Çöpler District Master Plan 2021 Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District Master Plan 2021 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 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 processed).
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 82% of 179 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
- $4,173.60/oz
A 21-year mine life puts this asset in the durable tier of the 179 gold projects we track, and that durability is the point: at Erzincan in Turkey, the operation is already in production, so the cash flow is real rather than modelled, and the feasibility study underpinning it carries the tightest estimate band the industry publishes. That combination, long life plus build-ready numbers plus existing production, is what separates it from the development-stage majority of the peer set.
The after-tax NPV of $1.73B ranks above 82% of those projects, which is a genuinely strong position, but the ranking has to be read against the company rather than in isolation. At a US$7.02B market cap, the asset is roughly 0.2x the equity value, and it sits within a portfolio of 52 projects. That cuts both ways. A diversified mid-cap with this many moving parts may simply not have the asset priced into it; equally, the market may be applying a discount for the jurisdiction, for the capital already committed, or for the fact that a single project of this size is diluted by everything else the company owns. The NPV-to-market-cap ratio alone does not tell you which.
The price deck is where the caution sits. The study assumes $1,600/oz gold against a live spot of $4,173.60/oz, so the headline economics were built on a metal price well below today's market. That is conservative framing rather than optimistic, and it means the returns have room to improve if spot holds, though it also means the study's own numbers understate the sensitivity. The question that decides this one: can a diversified mid-cap convert a producing, 21-year Turkish asset into market recognition without the jurisdiction discount swallowing the gap?
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.