Çöpler Project (Çöpler District Initial Assessment – MI Case) PEA: $1.87B NPV, $218M Capex
SSR Mining Inc.'s Çöpler Project (Çöpler District 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 Au (5-year annual average) per year.
SSR Mining Inc.'s Çöpler Project (Çöpler District 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 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 179 projects we track
- Initial capex
- $218M
12% of NPV
costlier than 55% of 165 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
- $4,189.00/oz
Against the 179 gold projects we track, this one lands in the top fifth on headline NPV, and that is the honest starting point: a genuinely large number, not a record-breaker. The more useful observation is the mismatch between the size of the prize and the size of the company holding it. A US$6.91B market cap against a US$1.87B after-tax NPV means the asset is roughly a third of the equity value, and it sits inside a portfolio of 54 projects. For an investor, that cuts both ways: real optionality, but also real dilution of attention and capital across a diversified book, and no single asset capable of re-rating the whole company on its own.
The constraint that matters is not money. Initial capex of US$218M is 12% of NPV and small relative to a US$6.91B market cap, and it ranks below 45% of the 165 gold projects we track on capital intensity. This is a build the company could fund without the kind of financing that rewrites the share register. That is the sharpest positive signal in the data, and it is worth more than the NPV rank, because it removes the most common reason good projects stall.
What tempers it is the study itself. This is a PEA: scoping-level, potentially built on inferred material, with a capital estimate that conventionally carries a plus or minus 50% band. A 22-year life and a Turkish development asset add execution and jurisdictional questions that a preliminary study cannot answer. The study also assumes US$1,600/oz gold against a live spot of US$4,189.00/oz, so the returns are not obviously stretched on price, though that gap is a signal about timing and market skepticism as much as upside. The question that decides this project: does the definitive study hold the capital estimate and the resource confidence together?
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.