Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the “Company”) is
pleased to announce a significant commissioning milestone at the
Tucumã Project (the "Project") with the production of saleable
copper concentrate, which exceeded process design concentrate grade
targets. This milestone was achieved following the successful
commissioning of the milling and flotation operations prior to the
end of Q2 2024. Remaining work on site is focused on concluding
non-critical path surface installations and ramping up to
commercial production.
2024 commissioning milestones:
- Completion and commissioning of
primary, secondary, tertiary crushers, screening and conveyance
systems - March 2024
- Completion of mine pre-strip and
commencement of full mine operations - April 2024
- First ore through the milling and
flotation circuits - mid-June 2024
- First batch of copper concentrate
production - June 24, 2024
- Completion of first 24-hour shift
of continuous mill operations - July 7, 2024
- First saleable copper concentrate
production, which exceeded process design concentrate grade targets
- July 18, 2024
- Expect to reach commercial
production levels, defined as 80% of design mill capacity and 80%
of design recovery rates, by the end of Q3 2024
"Producing our first saleable copper concentrate
at the Tucumã Project and successfully completing the first 24-hour
shift of continuous mining and milling operations are important
milestones as we begin our ramp-up towards commercial production,"
said David Strang, Chief Executive Officer. "We are rapidly
progressing towards an important inflection point for our
consolidated copper production and cash flows. It is an exciting
time for the Company and with copper prices performing well
year-to-date, the timing of the completion and ramp-up of Tucumã
could not be better.
"I would like to extend my congratulations to
our entire team, from senior leadership to our construction and
commissioning teams, as well as our contracting, engineering, and
supply chain partners. Their outstanding work on the construction
of Tucumã – completed on time, without injury or environmental
incident, and within line of sight of the original Project
budget – is commendable. Notably, Tucumã was designed, built, and
managed by Ero's Brazilian Engineering, Procurement, Construction
Management team, with approximately 85% of the capital expenditures
made within Brazil. This achievement is a testament to the depth
and technical strength of mining and project development talent and
resources available in Brazil."
ABOUT ERO COPPER CORPEro is a
high-margin, high-growth, low carbon-intensity copper producer with
operations in Brazil and corporate headquarters in Vancouver, B.C.
The Company's primary asset is a 99.6% interest in the Brazilian
copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner
of the Company's Caraíba Operations (formerly known as the MCSA
Mining Complex), which are located in the Curaçá Valley, Bahia
State, Brazil and include the Pilar and Vermelhos underground mines
and the Surubim open pit mine, and the Tucumã Project (formerly
known as Boa Esperança), an IOCG-type copper project located in
Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX
Gold") which owns the Xavantina Operations (formerly known as the
NX Gold Mine), comprised of an operating gold and silver mine
located in Mato Grosso, Brazil. Additional information on the
Company and its operations, including technical reports on the
Caraíba Operations, Xavantina Operations and Tucumã Project, can be
found on SEDAR+ at www.sedarplus.ca/landingpage/ and on EDGAR
(www.sec.gov). The Company’s shares are publicly traded on the
Toronto Stock Exchange and the New York Stock Exchange under the
symbol “ERO”.
FOR MORE INFORMATION, PLEASE
CONTACTCourtney Lynn, SVP, Corporate Development, Investor
Relations & Sustainability (604) 335-7504info@erocopper.com
CAUTION REGARDING FORWARD LOOKING INFORMATION
AND STATEMENTS
This press release contains “forward-looking
statements” within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and “forward-looking
information” within the meaning of applicable Canadian securities
legislation (collectively, “forward-looking statements”).
Forward-looking statements include statements that use
forward-looking terminology such as “may”, “could”, “would”,
“will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”,
“estimate”, “forecast”, “schedule”, “anticipate”, “believe”,
“continue”, “potential”, “view” or the negative or grammatical
variation thereof or other variations thereof or comparable
terminology. Forward-looking statements may include, but are not
limited to, statements with respect to the expected achievement and
timing of future commissioning milestones and commercial production
at the Tucumã Project, and any other statement that may predict,
forecast, indicate or imply future plans, intentions, levels of
activity, results, performance or achievements.
Forward-looking statements are not a guarantee
of future performance. There can be no assurance that
forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Forward-looking statements involve
statements about the future and are inherently uncertain, and the
Company’s actual results, achievements or other future events or
conditions may differ materially from those reflected in the
forward-looking statements due to a variety of risks, uncertainties
and other factors, including, without limitation, those referred to
herein and in the AIF under the heading “Risk Factors”.
The Company’s forward-looking statements are
based on the assumptions, beliefs, expectations and opinions of
management on the date the statements are made, many of which may
be difficult to predict and beyond the Company’s control. In
connection with the forward-looking statements contained in this
press release and in the AIF, the Company has made certain
assumptions about, among other things: favourable equity and debt
capital markets; the ability to raise any necessary additional
capital on reasonable terms to advance the production, development
and exploration of the Company’s properties and assets; future
prices of copper, gold and other metal prices; the timing and
results of exploration and drilling programs; the accuracy of any
mineral reserve and mineral resource estimates; the geology of the
Caraíba Operations, the Xavantina Operations and the Tucumã Project
being as described in the respective technical report for each
property; production costs; the accuracy of budgeted exploration,
development and construction costs and expenditures; the price of
other commodities such as fuel; future currency exchange rates and
interest rates; operating conditions being favourable such that the
Company is able to operate in a safe, efficient and effective
manner; work force continuing to remain healthy in the face of
prevailing epidemics, pandemics or other health risks, political
and regulatory stability; the receipt of governmental, regulatory
and third party approvals, licenses and permits on favourable
terms; obtaining required renewals for existing approvals, licenses
and permits on favourable terms; requirements under applicable
laws; sustained labour stability; stability in financial and
capital goods markets; availability of equipment; positive
relations with local groups and the Company’s ability to meet its
obligations under its agreements with such groups; and satisfying
the terms and conditions of the Company’s current loan
arrangements. Although the Company believes that the assumptions
inherent in forward-looking statements are reasonable as of the
date of this press release, these assumptions are subject to
significant business, social, economic, political, regulatory,
competitive and other risks and uncertainties, contingencies and
other factors that could cause actual actions, events, conditions,
results, performance or achievements to be materially different
from those projected in the forward-looking statements. The Company
cautions that the foregoing list of assumptions is not exhaustive.
Other events or circumstances could cause actual results to differ
materially from those estimated or projected and expressed in, or
implied by, the forward-looking statements contained in this press
release. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on
forward-looking statements.
Forward-looking statements contained herein are
made as of the date of this press release and the Company disclaims
any obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or results or
otherwise, except as and to the extent required by applicable
securities laws.
Ero Copper (TSX:ERO)
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