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Ero Copper Reports Second Quarter 2023 Operating and Financial Results
(all amounts in US dollars, unless otherwise noted) VANCOUVER, British Columbia, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero”
About this update from Ero Copper Corp.
[{"type":"text","content":" (all amounts in US dollars, unless otherwise noted) VANCOUVER, British Columbia, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce its operating and financial results for the three and six months ended June 30, 2023. Management will host a conference call tomorrow, Friday, August 4, 2023, at 11:30 a.m. eastern time to discuss the results. Dial-in details for the call can be found near the end of this press release. HIGHLIGHTS Copper production of 12,004 tonnes at C1 cash costs(*) of $1.52 per pound of copper produced Gold production of 12,333 ounces at C1 cash costs(*) and All-in Sustaining Costs (“AISC”)(*) of $492 and $1,081, respectively, per ounce of gold produced Meaningful quarter-on-quarter increase in copper production offset lower realized copper prices and a stronger Brazilian Real (“BRL”) during the period Net income attributable to the owners of the Company of $29.6 million ($0.32 per share on a diluted basis) Adjusted net income attributable to the owners of the Company(*) of $22.3 million ($0.24 per share on a diluted basis) Adjusted EBITDA(*) of $49.1 million Available liquidity at quarter-end of $330.4 million included cash and cash equivalents of $124.4 million, short-term investments of $56.0 million, and $150.0 million of undrawn availability under the Company’s senior secured revolving credit facility Major strategic initiatives continue to progress on schedule, positioning the Company for significant near-term growth Construction of the Tucumã Project reached approximately 45% physical completion as of quarter-end. Total project capital estimate remains unchanged at approximately $305 million At the Caraíba Operations, the pre-sink phase of development at the new external shaft was completed during the quarter with the headgear and winder installation on track to commence main sinking prior to year-end. Approximately 80% of planned capital expenditures were under contract or in the final stages of negotiation at quarter-end and remain within 5% of budget At the Xavantina Operations, horizontal development into the new Matinha vein was completed during the quarter with first production expected in H2 2023 Reaffirming 2023 production and C1 cash cost(*) guidance; increasing full-year capital expenditure guidance by $15 ...