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Ero Copper posts record 2019

Ero Copper has reported record production of 42,318 tonnes of copper in concentrate from its Curaçá Valley operations in Brazil in 2019, a 39% year-on-year increase, at a C1 cash cost of US93c per pound for the year ended December 31.
Ero Copper posts record 2019 Ero Copper posts record 2019 Ero Copper posts record 2019 Ero Copper posts record 2019 Ero Copper posts record 2019

The mill at the MCSA mining complex in Brazil

Staff reporter

The company processed 2.4 million tonnes of ore grading 1.93% copper after metallurgical recoveries that averaged 90.5% during 2019.

The NX gold mine processed 158,275t grading 6.98 grams per tonne for 30,434oz gold and 19,641oz silver after metallurgical recoveries that averaged 85.7%.

The company reported net income of $91.9 million on revenues of $284.8 million with cash flow from operations of $127.8 million.

"2019 was a fantastic year for the company and the financial results highlight the extraordinary quality of our assets and people. Execution of our business plan over the past several years has continued to translate to significant year-on-year growth in production and profitability - a trend we see continuing with the support of our exploration programs underway both within and around our existing operations and regionally throughout the Curaçá Valley," said president and CEO David Strang.

Ero ended 2019 with cash, equivalents and available liquidity of $21.5 million, with $14 million undrawn on its secured, revolving credit facility in Canada, plus an additional R$64.8 million in available undrawn lines of credit in Brazil.

Shares in Ero Copper are trading at C$9.61, valuing the company at $824 million.

 

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