Çöpler Project (Çöpler District Initial Assessment – MII Case) PEA: $2.00B NPV, $218M Capex
SSR Mining Inc.'s Çöpler Project (Çöpler District 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 (Çöpler District 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 179 projects we track
- Initial capex
- $218M
11% 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's after-tax NPV of $2.00B ranks above 88% of them. That is the headline, and it is a genuine one: the asset sits in the top slice of the peer set on absolute value. But rank alone tells an investor little without the constraint attached to it, and here the constraint is not capital. It is the gap between what the study claims and what a scoping-level exercise can actually support.
Start with the balance sheet, because that is where this project separates itself. The company carries a US$6.91B market cap, and the initial capex is $218M, or 11% of NPV. The build is small relative to the company's equity, which is the sharpest funding signal available: this is not a project that needs the market to fund a bet several times its own size. It is one of 54 projects the company tracks, so the Erzincan asset is a portfolio line rather than a company-making wager, and the capital to build it is not the question.
The question is credibility. This is a PEA, and a PEA is preliminary: it may lean on inferred resources, and its capital estimate typically carries a plus or minus 50% band. The NPV of $2.00B ranks above 88% of peers, but it rests on a scoping study over a 22-year life in Erzincan Province, Turkey. The study assumes $1,600/oz gold against a live spot of $4,189.00/oz, so the returns are not obviously stretched on price. That cuts the other way too: the market is not paying for the gap between $2.00B and a $6.91B market cap, and the reason is likely the study stage and the jurisdiction, not the ounces.
The deciding issue is whether a feasibility study holds the resource and the capital estimate together. Until it does, the 88th-percentile ranking is a scoping claim, not a mine.
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.