Copper price sees biggest drop since May as Trump win boosts dollar
Traders are also bracing for a potential knock to demand if Trump follows through with pledges to deepen the US-China trade war.
Ero Copper (TSX: ERO, NYSE: ERO) reduced its full-year copper production guidance due to delays in achieving commercial production at the Tucumã operation in Pará, Brazil, stemming from 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.
Follwing the news, shares of Ero Copper fell 9.1% by 12:10 p.m. EDT. The miner has a market capitalization of C$2.4 billion ($1.7 billion).
On Wednesday, Ero Copper also 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, currently president and chief operating officer, will be appointed as president and chief executive officer and will join Ero’s Board. Gelson Batista will succeed DeFilippo as chief operating officer.
DeFilippo joined Ero 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 Ero in September 2024 as senior vice president of operations.
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