Çöpler District Master Plan 2021 – Reserve Case Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District Master Plan 2021 – Reserve Case 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 – Reserve Case 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). Average head grade is 2.14 g/t Au (total production); oxide 1.69 g/t Au; sulfide 2.33 g/t Au.
Resources and ownership. Mineral reserves: See Section 12 Mineral Reserves Statement (Table 12.1). 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 86% of 153 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
- $4,424.90/oz
Among the 153 gold projects we track, this one's $1.73B after-tax NPV ranks above 86% of them. That is a genuinely high placing, but it is a placing, not an outlier: the top decile of any large peer set is populated by good assets, and the practical question for an investor is what the rank is worth once you weigh it against everything else in the file. Here the answer is shaped less by the resource than by the balance sheet behind it.
That is the constraint. The company carries a US$7.54B market cap, and the NPV sits at roughly 0.2x that, below it. A diversified portfolio of 24 tracked projects spreads the risk of any single development, but it also means this asset is not the whole thesis, and the market is unlikely to re-rate the equity on it alone. The two-sided read on a gap like this is familiar: either the value is not yet reflected, or the market is discounting something, whether financing, dilution, execution or jurisdiction. Turkey is a jurisdiction investors tend to price with a premium attached, and that is a fair starting point rather than a disqualifier.
The study itself is feasibility-level, which matters: a build-ready estimate carries more weight than a scoping exercise, and the 21-year mine life gives the numbers room to breathe. But the price deck is the soft spot. At $1,600/oz gold against a live spot of $4,424.90/oz, the study's economics sit well below where the metal is trading, which cuts the other way from the usual optimism problem: the headline case may be conservative, and the returns could be understated if spot holds. That is a genuine tailwind, not a reason to relax. The question that decides this project is whether a mid-cap with 24 projects can fund and permit a Turkish build without diluting the value the NPV represents.
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.