SSR Mining Inc. said Nov. 30 that a preliminary economic assessment on the Turkey-based Copler gold project, which includes production from the newly discovered Ardich deposit, outlined a posttax net present value of $2.16 billion, discounted at 5%.

Copler is estimated to have a life of mine of 22 years, with a life of mine production of 4.6 million ounces of gold.

The study estimated production costs amounting to $726 per ounce of gold and all-in sustaining costs of $893 per ounce of gold.

The project is expected to have an average annual production of 306,000 ounces at an average AISC of $886 per ounce, with an average annual free cash flow of $249 million, over the first five years from January 2021 to December 2025.

The study also cited about $50 million in incremental development capital for the Ardich deposit.

Meanwhile, SSR Mining's board of directors approved the construction of a supplemental flotation circuit at Copler at a total cost of $18 million, with commissioning expected in the third quarter of 2021.

Copler's measured and indicated resource totaled 7.4 Moz of gold, contained within 136.7 million tonnes grading 1.69 g/t gold, increasing by 24% from December 2019 estimates. Its total mineral reserve has grown by 22% to 4.0 Moz, contained within 59.2 Mt grading 2.11 g/t gold, based on $1,350 per ounce of gold price assumption.