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 gold (5-year annual average) 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 gold. 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 kozpa gold (5-year annual average). Average head grade is 1.69 g/t Au oxide heap leach; 2.33 g/t Au sulfide plant; 2.14 g/t Au total.
Resources and ownership. Mineral reserves: Reserve Case processed: 22,557 kt at 1.69 g/t Au oxide heap leach and 52,892 kt at 2.33 g/t Au sulfide; total production 75.4 Mt at 2.14 g/t Au. Total gold production 4.4 Moz.. 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 79% of 191 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
A 21-year mine life puts Çöpler in a select group: long enough that the returns depend less on the timing of the next few years than on sustained operating performance across two decades. That durability is the point. Against the 191 gold projects we track, the after-tax NPV of $1.73B ranks higher than 79% of them, which is a genuinely strong position, though not an outlier. For an investor, that rank means this sits in the top tier of the peer set without being a category of its own.
The constraint that matters most is scale relative to the company. At US$7.24B, the market cap dwarfs the $1.73B NPV, roughly 0.2x on a currency-adjusted basis. That cuts both ways. It can mean the market has not priced the asset, or it can mean the market is discounting for jurisdiction, permitting or execution risk. Turkey is a mining jurisdiction that carries real questions, and the discount may reflect that rather than mispricing. The company's 66-project portfolio also means this asset is one of many, which dilutes the case for a re-rating on this project alone.
Two things sharpen the read. First, this is a feasibility study, the build-ready estimate with a typically plus or minus 15% band, so the numbers carry more weight than a scoping-level PEA would. Second, the study assumes $1,600/oz gold against a live spot of $4,216.30/oz, a wide gap that leaves meaningful upside if prices hold, but also means the headline returns are not the whole story. The question that decides this project is whether the market's discount reflects genuine jurisdictional risk or a mispricing that closes as the operation proves itself.
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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