Business
Ero Copper produces 42,318 tonnes of copper in 2019 and provides 2020 production outlook
VANCOUVER, British Columbia, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Ero Copper Corp. (“Ero” or the “Company”) (TSX: ERO) is pleased to announce the production result
About this update from Ero Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Ero Copper Corp. (“Ero” or the “Company”) (TSX: ERO) is pleased to announce the production results for the three and twelve month period ended December 31, 2019 for its 99.6% owned Vale do Curaçá (“Curaçá Valley”) Property located in Bahia State, Brazil and its 97.6% owned NX Gold Mine, located in Mato Grosso State, Brazil. The Company’s financial results for the full year and fourth quarter of 2019 will be published on Thursday, March 12, 2020 after the close of the Toronto Stock Exchange. 2019 Production Highlights: Total annual copper production at the Curaçá Valley operations of 42,318 tonnes compared to 30,426 tonnes produced in 2018, a 39% year-on-year increase in production, significantly exceeding original 2019 production guidance of 36,000 to 38,000 tonnes of copper. Total annual gold and silver production at the NX Gold Mine of 30,434 ounces of gold and 19,641 ounces of silver. 2020 Outlook Highlights: Annual production guidance for the Curaçá Valley operations of 41,000 to 43,000 tonnes of copper in concentrate; C1 cash cost[1] guidance of US$0.85 to US$0.95 per pound of copper produced and capital expenditure guidance of US$74.0 million[2]; An additional US$28 million[2] to fund the 2020 exploration program in the Curaçá Valley. The program is highlighted by 172,000 meters of planned exploration drilling through September 2020, an annualized rate of approximately 230,000 meters, of which approximately 60% is planned for regional exploration including drill testing of new greenfield targets identified during the Company’s airborne geophysical survey and ongoing data analysis. This compares to approximately 235,000 meters drilled during 2019 of which only 23% was allocated to regional exploration. Annual production guidance for the NX Gold Mine of 38,000 to 40,000 ounces of gold at C1 cash costs[1] of US$475 to US$575 per ounce of gold produced. Annual capital expenditure guidance for the NX Gold Mine of US$6 million plus US$3.5 million[2] in ongoing exploration expenditures. Commenting on the 2019 production results and 2020 outlook, David Strang, President & CEO of Ero, stated, “Our business strategy has and continues to be focused on achieving near-term organic production growth, at first quartile production costs, while increasing the f...