Çöpler District Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler District 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 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 $1,600/oz gold, $21.00/oz silver, $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.
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
The project sits in a familiar but comfortable place: its after-tax NPV of $1.73B ranks above 89% of the 124 gold projects we track. That is a solid, if unspectacular, position. It is not a top-decile outlier that forces a re-rating on its own, but it is firmly in the upper tier where institutional capital can take a position without apology. The more telling number is the NPV relative to the company's US$5.54B market cap, at roughly 0.3x. That gap cuts both ways: either the market is not crediting the asset fully, or it is pricing in the execution and jurisdiction risks that a feasibility study cannot erase. Given this is one of seven projects the company tracks, the asset is a meaningful but not existential piece of a diversified portfolio.
The 21-year mine life is the real anchor here. In a sector where many studies stretch to justify a decade, this project offers durability that compounds the NPV's appeal. A two-decade production profile means the project can absorb commodity cycles, recover from operational stumbles, and still deliver. That longevity is also what justifies the feasibility-level confidence: at this stage, the numbers carry a plus or minus 15% band, which is the most weight a study can bear. The project is already in production, which removes the construction risk that typically discounts peer NPVs.
The constraint that matters most is the price deck. The study assumes $1,600/oz gold, against a current spot of $4,139.10/oz. That is not a marginal cushion; it is an enormous buffer that makes the stated returns look conservative on paper. But it also signals the study was built for a different market, and the question is whether the company can translate that embedded upside into realized cash flow without triggering cost inflation or fiscal pressure in Erzincan Province, Turkey. The single question that decides whether this works is simple: can the project convert a price deck that is now less than half of spot into returns that justify the market cap gap, without the jurisdiction absorbing the difference?
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.