Ero Copper Corp. (TSX: ERO) (NYSE: ERO) 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
*These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2023 and the Reconciliation of Non-IFRS Measures section at the end of this press release.
“We continued to deliver on our full-year operating plan during the second quarter while making significant progress on our organic growth initiatives,” said David Strang, Chief Executive Officer. “Despite softer copper prices and a significant strengthening of the BRL, excellent performance at our operations translated into solid operating margins and financial results for the quarter.
“Looking ahead, we anticipate a stronger second half of 2023 as we target commissioning of the new ball mill for our plant expansion project at the Caraíba Operations during the fourth quarter, and produce first ore from the recently developed Matinha vein at the Xavantina Operations.
“Construction of the Tucumã Project continues to advance on schedule and is nearing the halfway mark at approximately 45% physical completion. Electromechanical assembly of the process plant is now underway, and mine pre-strip remains on track to reach first sulphide ore in the fourth quarter of this year, as planned. At the Caraíba Operations, we completed the pre-sink phase of development at the new external shaft, achieving approximately 25% physical completion as of quarter-end. We are now in the process of hoisting the pre-assembled headframe to commence main shaft sinking activities prior to year-end.
“As the world’s focus on security of critical minerals supply chains grows more urgent, the timing of our growth trajectory appears increasingly favorable. We are proud to produce some of the lowest carbon-intensity metals in the world and remain on track to double copper production to over 100,000 tonnes in 2025 and achieve higher sustained gold production levels of 55,000 to 60,000 ounces per year beginning in 2024.”
SECOND QUARTER REVIEW
Figure 1: July 2023 aerial view of the Tucumã Project, including (A) main substation, (B) crushed ore stockpile and belt feeder, (C) process plant, including ball mill, flotation and filtration, and (D) administrative offices, laboratories, fuel station, and equipment maintenance area.
Figure 2: Civil works underway on the Tucumã Project’s future process plant, including (A) rougher and cleaner flotation cells, (B) Jameson cells, (C) pyrite flotation, and (D) ball mill (July 2023).
Figure 3: Preparation for electromechanical assembly of the ball mill at the Tucumã Project (July 2023).
Figure 4: Construction of primary crusher retaining wall at the Tucumã Project (July 2023).
Figure 5: Hoisting of pre-assembled headframe at the Caraíba Operations’ new external shaft in July 2023.
Figure 6: Construction and assembly of the personnel and material winder building as of July 2023.
OPERATING AND FINANCIAL HIGHLIGHTS
3 months ended June 30, 2023 |
3 months ended Mar. 31, 2023 |
3 months ended June 30, 2022 |
6 months ended June 30, 2023 |
6 months ended June 30, 2022 |
||||||||||||||||
Operating Highlights | ||||||||||||||||||||
Copper (Caraíba Operations) | ||||||||||||||||||||
Ore Processed (tonnes) | 840,821 | 772,548 | 801,425 | 1,613,369 | 1,397,655 | |||||||||||||||
Grade (% Cu) | 1.55 | 1.33 | 1.74 | 1.45 | 1.76 | |||||||||||||||
Cu Production (tonnes) | 12,004 | 9,327 | 12,734 | 21,331 | 22,518 | |||||||||||||||
Cu Production (000 lbs) | 26,464 | 20,564 | 28,073 | 47,027 | 49,643 | |||||||||||||||
Cu Sold in Concentrate (tonnes) | 11,612 | 9,464 | 12,948 | 21,076 | 22,993 | |||||||||||||||
Cu Sold in Concentrate (000 lbs) | 25,600 | 20,865 | 28,546 | 46,465 | 50,691 | |||||||||||||||
C1 cash cost of Cu produced (per lb)(1) | $ | 1.52 | $ | 1.70 | $ | 1.24 | $ | 1.60 | $ | 1.27 | ||||||||||
Gold (Xavantina Operations) | ||||||||||||||||||||
Ore Processed (tonnes) | 34,377 | 35,763 | 57,291 | 70,140 | 107,281 | |||||||||||||||
