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 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 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 plant.
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 78% of 189 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
- $4,225.70/oz
Against the 189 gold projects we track, this one's after-tax NPV of $1.73B ranks above 78% of them. That is a strong absolute position, and for a producing asset in Erzincan Province, Turkey, it is the number that should anchor any read on the equity. Turkey is a genuine mining jurisdiction with a long operating history, but it is not Ontario or Nevada, and a sophisticated investor should price that in: permitting, fiscal terms and currency all carry more variance here than in the safest tier of the peer set. The rank tells you the asset is real and sizeable. It does not tell you the market is wrong about it.
The constraint that matters most is scale against the company, not the study's internal economics. This is one of 66 projects the company tracks, inside a diversified portfolio, and the NPV sits at roughly 0.2x a US$6.98B market cap. A project that is a small fraction of a diversified mid-cap's value is not a company-maker, and it will not re-rate the equity on its own. That cuts both ways: it means less single-asset risk, but also that a strong NPV here gets diluted in the portfolio narrative rather than driving it.
Two things temper the headline further. This is a feasibility study, the build-ready estimate with a typically plus or minus 15% band, so the numbers carry more weight than a scoping-level PEA would, and the 21-year mine life is unchanged from the 2021 filing: after-tax NPV is also flat versus that prior study, which suggests the asset has been stable rather than improved. The study assumes $1,600/oz gold against a live spot of $4,225.70/oz, so the returns as published are built on a price well below today's market, leaving genuine upside if spot holds. The question that decides this: does the flat NPV versus 2021 reflect a mature, de-risked asset, or one that has stopped adding value?
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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