Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich) Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich) 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 koz Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District Master Plan 2021 (Çöpler, Çakmaktepe, Ardich) 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 koz Au (5-year annual average). Average head grade is Total processed 2.14 g/t Au (oxide heap leach 1.69 g/t Au; sulfide 2.33 g/t Au).
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 160 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
- $4,386.70/oz
An after-tax NPV of $1.73B puts this asset ahead of 86% of the 160 gold projects we track. That is a genuine top-decile position, and it is the strongest single fact in the file. But rank is a relative measure, and the absolute numbers behind it matter more: this is a feasibility study, the build-ready estimate with a typical plus or minus 15% band, so the figures carry more weight than a scoping-level PEA would. It is also one of 31 projects we track for this company, so this is a diversified portfolio asset rather than a company-defining one.
The constraint is funding and scale. The NPV is roughly 0.2x the company's US$7.54B market cap, which cuts both ways. It can mean the market has not priced the asset, or that it is skeptical about financing, dilution, permitting, jurisdiction or commodity risk. The jurisdiction is Erzincan Province, Turkey: a mining destination that sits outside the most established, lowest-risk jurisdictions we track, and permitting and political risk should be read into the numbers accordingly.
The study assumes $1,600/oz gold against a live spot of $4,386.70/oz. That gap is large, and it means the headline economics are built on a price well below today's market, leaving room for upside if spot holds. But the mine life is 21 years, and a long-life project is exposed to the full commodity cycle, not today's print. The question that decides whether this works is whether the company can fund the build without diluting a mid-cap equity base into a jurisdiction that adds its own cost of capital.
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.