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 koz Au (5-year annual average) 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. 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 koz Au (5-year annual average). Average head grade is 2.14 g/t Au (total 75.4 Mt).
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 78% of 192 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
- $4,216.30/oz
The Çöpler district in Erzincan Province sits above 78% of the 192 gold projects we track on after-tax NPV of $1.73B, but that ranking is the least interesting thing about it. Turkey is a jurisdiction where permitting, fiscal terms and local opposition can move timelines in ways a feasibility study cannot model, and the study itself is the build-ready estimate, a plus or minus 15% band. So the numbers deserve weight, with the caveat that the operating environment carries risks that do not show up in a discounted cash flow.
The constraint that matters most is scale against the parent. A US$7.37B mid-cap carrying 66 projects cannot treat a single asset as its whole story, and the NPV here is roughly 0.2x that market cap, below it. That cuts both ways: it can mean the market has not priced the asset, or that it is discounting financing, dilution, permitting or jurisdiction risk. With 21 years of mine life and the project already in production, this is not a development story awaiting a build decision. It is an operating asset whose cash flows the market is already weighing.
The price deck is the swing factor. The study assumes $1,600/oz gold, $21.00/oz silver and $3.40/lb copper, against a live gold spot of $4,216.30/oz. That gap means the published economics are running well below today's market, so the headline NPV likely understates near-term cash generation if spot holds, while also exposing the asset to a sharp reversal if it does not. The question that decides this: can Çöpler convert today's price environment into cash before the jurisdiction or the cycle takes it back?
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.
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