Au Production (oz) | 12,333 | 12,443 | 11,122 | 24,776 | 19,918 | |||||||||||||||
C1 cash cost of Au Produced (per oz)(1) | $ | 492 | $ | 436 | $ | 643 | $ | 464 | $ | 641 | ||||||||||
AISC of Au produced (per oz)(1) | $ | 1,081 | $ | 946 | $ | 1,169 | $ | 1,013 | $ | 1,135 | ||||||||||
Financial Highlights ($ in millions, except per share amounts) | ||||||||||||||||||||
Revenues | $ | 104.9 | $ | 101.0 | $ | 114.9 | $ | 205.9 | $ | 223.8 | ||||||||||
Gross profit | 39.4 | 40.1 | 50.7 | 79.5 | 111.7 | |||||||||||||||
EBITDA(1) | 61.9 | 52.2 | 53.9 | 114.1 | 132.0 | |||||||||||||||
Adjusted EBITDA(1) | 49.1 | 48.6 | 55.8 | 97.7 | 118.2 | |||||||||||||||
Cash flow from operations | 55.5 | 16.4 | 22.4 | 71.8 | 66.4 | |||||||||||||||
Net income | 29.9 | 24.5 | 24.1 | 54.4 | 76.6 | |||||||||||||||
Net income attributable to owners of the Company | 29.6 | 24.2 | 23.8 | 53.7 | 75.9 | |||||||||||||||
Per share (basic) | 0.32 | 0.26 | 0.26 | 0.58 | 0.84 | |||||||||||||||
Per share (diluted) | 0.32 | 0.26 | 0.26 | 0.58 | 0.83 | |||||||||||||||
Adjusted net income attributable to owners of the Company(1) | 22.3 | 22.5 | 24.4 | 44.7 | 57.3 | |||||||||||||||
Per share (basic) | 0.24 | 0.24 | 0.27 | 0.48 | 0.63 | |||||||||||||||
Per share (diluted) | 0.24 | 0.24 | 0.27 | 0.48 | 0.62 | |||||||||||||||
Cash, cash equivalents, and short-term investments | 180.4 | 236.6 | 429.9 | 180.4 | 429.9 | |||||||||||||||
Working capital(1) | 140.7 | 218.8 | 417.7 | 140.7 | 417.7 | |||||||||||||||
Net (cash) debt(1) | 246.5 | 174.2 | (10.2 | ) | 246.5 | (10.2 | ) | |||||||||||||
(1) EBITDA, Adjusted EBITDA, Adjusted net income (loss) attributable to owners of the Company, Adjusted net income (loss) per share attributable to owners of the Company, Net (Cash) Debt, Working Capital, C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce) and AISC of gold produced (per ounce) are non-IFRS measures. These measures do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the Company’s discussion of Non-IFRS measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2023 and the Reconciliation of Non-IFRS Measures section at the end of this press release. | ||||||||||||||||||||
2023 PRODUCTION AND COST GUIDANCE(*)
The Company is reaffirming its 2023 copper production guidance for the Caraíba Operations of 44,000 to 47,000 tonnes of copper in concentrate. Mill throughput volumes are expected to be slightly lower in Q3 2023 compared to Q2 2023 and higher in Q4 2023 due to the anticipated commissioning of the new ball mill. Combined with expected copper grade variations related to planned stope sequencing, copper production is expected to decrease slightly in Q3 2023 before increasing in the last quarter of the year.
The Company is also maintaining its full-year C1 cash cost guidance for the Caraíba Operations of $1.40 and $1.60 per pound of copper produced. Unit operating costs are expected to be slightly higher in Q3 2023 compared to Q2 2023 and lowest in the last quarter of the year due to anticipated variations in quarterly mined and processed copper grades as well as total copper production.
At the Xavantina Operations, the Company is reaffirming its 2023 gold production guidance range of 50,000 to 53,000 ounces with slightly higher gold production expected in H2 2023 due to increased mill throughput volumes following the expected commencement of production from the Matinha vein.
The Company is also maintaining its full-year C1 cash cost guidance for the Xavantina Operations of $475 and $575 per ounce of gold produced and adjusting its AISC guidance range to $1,000 to $1,100 per ounce of gold produced to reflect the inclusion of sustaining lease payments and other miscellaneous sustaining expenses.
The Company’s cost guidance for 2023 assumes a USD:BRL foreign exchange rate of 5.30, a gold price of $1,725 per ounce and a silver price of $20.00 per ounce.
