Ero Copper’s Board of Directors Approves Construction of Boa Esperanca Project
(all amounts in US dollars, unless otherwise noted)
VANCOUVER, British Columbia, Feb. 15, 2022 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is pleased to announce that its Board of Directors has approved the construction of the Boa Esperanca Project (“Boa” or the “Project”) located in Para State, Brazil. Construction is expected to commence in the second quarter of this year, and the Company anticipates achieving first production during the third quarter of 2024.
In preparation for construction of Boa, the Company has made significant progress on key workstreams, including:
- Advancing critical-path contracts including early works, power infrastructure and site construction with equipment mobilization expected in April;
- Detailed engineering and construction designs; and
- Ongoing drill program efforts, including further exploration of the Gap Zone and completion of condemnation drilling for site infrastructure.
The Company also recently completed a $400 million senior unsecured notes offering, providing ample liquidity to execute its growth projects, which are expected to double copper production and achieve higher sustained gold production levels while maintaining first quartile operating costs and industry-leading returns on invested capital.
“With the full support of our Board, we are excited to commence construction of the Boa Esperanca Project, which we believe will play an integral role in our plans to become a 100,000 tonne per year copper producer,” said David Strang, CEO. “One of the most compelling aspects about this project is its expected ability to double Ero’s annual copper production at a low upfront capital investment of approximately $300 million.
“With the close of our recent bond offering, we have positioned our balance sheet to be able to readily fund this investment in Boa, as well as our other growth initiatives, in a range of metal price environments. We have also advanced several key workstreams that we believe will facilitate the successful execution of Boa’s construction, which we expect to commence on schedule in April 2022.”
ABOUT ERO COPPER CORP
Ero Copper Corp is a high-growth, low-cost, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company’s primary asset is a 99.6% interest in the Brazilian copper mining company, MCSA, 100% owner of the MCSA Mining Complex, which is comprised of operations located in the Curaca Valley, Bahia State, Brazil, wherein the Company currently mines copper ore from the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Boa Esperanca development project, an IOCG-type copper project located in Para, Brazil. The Company also owns 97.6% of the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the MCSA Mining Complex, Boa Esperanca and NX Gold properties, can be found on the Company’s website (www.erocopper.com), on SEDAR (www.sedar.com), and on EDGAR (www.sec.gov).
|ERO COPPER CORP.|
|/s/ David Strang||For further information contact:|
|David Strang, CEO||Courtney Lynn, VP, Corporate Development & Investor Relations|