At feasibility level the estimate carries the tightest band a study can offer, so the flat comparison is credible rather than a placeholder.
The constraint is the company's size against the build. A US$7.28B market cap is mid-cap territory, and an NPV of roughly 0.2x that is modest relative to the equity, which sounds comfortable until you remember that NPV is not cash in hand. This is one of 47 projects we track for the company, a diversified portfolio, and that cuts both ways: it spreads execution risk, but it also means this asset competes for capital against dozens of others. Erzincan Province adds a jurisdiction dimension that investors will price separately from the geology.
The price deck is where the study and the market part company. Long-term assumptions of $1,600/oz gold sit far below today's live spot of $4,188.80/oz, so the published economics are built on a materially lower gold price than the market is currently paying. That is unusual conservatism, and it means the headline NPV is not leaning on an optimistic deck. The question that decides this project is not the IRR or the ranking: it is whether a mid-cap with 47 projects can fund and build this one without diluting the equity that the NPV is measured against.
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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