2023 Guidance | ||
Caraíba Operations | ||
Copper Production (tonnes) | 44,000 – 47,000 | |
C1 Cash Cost (US$/lb)(1) | $1.40 – $1.60 | |
Xavantina Operations | ||
Gold Production (ounces) | 50,000 – 53,000 | |
C1 Cash Cost (US$/oz)(1) | $475 – $575 | |
All-in Sustaining Cost (AISC) (US$/oz)(1) | $1,000 – $1,100 | |
(1) These are non-IFRS measures and do not have a standardized meaning prescribed by IFRS and might not be comparable to similar financial measures disclosed by other issuers. See the Reconciliation of Non-IFRS Measures section at the end of this press release for additional information. | ||
2023 CAPITAL EXPENDITURE GUIDANCE(*)
After conducting a detailed review of major projects and support infrastructure at the Caraíba Operations during the quarter, including infrastructure related to the Deepening, underground paste fill and tailings, the Company has elected to invest in various upgrades throughout H2 2023. These enhancements aim to bolster the Caraíba Operations’ ongoing projects and support expanded life-of-mine operating plans at the Pilar Mine. As a result, the Company is increasing its full-year capital expenditure guidance by $15 to $20 million.
The Company’s capital expenditure guidance for 2023 assumes a USD:BRL foreign exchange rate of 5.30 and has been presented below in USD millions.
2023 Guidance | |
Caraíba Operations | |
Growth | $90 – $105 |
Sustaining | $70 – $80 |
Exploration | $22 – $27 |
Total, Caraíba Operations | $182 – $212 |
Tucumã Project | |
Growth | $150 – $165 |
Exploration | $0 – $1 |
Total, Tucumã Project | $150 – $166 |
Xavantina Operations | |
Growth | $4 – $5 |
Sustaining | $12 – $14 |
Exploration | $6 – $7 |
Total, Xavantina Operations | $22 – $26 |
Other Exploration Projects | $3 – $5 |
Company Total | |
Growth | $244 – $275 |
Sustaining | $82 – $94 |
Exploration | $31 – $40 |
Total, Company | $357 – $409 |
(*) Guidance is based on certain estimates and assumptions, including but not limited to, mineral reserve estimates, grade and continuity of interpreted geological formations and metallurgical performance. Please refer to the Company’s SEDAR and EDGAR filings, including the recent Annual Information Form for the year ended December 31, 2022 and dated March 7, 2023 (the “AIF”), for complete risk factors.
Reconciliation of Non-IFRS Measures
Financial results of the Company are presented in accordance with IFRS. The Company utilizes certain alternative performance (non-IFRS) measures to monitor its performance, including C1 cash cost of copper produced (per lb), C1 cash cost of gold produced (per ounce), AISC of gold produced (per ounce), EBITDA, adjusted EBITDA, adjusted net income attributable to owners of the Company, adjusted net income per share, net (cash) debt, working capital and available liquidity. These performance measures have no standardized meaning prescribed within generally accepted accounting principles under IFRS and, therefore, amounts presented may not be comparable to similar measures presented by other mining companies. These non-IFRS measures are intended to provide supplemental information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.
For additional details please refer to the Company’s discussion of non-IFRS and other performance measures in its Management’s Discussion and Analysis for the three and six months ended June 30, 2023 which is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.
C1 cash cost of copper produced (per lb)
The following table provides a reconciliation of C1 cash cost of copper produced per pound to cost of production, its most directly comparable IFRS measure.
