Çöpler Initial Assessment Case PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler Initial Assessment Case 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 koz Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler Initial Assessment Case 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. 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 22 years. Average annual production is approximately 300 koz Au (5-year annual average). Average head grade is 1.26 g/t Au oxide; 2.45 g/t Au sulfide; 0.50 g/t Au and 0.20% Cu concentrator.
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 89% of 169 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 56% of 158 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
- Spot gold today
- $4,317.30/oz
The after-tax NPV of $2.00B places this project ahead of 89% of the 169 gold projects we track, which is a genuine top-decile position on the single measure that matters most for ranking. But rank is not a thesis. The more useful observation is that nothing here is an outlier: a solid NPV, a modest build, a long life, and a mid-cap owner with a diversified portfolio of 43 projects. That combination describes a good asset inside a company that does not need it to work.
The constraint that matters most is not capital. Initial capex of $218M is 11% of NPV and small relative to a US$7.53B market cap, and it sits below 44% of the 158 gold projects we track. A build of that size against that equity base is fundable without the kind of financing that reshapes a share register, which is the sharpest funding-risk signal available here. The NPV is also roughly 0.3x market cap, so the asset is not the thing the market is pricing. That gap cuts both ways: it can mean the asset is unrecognised, or that investors are discounting the study itself, the jurisdiction, or the fact that a diversified mid-cap will not be valued on one project.
The discount that deserves the most weight is the study stage. A PEA is scoping-level, may rest on inferred resources, and its capital estimate typically carries a plus or minus 50% band. Against a 22-year life in Erzincan Province, Turkey, that is a wide cone of uncertainty, and the returns are struck at $1,600/oz gold against a live spot of $4,317.30/oz, so the headline numbers are not the constraint on value. The question that decides this project is whether the company converts a preliminary, capital-light concept into a permitted, financed development in a jurisdiction investors will underwrite.
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.