Ero Copper Corp (ERO) First Quarter Results Impress as Net Debt Shrinks

Ero Copper Corp (NYSE:ERO) is one of the most Oversold Canadian stocks to invest in. On May 4, Ero Copper Corp (NYSE:ERO) delivered solid first-quarter results attributed to solid operating performance across the company’s copper operations. The company also benefited from necessary ventilation circuits and cooling upgrades undertaken at the Xavantina operation.

Ero Copper Corp (ERO) First Quarter Results Impress as Net Debt Shrinks

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Total copper production in the quarter totaled 17,287 tonnes at C1 cash of $2.39 per pound. Gold production totaled 5,495 ounces at an all-in-sustaining cost of $4,441. The company sold 10,330 ounces of gold. Net income in the quarter totaled $108.8 million, or $1.04 per share, while adjusted net income attributable to shareholders totaled $72.4 million, or $0.69 per diluted share.

Ero Copper Corp’s net debt shrank by $11 million to $490.7 million, resulting in a further reduction of the net leverage ratio to 1.0X. For the full year, the company is projecting copper production of between 67,500 and 77,500 tons. Total capital expenditure is expected to be between $275 and $320 million.

Ero Copper Corp. (NYSE:ERO) is a Vancouver-based mining company focused on producing copper, with gold and silver byproducts, primarily through operations in Brazil. Its key assets include the Caraíba operations (Bahia), the Tucumã operations (Para), and the Xavantina gold operation.

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