Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere deposits) Resource Estimate: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere deposits) in Erzincan Province, Turkey has a Mineral Resource Estimate outlining an after-tax NPV of $2.00B and initial capital of $218M. The mine plan runs 22 years at about 300 koz Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District (Çöpler, Çakmaktepe, Ardich, Bayramdere deposits) has reported Mineral Resource Estimate results for the gold project in Erzincan Province, Turkey. The study headlines an after-tax net present value of $2.00B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $2.00B using a 5% discount rate. Initial capital expenditure is estimated at $218M. All-in sustaining costs are pegged at 924 USD/oz gold. Economics are based on Long-term: $1,600/oz gold, $21.00/oz silver, $3.40/lb copper (Initial Assessment); Mineral Resource estimation used $1,750/oz Au, $22.00/oz Ag, $3.95/lb Cu.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 22 years. Average annual production is approximately 300 koz Au (5-year annual average). Average head grade is Sulfide 2.45 g/t Au; Oxide heap leach 1.26 g/t Au; Cu concentrator 0.50 g/t Au, 0.20% Cu (Initial Assessment MII Case).
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 Resource Estimate 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
- $2.00B
higher than 88% of 180 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 55% of 166 projects we track
- Mine life
- 22yrs
- Study price assumption
- Long-term: $1,600/oz gold, $21.00/oz silver, $3.40/lb copper (Initial Assessment); Mineral Resource estimation used $1,750/oz Au, $22.00/oz Ag, $3.95/lb Cu
- Spot gold today
- $4,212.00/oz
Ranked against the 180 gold projects we track, this one sits in the top 12% on after-tax NPV of $2.00B. That is a genuine position, but rank is not the same as conviction, and the caveat here is the study stage: this is a resource estimate, not a feasibility study or even a preliminary economic assessment. A resource estimate carries no economic study behind it, so the $2.00B is indicative at best. An investor is being asked to underwrite a number that has not yet been through mine design, costing or permitting analysis. The 22-year mine life and production-stage status suggest real substance on the ground, but the economics as presented have not earned the confidence a completed study would.
The constraint that matters most is not capital. Initial capex of $218M is 11% of NPV and small against a US$6.81B market cap, which is the sharpest funding signal available: a build this size relative to equity is one the company could absorb without a transformational raise. That is unusual and it removes the single most common reason projects of this rank stall. The trade-off is that a company tracking 56 projects is diversified by definition, and a $2.00B NPV at roughly 0.3x market cap will not move the equity on its own. The asset is real; its impact on the share price is diluted by everything else in the portfolio.
The price deck deserves scrutiny. The resource estimate used $1,750/oz gold, $22.00/oz silver and $3.95/lb copper, while the initial assessment used $1,600/oz, $21.00/oz and $3.40/lb. Against today's live spot of $4,212.00/oz gold, both assumptions sit well below the market, so the returns shown are not inflated by an aggressive deck. The jurisdiction, Erzincan Province in Turkey, is the risk that does not appear in the NPV. The question that decides this project: can a resource-stage estimate be advanced to a completed study, in that jurisdiction, without the economics degrading?
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.