Ero Copper’s Tucumã project, located in Pará, Brazil, is ready to start production next month, after obtaining the final operating license, the permit required to start commercial production. This was granted by the environmental agency of the state of Pará, Secretaria de Estado de Meio Ambiente e Sustentabilidade (“SEMAS”).
The company reported that construction of the mine is 99% complete, with commissioning almost complete and more than 90% of the operating personnel hired and trained.
Ero Copper announced that the direct capital cost of the project remains unchanged at around $310 million. David Strang, the CEO, described the start of production from the mine as “a significant turning point” for the company and its stakeholders in the coming years.
Ero Copper’s current operations and future projections
The company currently produces copper at its Caraíba mining complex in Bahia, which includes the Pilar and Vermelhos subway mines, as well as the Surubim open-pit mine. In 2023, Caraíba produced 43,857 tons of copper in concentrate and is expected to produce between 42,000 and 47,000 tons this year. With the Tucumã mine operational, an additional 7,000 to 25,000 tons will be added in 2024 and 53,000 to 58,000 tons in 2025, its first full year of production.
Ero Copper shares rose 2.4% following the announcement. The Vancouver-based company now has a market capitalization of $2.15 billion.
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Source and photos: ERO Copper