Çöpler Project - MI Case PEA: $1.87B NPV, $218M Capex
SSR Mining Inc.'s Çöpler Project - 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 Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler Project - 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 $1,600/oz gold, $21.00/oz silver, $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 87% of 169 projects we track
- Initial capex
- $218M
12% of NPV
costlier than 56% of 158 projects we track
- Mine life
- 22yrs
- Study price assumption
- $1,600/oz gold, $21.00/oz silver, $3.40/lb copper
- Spot gold today
- $4,317.30/oz
Against the 169 gold projects we track, this one lands in the top 13% on after-tax NPV of $1.87B. That is a real number, but rank alone tells you little: what matters is that the headline is not an outlier, and the study behind it is a scoping-level PEA. A PEA can lean on inferred resources and its capital estimate typically carries a plus or minus 50% band. So the NPV is a directional signal, not a bankable one, and it should be weighted accordingly.
The constraint that decides this project is not the resource or the returns, it is the build. Initial capex of $218M is 12% of NPV, capital-light against 44% of the 158 gold projects we track, and small relative to the company's US$7.53B market cap. That is the sharpest funding signal here: a mid-cap with a diversified portfolio of 43 projects we track can carry a build of this size without the financing gymnastics that sink larger developments. Capital intensity is a funding-risk question first, and on that measure this is comfortable.
The price deck is where the optimism sits. The study assumes $1,600/oz gold, $21.00/oz silver and $3.40/lb copper, against a live gold spot of $4,317.30/oz. That gap is large, and it cuts both ways: it suggests the economics have room if spot holds, and it warns that the study's returns were never stress-tested at today's market. Erzincan Province, Turkey, adds a jurisdiction question that the numbers cannot answer. The NPV sits at roughly 0.2x the company's market cap, which can mean the asset is unpriced or that the market is discounting permitting, jurisdiction and the PEA's own uncertainty. The single question: can a scoping-level study in this jurisdiction be advanced to a bankable build without the capex band widening?
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.