Reconciliation: | 2023 – Q2 | 2023 – Q1 | 2022 – Q2 | 2023 – YTD | 2022 – YTD | |||||||||||||||
Cost of production | $ | 37,767 | $ | 36,285 | $ | 38,015 | $ | 74,052 | $ | 67,178 | ||||||||||
Add (less): | ||||||||||||||||||||
Transportation costs & other | 1,733 | 1,339 | 2,579 | 3,072 | 4,448 | |||||||||||||||
Treatment, refining, and other | 4,248 | 2,527 | 3,893 | 6,775 | 5,939 | |||||||||||||||
By-product credits | (3,704 | ) | (2,810 | ) | (6,438 | ) | (6,514 | ) | (11,250 | ) | ||||||||||
Incentive payments | (1,129 | ) | (1,237 | ) | (1,016 | ) | (2,366 | ) | (1,920 | ) | ||||||||||
Net change in inventory | 1,323 | (1,185 | ) | (1,907 | ) | 138 | (1,330 | ) | ||||||||||||
Foreign exchange translation and other | (13 | ) | 15 | (178 | ) | 2 | 208 | |||||||||||||
C1 cash costs | $ | 40,225 | $ | 34,934 | $ | 34,948 | $ | 75,159 | $ | 63,273 |
Mining | $ | 25,794 | $ | 23,210 | $ | 23,933 | $ | 49,004 | $ | 44,059 | ||||||||||
Processing | 7,643 | 6,554 | 7,988 | 14,197 | 14,435 | |||||||||||||||
Indirect | 6,244 | 5,453 | 5,572 | 11,697 | 10,090 | |||||||||||||||
Production costs | 39,681 | 35,217 | 37,493 | 74,898 | 68,584 | |||||||||||||||
By-product credits | (3,704 | ) | (2,810 | ) | (6,438 | ) | (6,514 | ) | (11,250 | ) | ||||||||||
Treatment, refining and other | 4,248 | 2,527 | 3,893 | 6,775 | 5,939 | |||||||||||||||
C1 cash costs | $ | 40,225 | $ | 34,934 | $ | 34,948 | $ | 75,159 | $ | 63,273 | ||||||||||
Payable copper produced (lb, 000) | 26,464 | 20,564 | 28,073 | 47,027 | 49,643 | |||||||||||||||
Mining | $ | 0.97 | $ | 1.13 | $ | 0.85 | $ | 1.04 | $ | 0.89 | ||||||||||
Processing | $ | 0.29 | $ | 0.32 | $ | 0.28 | $ | 0.30 | $ | 0.29 | ||||||||||
Indirect | $ | 0.24 | $ | 0.27 | $ | 0.20 | $ | 0.25 | $ | 0.20 | ||||||||||
By-product credits | $ | (0.14 | ) | $ | (0.14 | ) | $ | (0.23 | ) | $ | (0.14 | ) | $ | (0.23 | ) | |||||
Treatment, refining and other | $ | 0.16 | $ | 0.12 | $ | 0.14 | $ | 0.15 | $ | 0.12 | ||||||||||
C1 cash costs of copper produced (per lb) | $ | 1.52 | $ | 1.70 | $ | 1.24 | $ | 1.60 | $ | 1.27 | ||||||||||
C1 cash cost of gold produced and All-in Sustaining Cost of gold produced (per ounce)
The following table provides a reconciliation of C1 cash cost of gold produced per ounce and AISC of gold produced per ounce to cost of production, its most directly comparable IFRS measure.
Reconciliation: | 2023 – Q2 | 2023 – Q1 | 2022 – Q2 | 2023 – YTD | 2022 – YTD | |||||||||||||||
Cost of production | $ | 5,657 | $ | 6,107 | $ | 7,225 | $ | 11,764 | $ | 12,617 | ||||||||||
Add (less): | ||||||||||||||||||||
Incentive payments | (311 | ) | (407 | ) | (188 | ) | (718 | ) | (773 | ) | ||||||||||
Net change in inventory | 936 | (352 | ) | (73 | ) | 584 | 654 | |||||||||||||
By-product credits | (163 | ) | (176 | ) | (145 | ) | (339 | ) | (269 | ) | ||||||||||
Smelting and refining costs | 63 | 76 | 62 | 139 | 104 | |||||||||||||||
Foreign exchange translation and other | (119 | ) | 176 | 265 | 57 | 429 | ||||||||||||||
C1 cash costs | $ | 6,063 | $ | 5,424 | $ | 7,146 | $ | 11,487 | $ | 12,762 | ||||||||||
Site general and administrative | 1,338 | 1,232 | 882 | 2,570 | 1,441 | |||||||||||||||
Accretion of mine closure and rehabilitation provision | 111 | 105 | 112 | 216 | 224 | |||||||||||||||
Sustaining capital expenditure | 3,530 | 3,013 | 3,690 | 6,543 | 5,986 | |||||||||||||||
Sustaining leases | 1,740 | 1,660 | 894 | 3,400 | 1,716 | |||||||||||||||
Royalties and production taxes | 556 | 338 | 277 | 894 | 481 | |||||||||||||||
