Çöpler Project (CDMP21TRS Reserve Case) Feasibility Study: $1.73B NPV Over a 21-Year Mine Life
SSR Mining Inc.'s Çöpler Project (CDMP21TRS 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 (5-year annual average) per year.
SSR Mining Inc.'s Çöpler Project (CDMP21TRS 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 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 Au (5-year annual average).
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 82% of 179 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
- $4,189.00/oz
Çöpler sits in the top fifth of the 179 gold projects we track on after-tax NPV, at $1.73B, and that is the useful fact about it: not an outlier, but a consistent upper-quartile asset. For an investor, that rank describes a project that clears the bar rather than one that resets it. The feasibility study carries the most weight a study can carry, a build-ready estimate with a plus or minus 15% band, and the 21-year mine life gives the NPV a long tail to work with. What the ranking does not tell you is how much of that value reaches a shareholder, and here the arithmetic is sobering: the NPV is roughly 0.3x the company's market cap.
That ratio is the constraint. A US$6.91B mid-cap proposing a build whose value sits well below its own equity base is not in the position of a developer betting the company on one hole in the ground. It is one of 54 projects in a diversified portfolio, which cuts both ways: less existential risk, but also less urgency, and no guarantee this particular asset gets funded ahead of the other 53. The flat comparison to the 2021 filing, with after-tax NPV and mine life both unchanged, suggests a study that confirmed the earlier work rather than improved on it.
The price deck is where the returns get their lift. The study assumes $1,600/oz gold against a live spot of $4,189.00/oz, alongside $21.00/oz silver and $3.40/lb copper. That gap is real upside if spot holds, and it is also the reason the headline numbers should be read as a floor rather than a forecast. Erzincan Province is a workable jurisdiction, though not one that removes permitting and execution risk from the equation. The question that decides this project is not the NPV. It is whether a mid-cap with 54 irons in the fire actually commits capital to this one.
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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