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 (5-year annual average gold) 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 (5-year annual average gold). Average head grade is 1.26 g/t Au (oxide heap leach); 2.45 g/t Au (sulfide); 0.50 g/t Au and 0.20% Cu (Cu concentrator).
Resources and ownership. Mineral resources: See resourceEstimate rows; mineral resources presented exclusive of mineral reserves at 31 December 2021 based on $1,750/oz gold price. 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 89% of 160 projects we track
- Initial capex
- $218M
11% 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
Across the 160 gold projects we track, this one's after-tax NPV of $2.00B ranks above 89% of them: a genuinely strong asset, but not an outlier, and that distinction matters more than the headline number. Sitting in the top decile of a large peer set tells you the resource and the study economics are competitive; it does not tell you the equity is cheap. The more useful comparison is what it costs to build against what the company is worth. Initial capex of $218M is 11% of NPV and a small fraction of a US$7.54B market cap, and it sits below 44% of the 151 gold projects we track on that measure. For a mid-cap with 31 projects in the portfolio, a build of this size is fundable without the kind of raise that rewrites the share register. That is the sharpest signal in the file.
Two things temper it. First, the study is a PEA: scoping-level, potentially built on inferred material, with a capital estimate that typically carries a plus or minus 50% band. A $218M build could plausibly be something else entirely, and at this stage the NPV is a direction of travel, not a number to underwrite. Second, Erzincan Province is a jurisdiction that asks real permitting and execution questions, and the market's discount for those questions is not obviously wrong.
The price deck is where the arithmetic gets interesting. The study assumes $1,600/oz gold against a live spot of $4,386.70/oz. That gap is not a reason to mark the NPV up mechanically, but it does mean the study was not flattered by an aggressive deck, and the returns carry real headroom if spot holds.
The question that decides this: does the capex estimate survive a feasibility-level rework, and does the permitting timeline in Turkey let the company spend it?
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.