Çöpler District (Çöpler Project) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler District (Çöpler Project) in Erzincan Province, Turkey has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $2.00B and initial capital of $218M. The mine plan runs 22 years at about 300 kozpa Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler District (Çöpler Project) 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 $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 metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper; Mineral Resource pit shells based on $1,750/oz gold, $22.00/oz silver, $3.95/lb copper.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 22 years. Average annual production is approximately 300 kozpa Au (5-year annual average). Average head grade is Oxide heap leach 1.26 g/t Au; Sulfide milled 2.45 g/t Au; Cu concentrator 0.50 g/t Au, 0.20% Cu (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 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
- $2.00B
higher than 88% of 153 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 55% of 149 projects we track
- Mine life
- 22yrs
- Study price assumption
- Long-term metal price assumptions of $1,600/oz gold, $21.00/oz silver, and $3.40/lb copper; Mineral Resource pit shells based on $1,750/oz gold, $22.00/oz silver, $3.95/lb copper
- Spot gold today
- $4,424.90/oz
Among the 153 gold projects we track, this one's after-tax NPV of $2.00B ranks above 88% of them. That is the honest headline: a genuinely large asset in the top decile of our coverage, but not an outlier that redefines anything. For an investor, the rank matters more than the absolute number, because it tells you this is a solid, above-average project rather than a category-defining one.
The constraint that matters most is not the returns, it is the build. Initial capex of $218M is 11% of NPV, capital-light against 45% of the 149 gold projects we track, and small next to the company's US$7.54B market cap. That is the sharpest funding signal here: a build this size relative to equity value can be financed without the kind of dilution or debt package that sinks larger developments. The after-tax NPV sits at roughly 0.3x market cap, below the company itself, which cuts both ways. It can mean the market has not priced the asset, or that it is discounting something: the PEA is scoping-level, may rest on inferred resources, and its capital estimate carries a plus or minus 50% band. A 22-year life in Erzincan Province, Turkey, adds a jurisdiction question the numbers cannot answer.
Note also that the study's long-term assumption of $1,600/oz gold sits well below today's live spot of $4,424.90/oz, so the economics as published may understate the upside at current prices, though pit shells at $1,750/oz show the resource was defined on a higher deck than the headline case. The single question that decides this: does the PEA survive the move to feasibility without the capital estimate or resource confidence deteriorating?
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.