Ero Copper

What Ero Copper does

Ero Copper Corp. is a Canada-domiciled, publicly traded mining company (TSX: ERO, NYSE: ERO) that produces copper concentrate and cathode copper, plus gold concentrate, from a portfolio of operations located entirely in Brazil. The company's core producing assets are the Caraíba Operations (an underground copper mine in Bahia State), the Tucumã Operation (a copper mine in Pará State that achieved commercial production in Q3 2025), and the Xavantina Operations (a gold operation that completed its first concentrate shipment in Q4 2025). Beyond these producing mines, Ero is advancing the Furnas Copper-Gold Project in the Carajás Mineral Province through an earn-in agreement with Vale Base Metals that allows Ero to acquire a 60% interest, with an inaugural PEA published in February 2026 outlining a 24-year mine life, $2.0 billion after-tax NPV, and 27% IRR.

The company monetizes its mineral output through direct B2B sales to copper smelters, refiners, and gold concentrate buyers under long-term offtake agreements and spot market contracts, with revenue and margins directly exposed to LME copper spot prices and LBMA gold prices. Ero generated $785.8 million in FY2025 revenue and $409.7 million in adjusted EBITDA, with production of 64,307 tonnes of copper. Its cost positioning in the top 10% of the global cost curve (AISC projected to reach $1.17/lb) is driven by high-grade IOCG deposits in the Carajás region. The company's primary customers are industrial commodity buyers, while its GTM motion is split between enterprise B2B sales to offtake counterparties and active institutional investor engagement through TSX/NYSE listings and coverage by major sell-side analysts.

Growth is funded by operating cash flow supplemented by capital markets activity, including a US$105 million bought deal financing led by BMO Capital Markets in November 2023. The company has demonstrated a clear inflection from heavy capex investment to free cash flow generation, with net debt leverage improving from 2.6x at YE2024 to approximately 1.0x by Q1 2026 and a Fitch credit rating upgrade to B+ in December 2025. Leadership includes CEO Makko DeFilippo, COO Gelson Batista, and CFO Wayne Drier.

Name

Ero Copper

Legal name

Ero Copper Corp.

Website

https://erocopper.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Ero Copper Corp. is a Canada-domiciled public mining company (TSX: ERO, NYSE: ERO) that produces and sells copper concentrate, cathode copper, and gold concentrate from operating mines in Brazil, with a developing growth pipeline anchored by the Furnas Copper-Gold Project.

Ownership category

akta.pro rank

Product category

Copper and Gold Mining

NAICS

Copper, Nickel, Lead, and Zinc Mining (212230), Gold Ore and Silver Ore Mining (212220)

SIC

Miscellaneous Metal Ores (1090), Gold And Silver Ores (1040)

akta.pro primary industry

Copper Ore Mining (Open-Pit & Underground) (IMAKADAB)

akta.pro secondary industries

Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid) (IMAKADAH), Copper Mine Engineering, EPC & Expansion Projects (IMAKADAM)

Keywords

• Copper mining
• Gold mining
• Mineral extraction
• Copper concentrate production
• Mining operations

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Copper Production and Sales: Ero Copper generates the majority of its revenue from mining, processing, and selling copper concentrate and cathode copper produced from its Brazilian operations (Caraíba, Tucumã). Revenue is commodity-price-driven and exposed to LME copper spot prices.
2. Gold Production and Sales: Ero Copper generates revenue from gold concentrate sales from its Xavantina Operations, which achieved its first gold concentrate shipment in Q4 2025. Gold revenue supplements copper-dominated revenue.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Ero Copper is a Brazil-focused mining company that mines, processes, and sells copper concentrate, cathode copper, and gold concentrate from its three producing operations (Caraíba, Tucumã, and Xavantina) in Brazil. The company also advances the development-stage Furnas Copper-Gold Project in the Carajás Mineral Province through an earn-in agreement with Vale Base Metals. Its products are sold to industrial buyers, smelters, refiners, and commodity traders globally.

Product overview

Ero Copper is a Brazil-focused copper and gold mining company operating a portfolio of producing and development-stage assets. The company's producing operations include the Caraíba Operations (underground copper mine in Bahia State), the Tucumã Operation (copper mine in Pará State that achieved commercial production in Q3 2025), and the Xavantina Operations (gold mine that commenced concentrate sales in Q4 2025). The Furnas Copper-Gold Project is a development-stage asset in the Carajás Mineral Province being advanced through a partnership with Vale Base Metals, where Ero can earn a 60% interest. The company produces copper cathode and gold concentrate for global commodity markets.

