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Ero Copper says it generated net income of $52 million in first quarter

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(Kitco News) - Ero Copper (TSX: ERO) reported today Q1 2022 copper production of 9,784 tonnes (Q1 2021: 12,638 tonnes) and gold production of 8,796 ounces (Q1 2021: 9,451 ounces).

The company also said it generated strong net income attributable to the owners of the company of $52.1 million ($0.57 per share on a diluted basis) compared to net income of $31.7 million a year ago.

Ero Copper also reaffirmed its 2022 production, operating cost and capital expenditure guidance, with full-year copper production currently expected to be at the high-end of the guidance range.

"In addition to an underlying strengthening of the Brazilian Real during the first quarter, our operating costs faced the same inflationary headwinds experienced globally across all industries. While many of the challenges related to costs are externally driven, we are focused on continuing to improve our operating efficiencies through existing programs and by investing in new technologies applicable across all areas of our business. At the same time, we are taking a cautious approach and currently guiding to the higher end of our full-year operating cost guidance ranges," said CEO David Strang.

Ero Copper Corp is a 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. ("MCSA"), 100% owner of the MCSA Mining Complex.

The company also owns 97.6% of NX Gold S.A. which owns the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil.


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