Q2 2024 Ero Copper Corp Earnings Call Transcript
Key Points
- Tucuma Project achieved first concentrate production and is on track for commercial production by the end of Q3.
- Significant reduction in copper concentrate treatment charges, leading to lower C1 cash costs of $2.16 per pound.
- Strong performance at Xavantina operations with elevated gold grades and record gold prices.
- Solid operating cash flow of $14.7 million and adjusted EBITDA of $51.5 million for Q2.
- Strategic agreement with Vale Base Metals on the Furnas Copper Project, aligning with long-term growth strategy.
- Fatal incident at Caraiba Operations, impacting workforce morale and operations.
- Lower processed copper grades at Caraiba due to mine sequencing and higher dilution in high-grade stopes.
- Temporary evacuation of Caraiba mine due to a seismic event, causing operational disruptions.
- Increased capitalized ramp-up expenditures at Tucuma due to accelerated mining and additional costs.
- Non-cash unrealized foreign exchange losses due to the strengthening of the USD against the Brazilian Real.
Thank you for standing by, this is the conference operator welcome to the Ero Copper, second quarter 2024 operating and financial results conference call and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions).
I would now like to turn the conference over to Courtney Lynn, Senior Vice President of Corporate Development, Investor Relations and Sustainability. Please go ahead.
Thank you, operator. Good morning and welcome to Ero Copper's second quarter earnings call. Our operating and financial results were released yesterday afternoon and are available on our website as are our financial statements and MD&A for the three and six months ended June 30, 2024. On the call with me today are David Strang, Ero's Co-founder and Chief Executive Officer; Makko DeFilippo, President and Chief Operating Officer; and Wayne Drier, Chief Financial Officer.
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