AISC | $ | 13,338 | $ | 11,772 | $ | 13,001 | $ | 25,110 | $ | 22,610 |
Costs | ||||||||||||||||||||
Mining | $ | 3,017 | $ | 2,567 | $ | 3,929 | $ | 5,584 | $ | 7,147 | ||||||||||
Processing | 2,048 | 1,905 | 2,285 | 3,953 | 3,983 | |||||||||||||||
Indirect | 1,098 | 1,052 | 1,015 | 2,150 | 1,797 | |||||||||||||||
Production costs | 6,163 | 5,524 | 7,229 | 11,687 | 12,927 | |||||||||||||||
Smelting and refining costs | 63 | 76 | 62 | 139 | 104 | |||||||||||||||
By-product credits | (163 | ) | (176 | ) | (145 | ) | (339 | ) | (269 | ) | ||||||||||
C1 cash costs | $ | 6,063 | $ | 5,424 | $ | 7,146 | $ | 11,487 | $ | 12,762 | ||||||||||
Site general and administrative | 1,338 | 1,232 | 882 | 2,570 | 1,441 | |||||||||||||||
Accretion of mine closure and rehabilitation provision | 111 | 105 | 112 | 216 | 224 | |||||||||||||||
Sustaining capital expenditure | 3,530 | 3,013 | 3,690 | 6,543 | 5,986 | |||||||||||||||
Sustaining leases | 1,740 | 1,660 | 894 | 3,400 | 1,716 | |||||||||||||||
Royalties and production taxes | 556 | 338 | 277 | 894 | 481 | |||||||||||||||
AISC | $ | 13,338 | $ | 11,772 | $ | 13,001 | $ | 25,110 | $ | 22,610 | ||||||||||
Costs per ounce | ||||||||||||||||||||
Payable gold produced (ounces) | 12,333 | 12,443 | 11,122 | 24,776 | 19,918 | |||||||||||||||
Mining | $ | 245 | $ | 206 | $ | 353 | $ | 225 | $ | 359 | ||||||||||
Processing | $ | 166 | $ | 153 | $ | 205 | $ | 160 | $ | 200 | ||||||||||
Indirect | $ | 89 | $ | 85 | $ | 91 | $ | 87 | $ | 90 | ||||||||||
Smelting and refining | $ | 5 | $ | 6 | $ | 6 | $ | 6 | $ | 5 | ||||||||||
By-product credits | $ | (13 | ) | $ | (14 | ) | $ | (12 | ) | $ | (14 | ) | $ | (13 | ) | |||||
C1 cash costs of gold produced (per ounce) | $ | 492 | $ | 436 | $ | 643 | $ | 464 | $ | 641 | ||||||||||
AISC of gold produced (per ounce) | $ | 1,081 | $ | 946 | $ | 1,169 | $ | 1,013 | $ | 1,135 | ||||||||||
Earnings before interest, taxes, depreciation and amortization (EBITDA) and Adjusted EBITDA
The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net income, its most directly comparable IFRS measure.
Reconciliation: | 2023 – Q2 | 2023 – Q1 | 2022 – Q2 | 2023 – YTD | 2022 – YTD | |||||||||||||||
Net Income | $ | 29,941 | $ | 24,500 | $ | 24,110 | $ | 54,441 | $ | 76,596 | ||||||||||
Adjustments: | ||||||||||||||||||||
Finance expense | 5,995 | 6,526 | 8,154 | 12,521 | 13,650 | |||||||||||||||
Income tax expense | 5,773 | 4,666 | 5,283 | 10,439 | 13,889 | |||||||||||||||
Amortization and depreciation | 20,239 | 16,506 | 16,361 | 36,745 | 27,865 | |||||||||||||||
EBITDA | $ | 61,948 | $ | 52,198 | $ | 53,908 | $ | 114,146 | $ | 132,000 | ||||||||||
Foreign exchange (gain) loss | (15,057 | ) | (8,621 | ) | 3,303 | (23,678 | ) | (15,406 | ) | |||||||||||
Share based compensation | 4,909 | 5,017 | (2,333 | ) | 9,926 | (343 | ) | |||||||||||||
Unrealized loss (gain) on copper derivative contracts | (2,654 | ) | — | — | (2,654 | ) | — | |||||||||||||
Incremental COVID-19 costs | — | — | 952 | — | 1,956 | |||||||||||||||
Adjusted EBITDA | $ | 49,146 | $ | 48,594 | $ | 55,830 | $ | 97,740 | $ | 118,207 | ||||||||||
Adjusted net income attributable to owners of the Company and Adjusted net income per share attributable to owners of the Company
The following table provides a reconciliation of Adjusted net income attributable to owners of the Company and Adjusted EPS to net income attributable to the owners of the Company, its most directly comparable IFRS measure.
