Ero Copper‘s (TSX: ERO; NYSE: ERO) Tucumã project in Pará, Brazil, is on track for production next month after the company obtained its operational licence, the last remaining permitting milestone for commercial production.
The mine is about 99% physically built, with commissioning well advanced and over 90% of the operational staff hired and trained, Ero Copper said in a news release on Wednesday. The total direct capital cost estimate for the project remains unchanged at around US$310 million.
CEO David Strang calls the mine’s imminent commissioning “a major inflection point” for the company and its stakeholders for the years to come.
Ero currently produces copper from its flagship Caraíba operations in Bahia state. The mine complex formerly known as MCSA consists of fully integrated mining operations and processing facilities, including the Pilar and Vermelhos underground mines and the Surubim open pit mine.
In 2023, Caraíba produced 43,857 tonnes of copper in concentrate, and is expected to produce 42,000 to 47,000 tonnes this year.
Once commissioned, the Tucumã open-pit mine would add a further 7,000 to 25,000 tonnes to this year’s output, then rise to between 53,000 and 58,000 tonnes in 2025, its first full year of production.
Shares in Ero Copper were up 2.5% at $28.57 on Wednesday morning, valuing the Vancouver-based miner at $2.9 billion. Its shares traded in a 52-week range of $15.72 and $32.89.
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