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 (5-year annual average gold) 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.
Production and mine plan. The project envisions an open-pit operation. Life of mine is 21 years. Average annual production is approximately 278 kozpa (5-year annual average gold). Average head grade is 1.69 g/t Au (oxide heap leach); 2.33 g/t Au (sulfide).
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 86% of 160 projects we track
- Mine life
- 21yrs
- Spot gold today
- $4,386.70/oz
A $1.73B after-tax NPV puts this project ahead of 86% of the 160 gold assets we track, which is a genuine top-decile position on the metric most investors screen on first. The qualifier is what that rank is measured against: a broad peer set that includes early-stage studies and marginal deposits, not a shortlist of build-ready mines. Sitting in the top 14% is a statement about the distribution, not about this asset's individual merits.
The constraint that matters is scale, and it runs in an unusual direction. The company carries a US$7.54B market cap, a mid-cap, and this project's NPV is roughly 0.2x that, so the asset is small relative to the enterprise that owns it. That cuts against the usual funding-risk story: a company of this size does not need this single mine to define it, and the NPV-to-market-cap gap is modest enough that it is hard to argue the market has simply overlooked the asset. The more plausible read is that the market is pricing a diversified portfolio of 31 projects, of which this is one, and assigning it a proportionate weight.
What elevates the analysis is the study stage. This is a feasibility study, the build-ready estimate typically carrying a plus or minus 15% band, so these numbers deserve more weight than a scoping-level PEA would. The 21-year mine life is a long runway, and the Erzincan Province location in Turkey introduces a jurisdiction question that sits outside the financial model. The study's gold price assumption against a live spot of $4,386.70/oz is the swing factor: if it sits materially below spot, the returns carry upside; if above, they are optimistic. The question that decides this project is whether the feasibility numbers hold at the price the company actually assumed.
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.