Reconciliation: | 2023 – Q2 | 2023 – Q1 | 2022 – Q2 | 2023 – YTD | 2022 – YTD | |||||||||||||||
Net income as reported attributable to the owners of the Company | $ | 29,576 | $ | 24,154 | $ | 23,820 | $ | 53,730 | $ | 75,927 | ||||||||||
Adjustments: | ||||||||||||||||||||
Share based compensation | 4,909 | 5,017 | (2,333 | ) | 9,926 | (343 | ) | |||||||||||||
Unrealized foreign exchange (gain) loss on USD denominated balances in MCSA | (9,716 | ) | (4,753 | ) | 1,038 | (14,469 | ) | (299 | ) | |||||||||||
Unrealized foreign exchange (gain) loss on foreign exchange derivative contracts | (2,078 | ) | (3,152 | ) | 1,405 | (5,230 | ) | (23,210 | ) | |||||||||||
Unrealized gain on interest rate derivative contracts | (2,644 | ) | — | — | (2,644 | ) | — | |||||||||||||
Incremental COVID-19 costs | — | — | 946 | — | 1,944 | |||||||||||||||
Tax effect on the above adjustments | 2,205 | 1,208 | (519 | ) | 3,413 | 3,289 | ||||||||||||||
Adjusted net income attributable to owners of the Company | $ | 22,252 | $ | 22,474 | $ | 24,357 | $ | 44,726 | $ | 57,308 | ||||||||||
Weighted average number of common shares | ||||||||||||||||||||
Basic | 92,685,916 | 92,294,045 | 90,539,647 | 92,491,063 | 90,389,661 | |||||||||||||||
Diluted | 93,643,447 | 93,218,281 | 91,850,321 | 93,429,191 | 91,887,665 | |||||||||||||||
Adjusted EPS | ||||||||||||||||||||
Basic | $ | 0.24 | $ | 0.24 | $ | 0.27 | $ | 0.48 | $ | 0.63 | ||||||||||
Diluted | $ | 0.24 | $ | 0.24 | $ | 0.27 | $ | 0.48 | $ | 0.62 | ||||||||||
Net (Cash) Debt
The following table provides a calculation of net (cash) debt based on amounts presented in the Company’s condensed consolidated interim financial statements as at the periods presented.
June 30, 2023 | March 31, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||||
Current portion of loans and borrowings | $ | 17,105 | $ | 9,221 | $ | 15,703 | $ | 16,219 | |||||||
Long-term portion of loans and borrowings | 409,818 | 401,595 | 402,354 | 403,492 | |||||||||||
Less: | |||||||||||||||
Cash and cash equivalents | (124,382 | ) | (209,908 | ) | (177,702 | ) | (329,292 | ) | |||||||
Short-term investments | (56,011 | ) | (26,739 | ) | (139,700 | ) | (100,589 | ) | |||||||
Net (cash) debt | $ | 246,530 | $ | 174,169 | $ | 100,655 | $ | (10,170 | ) | ||||||
Working Capital and Available Liquidity
The following table provides a calculation for these based on amounts presented in the Company’s condensed consolidated interim financial statements as at the periods presented.
June 30, 2023 | March 31, 2023 | December 31, 2022 | June 30, 2022 | ||||||||||||
Current assets | $ | 280,783 | $ | 331,241 | $ | 392,427 | $ | 523,201 | |||||||
Less: Current liabilities | (140,090 | ) | (112,448 | ) | (129,121 | ) | (105,527 | ) | |||||||
Working capital | $ | 140,693 | $ | 218,793 | $ | 263,306 | $ | 417,674 | |||||||
Cash and cash equivalents | 124,382 | 209,908 | 177,702 | 329,292 | |||||||||||
Short-term investments | 56,011 | 26,739 | 139,700 | 100,589 | |||||||||||
Available undrawn revolving credit facilities | 150,000 | 150,000 | 75,000 | 75,000 | |||||||||||
Available liquidity | $ | 330,393 | $ | 386,647 | $ | 392,402 | $ | 504,881 | |||||||
ABOUT ERO COPPER CORP
Ero is a high-margin, high-growth, 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, Mineração Caraíba S.A. 100% owner of the Company’s Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on the Company’s website (www.erocopper.com), on SEDAR (www.sedar.com), and on EDGAR (www.sec.gov). The Company’s shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange.
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