Çöpler Project (Initial Assessment MI Case) PEA: $1.87B NPV Over a 22-Year Mine Life
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. The mine plan runs 22 years at about 297 kozpa Au (5-year annual average) 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. 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 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 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 84% of 178 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
- $4,227.40/oz
Twenty-two years of mine life is the number that defines this asset: long enough to span multiple price cycles, long enough that the grade and recovery assumptions matter more than the headline. Against the 178 gold projects we track, the after-tax NPV of $1.87B ranks higher than 84% of them. That is a genuinely strong position, but it is a ranking on a scoping-level PEA, not on a feasibility study, and the distinction is not cosmetic. A PEA may rest on inferred resources, and its capital estimate typically carries a plus or minus 50% band. An 84th-percentile NPV built on those foundations is a statement of geological promise, not of engineering certainty.
The comparison to the prior filing is the tell. After-tax NPV is up 0% and mine life is up 0% versus the 2021 PEA. Five years of work have not moved the headline numbers, which suggests the study is being refreshed rather than advanced. Investors should ask what the intervening period actually bought.
The constraint is funding and focus. At US$7.04B, the company is a mid-cap, and the NPV sits at roughly 0.3x that market cap. On its own that gap invites the usual two-sided read: either the market has not absorbed the asset, or it is discounting the PEA's preliminary status, Turkish jurisdiction risk, and the dilution a build would require. The portfolio context sharpens it. This is one of 53 projects the company tracks, so it competes for capital against 52 others, and a diversified mid-cap cannot quietly fund a development of this scale without asking shareholders. Note also that the study assumes $1,600/oz gold against a live spot of $4,227.40/oz. That gap is the upside case, and it is also the reason the headline economics should be read as conservative rather than as a forecast.
The question that decides this project: does the company have the balance sheet and the institutional will to take a 22-year Turkish asset from PEA to construction, or does it remain one of 53?
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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