Shares in Ero Copper (TSX: ERO, NYSE: ERO) fell 9% Wednesday after it reduced its full-year copper production guidance due to delays in achieving commercial production at the Tucumã operation, stemming from power disruptions in the third quarter.
The company now forecasts copper production of 43,000 to 48,000 tonnes in concentrate, down from its original guidance of 59,000 to 72,000 tonnes.
In the third quarter, the Caraiba operation produced 10,766 tonnes of copper, while the Xavantina operation yielded 31,446 oz. of gold.
Full-year gold production guidance was maintained at the increased range of 60,000 to 65,000.
Ero shares traded for $23.49 apiece on Wednesday at mid-day in Toronto, valuing the company at $2.4 billion.
Leadership succession
On Tuesday, Ero Copper also announced several leadership changes, following the retirement of co-founder and chairperson Noel Dunn.
David Strang, co-founder and current CEO, will assume the role of executive chairman. Makko DeFilippo, currently president and chief operating officer, will be appointed as President and CEO and will join Ero’s board. Gelson Batista will succeed Mr. DeFilippo as chief operating officer.
DeFilippo joined Ero in January 2017 as vice-president, corporate development. He was promoted to president in January 2021 and took on the additional role of chief operating officer in March 2023.
Batista joined Ero in September 2024 as senior vice-president of operations.
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