Business
Ero Copper Reports First Quarter Results
(all amounts in US dollars, unless otherwise noted) VANCOUVER, British Columbia, May 07, 2019 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO) (“Ero” or the “Com
About this update from Ero Copper Corp.
[{"type":"text","content":" (all amounts in US dollars, unless otherwise noted) VANCOUVER, British Columbia, May 07, 2019 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO) (“Ero” or the “Company”) today is pleased to announce its financial results for the three months ended March 31, 2019. Management will host a conference call tomorrow, Wednesday, May 8, 2019, 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 10,645 tonnes of copper; First quarter C1 Cash Costs* of $0.91 per pound of copper produced; First quarter gold and silver production at the NX Gold Mine of 10,119 ounces of gold and 6,359 ounces of silver at C1 Cash Costs* of $486 per ounce of gold produced; Generated $39.3 million in Adjusted EBITDA* and $25.1 million in cash flow from operations during the three month period ended March 31, 2019; Adjusted net income attributable to owners of the Company* of $15.7 million ($0.17 per share on a diluted basis) during the three month period ended March 31, 2019; Ended the first quarter with cash position of $22.1 million; and, Reiterated full year production, capital and operating cost guidance for 2019. “Our operational results from the first quarter of 2019 are in line with our expectations and demonstrate strong overall performance during the period. The results are highlighted by a significant quarter-on-quarter increase in grades mined and processed as we started to mine the main orebodies of the Vermelhos Mine during the period. The increase in mill head-grade, paired with several recently completed low-cost and high-value milling and flotation improvement initiatives resulted in increased metallurgical recoveries which contributed to the 8% improvement in C1 Cash Costs per pound of copper produced when compared to the fourth quarter of 2018 and reflects the continued great work by our team at Mineração Caraíba. At Vermelhos, production from the first operating stopes of the main orebodies commenced during the period, resulting in a 34% quarter-on-quarter improvement in grades mined. With two quarters of production at Vermelhos now complete, we are extremely pleased with the operational performance of the mine. At Pilar, a decline in grades was anticipated due to planned stope sequencing, and we expect grades t...