Metals sell off after US election Trump win while oil recoups some losses
Metals bore the brunt of global commodity price losses after a US election win by Donald Trump on Wednesday.
Ero Copper (TSX: ERO, NYSE: ERO) has reduced its full-year copper production guidance due to the delay of commercial production at the Tucumã operation in Pará, Brazil, following power disruptions in the third quarter.
The company now forecasts copper production of 43,000 to 48,000 tonnes in concentrate, down from its original guidance of 59,000 to 72,000 tonnes.
In the third quarter, the Caraiba operation produced 10,766 tonnes of copper, while the Xavantina operation yielded 31,446 ounces of gold.
Full-year gold production guidance was maintained at the increased range of 60,000 to 65,000.
Following the news, shares of Ero Copper fell 9.1% by 12:10 p.m. EDT on Wednesday. The miner has a market capitalization of C$2.4 billion ($1.7 billion).
Also on Wednesday, Ero Copper announced several leadership changes following the retirement of co-founder and chairperson Noel Dunn.
David Strang, co-founder and current chief executive officer, will assume the role of executive chairman. Makko DeFilippo, current president and chief operating officer, will be promoted to president and CEO and join Ero Copper’s board. Gelson Batista will take over DeFilippo’s role as chief operating officer.
DeFilippo joined Ero Copper in January 2017 as vice president, corporate development. He was promoted to president in January 2021 and took on the additional role of chief operating officer in March 2023.
Batista joined the company in September 2024 as senior vice president of operations.
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