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Ero Copper hikes FY'19 production guidance as Q2 output surges YOY

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Ero Copper hikes FY'19 production guidance as Q2 output surges YOY

Ero Copper Corp. increased its full-year copper production guidance after second quarter output surged to 10,473 tonnes of copper, up from 5,684 tonnes produced a year ago.

C1 cash costs during the quarter for the MCSA Mining Complex in Brazil dropped to US$$1.04 per pound, from US$1.49 per pound for the prior-year second quarter. Sales of copper in concentrate climbed to 10,931 tonnes in the quarter, from 6,569 tonnes a year ago.

The company said Aug. 8 it expects full-year copper output at the low end of its new guidance range of 38,000 tonnes to 40,000 tonnes. The previous forecast stood at 36,000 tonnes to 38,000 tonnes.

Cash costs guidance remained at the same level of US$1.00 to US$1.10 per pound.

Gold production during the quarter from the NX Gold operations in Brazil slipped to 9,917 ounces at C1 cash costs of US$517 per ounce, from 10,159 ounces produced at US$519/oz in the second quarter of 2018.

The company swung to a net income attributable to shareholders of US$15.1 million, or 17 US cents per share, in the second quarter, from the year-ago net loss of US$18.2 million, or 22 cents apiece.

Revenue in the three months climbed to US$76.5 million, from US$61.0 million.