Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere) — CDMP21TRS Reserve Case Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere) — CDMP21TRS 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, 2021-2026) per year.
SSR Mining Inc.'s Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere) — CDMP21TRS 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, 2021-2026). 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.
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.
Reserves & Resources
| Category | Tonnage | Grade | Contained |
|---|---|---|---|
| Reserve Case | 75,448 kt | 2.14 g/t Au | 4,369 koz Au |
| Oxide Heap Leach Processed | 22,557 kt | 1.69 g/t Au | 765 koz Au |
| Sulfide Processed | 52,892 kt | 2.33 g/t Au | 3,604 koz Au |
Our Analysis
- NPV after-tax
- $1.73B
higher than 80% of 187 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
- $4,152.60/oz
The after-tax NPV of $1.73B ranks higher than 80% of the 187 gold projects we track, which places this asset in the top fifth of the peer set. That rank is real but it is not an outlier: roughly one in five projects we follow sits at or above this level, so the number describes a solid, competitive asset rather than a scarce one. For an investor, the practical question is not whether the NPV is large in absolute terms, but whether this particular company can convert it into production without the equity story breaking.
The constraint is scale. The company carries a US$6.80B market cap, and the NPV sits at about 0.3x that figure, below it on a rough currency-adjusted basis. That is the mirror image of the usual junior problem: here the asset is small relative to the enterprise, and the company is diversified across 63 projects we track. The read cuts both ways. A large, diversified mid-cap can fund a build without the dilution that sinks single-asset developers, but a project this size inside a portfolio this broad may not command the market's undivided attention, and the NPV-to-market-cap gap can reflect genuine skepticism about execution, jurisdiction or capital allocation as easily as it can reflect an unpriced asset.
The feasibility study is the strongest form of estimate available, a build-ready number with a typically plus or minus 15% band, and the 21-year mine life gives the returns room to compound. Erzincan Province is a mining jurisdiction with a real operating history, though one that carries higher permitting and political risk than the safest OECD addresses. The study's $1,600/oz gold assumption sits well below today's $4,152.60/oz spot, so the headline economics are, if anything, conservative on price. The question that decides this project: does a diversified $6.80B company treat a top-quintile NPV as a priority build, or as one line item among sixty-three?
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.