Business
Ero Copper Announces First Quarter Results, Improved Operating and Capital Cost Guidance for 2020
(all amounts in US dollars, unless otherwise noted) VANCOUVER, British Columbia, May 07, 2020 (GLOBE NEWSWIRE) -- Ero Copper Corp. (the “Company”) (TSX: ERO) to
About this update from Ero Copper Corp.
[{"type":"text","content":" (all amounts in US dollars, unless otherwise noted) VANCOUVER, British Columbia, May 07, 2020 (GLOBE NEWSWIRE) -- Ero Copper Corp. (the “Company”) (TSX: ERO) today is pleased to announce its financial results for the three months ended March 31, 2020. Management will host a conference call tomorrow, Friday, May 8, 2020, at 11:30 a.m. Eastern to discuss the results. Dial-in details for the call can be found near the end of this press release. HIGHLIGHTS First quarter copper production of 10,657 tonnes of copper; Record C1 cash costs* of $0.71 per pound of copper produced contributing to record quarterly cash flow from operations of $37.3 million during the three month period ended March 31, 2020; First quarter gold and silver production at the NX Gold Mine of 7,866 ounces of gold and 4,868 ounces of silver at C1 cash costs* of $594 per ounce of gold produced; Generated $33.4 million in Adjusted EBITDA* during the three month period ended March 31, 2020; Adjusted net income attributable to owners of the Company* of $20.8 million ($0.23 per share on a diluted basis) during the three month period ended March 31, 2020; Ended the first quarter with strong liquidity position of $45.5 million; Reiterated full year production guidance for 2020; and, Updated full-year capital and operating cost guidance to reflect a weaker USD:BRL foreign exchange rate, significantly reducing C1 cash cost* guidance and the USD equivalent of the Company’s planned, and materially unchanged, capital program by approximately $16 million, on average, vs. original guidance. Commenting on the results, David Strang, President & CEO, stated, “Despite the significant global macroeconomic headwinds and challenges that emerged during the first quarter of 2020, our operations have and continue to perform well thus far into 2020. I would like to recognize the tremendous effort across our organization to mitigate the impacts of COVID-19. Our mine-site management teams have worked tirelessly to support the continuity and underlying performance of our operations and, more importantly, ensure the health and well-being of our employees, contractors, their families and local communities. Front and center in these efforts entails the purchase and delivery of over 5,000 COVID-19 testing kits, a portion of which have been donated to regional hospitals and medic...