Çöpler Project (Initial Assessment MII Case) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler Project (Initial Assessment MII 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 kozpa Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler Project (Initial Assessment MII 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 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 300 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
- $2.00B
higher than 88% of 178 projects we track
- Initial capex
- $218M
11% of NPV
costlier than 55% of 164 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
Against the 178 gold projects we track, this one lands in the top 12% on after-tax NPV at $2.00B. That is a genuine rank, but read it carefully: nothing in the underlying economics is an outlier. The study is a scoping-level PEA, and the numbers are unchanged from the 2021 filing, with NPV, initial capex and mine life all flat. A re-release that moves nothing is a restatement, not a re-rating, and the market is entitled to treat it that way.
The constraint that matters is not capital. At $218M, the build is 11% of NPV and small against a US$7.04B market cap, and it sits below 45% of the 164 gold projects we track. That is the sharpest funding signal here: this is a company that can write the cheque without leaning on shareholders, and for a development asset in Erzincan Province, Turkey, that matters more than the headline. Turkey is a workable mining jurisdiction but not a frictionless one, and permitting and fiscal terms carry weight a PEA cannot capture.
The valuation gap cuts both ways. NPV is roughly 0.3x market cap, so the asset is a modest slice of a diversified 53-project portfolio rather than the thing that defines the company. That can mean the market has not priced it, or that it is discounting PEA-stage uncertainty, the plus or minus 50% capital band, and the possibility of inferred material in the mine plan. The study also assumes $1,600/oz gold against a live spot of $4,227.40/oz, so the returns carry real upside if prices hold, and real downside if they do not. The question that decides this: does a bankable study confirm the 22-year plan at something close to $218M?
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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