Çöpler District (MI Case) PEA: $1.87B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (MI Case) in Erzincan Province, Turkey has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $1.87B and initial capital of $218M. The mine plan runs 22 years at about 297 kozpa Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District (MI Case) has reported Preliminary Economic Assessment (PEA) results for the gold project in Erzincan Province, Turkey. The study headlines an after-tax net present value of $1.87B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.87B using a 5% discount rate. Initial capital expenditure is estimated at $218M. All-in sustaining costs are pegged at 921 USD/oz gold. Economics are based on $1,600/oz gold, $21.00/oz silver, $3.40/lb copper.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 22 years. Average annual production is approximately 297 kozpa Au (5-year annual average). Average head grade is 1.28 g/t Au (heap leach oxide); 2.32 g/t Au (sulfide); 0.48 g/t Au and 0.21% Cu (Cu concentrator).
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 PEA 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
- $1.87B
higher than 83% of 187 projects we track
- Initial capex
- $218M
12% of NPV
costlier than 54% of 172 projects we track
- Mine life
- 22yrs
- Study price assumption
- $1,600/oz gold, $21.00/oz silver, $3.40/lb copper
- Spot gold today
- $4,152.60/oz
This sits in the top fifth of the 187 gold projects we track on after-tax NPV, a $1.87B figure that ranks above 83% of that peer set. That is a genuinely strong position, and it is the number to anchor on. But rank is not the same as conviction: the study behind it is a PEA, scoping-level work that can lean on inferred resources and carries a capital estimate with a plus or minus 50% band. A top-quintile NPV built on a preliminary study is a different proposition from the same NPV in a feasibility study, and the gap between those two things is where an investor should focus.
The constraint that matters most is not funding. Initial capex of $218M is 12% of NPV, capital-light, and lower than 46% of the 172 gold projects we track on that measure. Against a US$6.80B market cap, the build cost is small, and that is the sharpest signal here: this is a company that can absorb the construction bill without the financing gymnastics that sink larger builds. The NPV is roughly 0.3x market cap, below it, which cuts both ways. It can mean the asset is not reflected in the share price, or that the market is discounting the study stage, the jurisdiction, or both.
Erzincan Province, Turkey is the qualifier on everything above. A mining jurisdiction with real operating history but a risk profile that warrants a wider discount than the numbers alone imply. And the study's $1,600/oz gold assumption sits well below today's $4,152.60/oz spot, so the economics carry meaningful upside if prices hold, though a PEA margin is not a feasibility margin. The question that decides this: does the company convert a preliminary, capital-light, top-quintile concept into a permitted, funded mine in Turkey?
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.