Differentiator

Problem solved

Functional benefit

Products and services

• Caraíba Operations Underground copper mine operation located in Bahia State, Brazil, producing copper concentrate and cathode for global markets. The operation achieved record quarterly copper production of 10,431 tonnes in Q4 2025.
• Tucumã Operation Copper mine located in Pará State, Brazil, which achieved commercial production in Q3 2025. The operation operates in the top 10% of the global cost curve and is expected to contribute approximately 40% of company revenue in 2026.
• Xavantina Operations Gold mining operation in Brazil where Ero Copper completed a year-long value-creation initiative and commenced first gold concentrate sales in Q4 2025.
• Furnas Copper-Gold Project Large-scale copper-gold development project in Brazil's Carajás Mineral Province, advancing through an earn-in agreement with Vale Base Metals. The inaugural PEA indicates a 24-year initial mine life with a $2.0 billion after-tax NPV and 27% after-tax IRR, with Ero targeting a 60% interest upon completion of contractual programs.

Quantifiable outcome

• Record copper production of 64,307 tonnes in 2025, up significantly year-over-year
• +4 more outcomes

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Vale Base MetalscoreStrategic or Co-development Partner · 23 February 2026Ero Copper is advancing the Furnas Copper-Gold Project in Brazil's Carajás Mineral Province through a definitive earn-in agreement with Vale Base Metals (VBM). Under the agreement, Ero can earn a 60% interest in the project by completing prescribed exploration, engineering, and development milestones over a five-year period. Ero is ahead of schedule, having completed over 75,000 metres of drilling through May 2026 and is advancing toward a Pre-Feasibility Study expected in 2027.

Scale indicators16 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hudbay Minerals: Hudbay is a copper-gold producer with operating mines in Canada, Peru, and notably Brazil (the Carajás region), making it one of the closest direct peers to Ero's Brazilian copper-gold asset base. Comparable mid-cap scale and similar exposure to copper concentrate offtake economics.
• Lundin Mining: Lundin is a mid-tier diversified base-metals producer (copper, zinc, nickel) with the Candelária copper-gold mine in Brazil. Directly comparable on geography (Brazilian copper-gold), scale (~$1–5B EV range historically), and product mix (copper concentrate with gold by-product).
• Capstone Copper: Capstone is a pure-play copper producer with operating mines in Chile, Mexico, and Brazil (the formerly Mineração Maracá assets, now integrated). Closely comparable mid-cap copper producer with Brazilian exposure and similar growth-project pipeline dynamics.

Broad incumbents

• First Quantum Minerals: First Quantum is a larger, established global copper producer with operations in Zambia, Panama (Cobre Panamá), and elsewhere. Comparable business model (copper concentrate and cathode to global smelters), though at a meaningfully larger scale than Ero.
• Freeport-McMoRan: Freeport is one of the world's largest copper and gold producers with major operations in the Americas (including Grasberg). Comparable product mix (copper concentrate with significant gold by-product) and customer base (global smelters and traders), though vastly larger scale.
• Southern Copper: Southern Copper is a major integrated copper miner with large open-pit and underground operations in Peru and Mexico. Comparable copper-concentrate and cathode business model with global offtake exposure, but at materially larger scale than Ero.
• Teck Resources: Teck is a diversified miner with significant copper exposure (Quebrada Blanca, Highland Valley, Antamina) alongside steelmaking coal and zinc. Comparable copper concentrate offtake economics and growth-project pipeline, with broader commodity diversification.

Emerging players

• Ivanhoe Mines: Ivanhoe is a high-growth copper developer with tier-one assets (Kamoa-Kakula in DRC, Platreef). Comparable as a copper-focused growth story with high-grade African assets, similar in trajectory to Ero's emerging Furnas project, though at larger scale and operating in a different jurisdiction.

Regional players

• Boliden: Boliden is a Swedish copper-zinc miner and smelter operator with operations primarily in the Nordic region. Comparable as a mid-tier integrated copper-zinc producer with by-product gold/silver, though geographically concentrated in Europe rather than South America.
• KGHM Polska Miedź: KGHM is a Polish integrated copper and silver producer with both mining and smelting operations. Comparable as a copper-concentrate and cathode producer with significant precious-metals by-product exposure, though regionally focused in Europe/Poland rather than the Americas.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/erocoppercorp
• LinkedInlinkedin.com/company/ero-copper-corp

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ero Copper