Çöpler Project (Initial Assessment MI Case) PEA: $1.87B NPV, $218M Capex
SSR Mining Inc.'s Çöpler Project (Initial Assessment MI Case) in Erzincan Province, Turkey has a Preliminary Economic Assessment (PEA) outlining an after-tax NPV of $1.87B and initial capital of $218M. The mine plan runs 22 years at about 297 kozpa (5-year annual average gold) per year.
SSR Mining Inc.'s Çöpler Project (Initial Assessment MI 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 $1.87B at a 5% discount rate. It reflects SSR Mining Inc.'s (SSRM) latest disclosed economics for the asset.
Economics. The after-tax NPV is $1.87B using a 5% discount rate. Initial capital expenditure is estimated at $218M. All-in sustaining costs are pegged at 921 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 22 years. Average annual production is approximately 297 kozpa (5-year annual average gold). Average head grade is 1.28 g/t Au (oxide heap leach); 2.32 g/t Au (sulfide); 0.48 g/t Au and 0.21% Cu (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
- $1.87B
higher than 87% of 160 projects we track
- Initial capex
- $218M
12% of NPV
costlier than 56% of 151 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
- $4,386.70/oz
Twenty-two years of mine life is the number that frames this asset: long enough to matter through a cycle, and long enough that the early years have to be right, because a PEA has not yet proven the later ones. Against the 160 gold projects we track, the after-tax NPV of $1.87B ranks above 87% of them. That is a genuinely high placing, but it is a placing, not a verdict: the top decile of a large peer set is where most development-stage projects with a headline number this size already sit, so the rank tells you the asset is competitive, not that it is mispriced.
The constraint that matters most is the study itself. This is scoping-level work: a PEA can lean on inferred material, and its capital estimate typically carries a plus or minus 50% band. Everything downstream, including that NPV, inherits that uncertainty. The initial capex of $218M is 12% of NPV and lower than 44% of the 151 gold projects we track, so the build is not the risk. Nor is funding: at US$7.54B the company is a mid-cap, the build is small against that, and this is one of 31 projects in its portfolio, so a single development does not have to carry the balance sheet.
Two things temper the picture. The study assumes $1,600/oz gold against a live spot of $4,386.70/oz, so the economics are built on a price far below today's market: that is real upside if spot holds, and a warning about how much of the headline depends on the price deck. And Erzincan, Turkey is a jurisdiction that asks for permitting and execution patience. The NPV is roughly 0.2x market cap, which cuts both ways: either the market has not priced the asset, or it is discounting the study stage, the jurisdiction, and the price deck. The question that decides this one: does a feasibility study confirm the 22-year plan at a capital number inside the band?
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.