Business
Ero Copper Reports Fourth Quarter and 2018 Year End Results
VANCOUVER, British Columbia, March 14, 2019 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO) (“Ero” or the “Company”) today is pleased to announce its financial
About this update from Ero Copper Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, March 14, 2019 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO) (“Ero” or the “Company”) today is pleased to announce its financial results for the three and twelve months ended December 31, 2018. Management will host a conference call tomorrow, Friday, March 15, 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 Fourth quarter copper production of 12,104 tonnes and 2018 full year copper production of 30,426 tonnes, a 51% year-on-year increase in production and exceeding original 2018 production guidance by 15%; Fourth quarter C1 Cash Costs* of $0.99 per pound of copper produced resulting in full year C1 Cash Costs* of $1.19 per pound of copper produced, within the Company’s revised guidance range; Generated $39.0 million and $99.9 million in Adjusted EBITDA* during the three and twelve month periods ended December 31, 2018, respectively – a 168% increase in year-on-year Adjusted EBITDA*; Cash flow from operations of $24.0 million and $82.9 million during the three and twelve month periods ended December 31, 2019, respectively – a 139% increase in year-on-year cash flow from operations; Adjusted net income* attributable to owners of the Company of $7.9 million and $10.9 million ($0.09 and $0.12 per share on a diluted basis) during the three and twelve month periods ended December 31, 2018, respectively; Total annual gold and silver production at the NX Gold Mine of 39,808 ounces of gold and 24,700 ounces of silver at C1 Cash Costs* of $520 per ounce of gold produced; Successfully refinanced all of the Company’s current US dollar denominated debt during the fourth quarter via a new US$130 million debt financing with The Bank of Nova Scotia (“Scotiabank”) and Bank of Montreal (“BMO”), materially reducing the Company’s cost of borrowing when compared to the prior debt structure; Ended 2018 with total cash position of $21.9 million, approximately $15.5 million available in undrawn unsecured working capital lines of credit plus an additional $5.0 million available under the Company’s secured revolving credit facility; Reiterate 2019 full year production guidance of 36.0 to 38.0 thousand tonnes (“kt”) of copper at full year C1 Cash Cost* guidance to US$1.00 to US$1.10 per pound of copper produced. Commenting on the 20...