Çöpler District (Reserve Case) Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District (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 per year.
SSR Mining Inc.'s Çöpler District (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 $1,600/oz gold, $21.00/oz silver, $3.40/lb copper.
Production and mine plan. Life of mine is 21 years. Average annual production is approximately 278 kozpa Au.
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 89% of 124 projects we track
- Mine life
- 21yrs
- Study price assumption
- $1,600/oz gold, $21.00/oz silver, $3.40/lb copper
- Spot gold today
- $4,139.10/oz
A $1.73B after-tax NPV places this asset in the top decile of the 124 gold projects we track, ranking above 89% of its peers. That is a genuine distinction, but it is not an outlier: the project does not redefine the economics of gold development, it simply sits comfortably among the better opportunities in the sector. For an investor, that rank matters less as a standalone trophy and more as a signal that the project clears the bar for serious capital deployment, assuming the other variables hold.
The constraint that matters most here is jurisdiction, not geology or grade. Erzincan Province, Turkey is a mining jurisdiction with a functioning regulatory framework, but it carries a risk profile that investors should weigh against the headline returns. A feasibility study, with its typical plus or minus 15% band, is the build-ready estimate and carries the most weight of any study stage, so the $1.73B figure is credible. The 21-year mine life adds durability, and the project is already in production, which removes construction risk from the equation. The funding picture is comfortable: the NPV sits at roughly 0.3x the company's US$5.54B market cap, and this is one of 7 projects we track for this mid-cap, so the build is manageable within a diversified portfolio.
The study's price deck, however, is where the two-sided read emerges. At $1,600/oz gold, the returns are built on a conservative assumption versus today's $4,139.10/oz spot, which suggests meaningful upside if prices hold anywhere near current levels. But that gap also explains why the NPV-to-market-cap ratio is not larger: the market may be discounting for Turkey-specific risk, or it may simply be pricing the project off the study's own cautious metal prices. The single question that decides whether this works is whether the jurisdiction risk embedded in that discount is real and persistent, or a temporary overhang that fades as production continues.
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.