Ero Copper
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.
- Company typePublic
- Founded2016
- HeadquartersVancouver, Canada
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
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.
Ero Copper firmographics
Firmographics- 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
Ero Copper industry classification
Industry- 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
Where Ero Copper is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
Ero Copper business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Infrastructure, Technology or R&D, Marketing or Sales
Revenue model
- 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.
- 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
Ero Copper product offering
Product offeringCore 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
Companies that use Ero Copper
Customer profileSegments1 record
Ideal customer profiles2 records
Ero Copper technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Ero Copper partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Vale Base MetalscoreEro 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
Ero Copper competitors and assessment
Company assessmentDirect 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
Ero Copper social profiles
Digital presenceEro Copper financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ero Copper leadership team
Management profileNumber of profiles
Profiles4 records
Ero Copper funding detail
Funding detailFunding overview
Funding rounds1 record
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ero Copper M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ero Copper
What does Ero Copper do?
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.
Is Ero Copper a public or private company?
Ero Copper is a public company. It is classified as public and is currently operating.
When was Ero Copper founded?
Ero Copper was founded in 2016. It employs 1,001 to 5,000 people.
Where is Ero Copper based?
Ero Copper is headquartered in Vancouver, Canada, in the North America region.
How does Ero Copper make money?
Two revenue lines are on record. Copper Production and Sales are the primary driver. The others are gold Production and Sales.
Who are Ero Copper's main competitors?
Direct peers on record are Hudbay Minerals, Lundin Mining and Capstone Copper. Broad incumbents are First Quantum Minerals, Freeport-McMoRan, Southern Copper and Teck Resources. Ivanhoe Mines is listed as an emerging player. Regional players are Boliden and KGHM Polska Miedź.
Does Ero Copper have an API?
No public API is recorded for Ero Copper.
What industry is Ero Copper in?
Ero Copper's product category is Copper and Gold Mining. Its primary akta.pro industry code is IMAKADAB, Copper Ore Mining (Open-Pit & Underground), with a secondary code of IMAKADAH, Copper By-Products Recovery (Molybdenum, Gold/Silver, Sulfuric Acid). Its NAICS code is 212230 and its SIC code is 1090.