Trade spats to curb industrial metals demand: BMO
BMO Capital Markets has lowered its demand estimates for next year on the anticipation that higher tariffs and multilateral trade friction could tamp down industrial output.
Brazil-focused Ero Copper (TSX: ERO, NYSE: ERO) said on Thursday that physical construction of its Tucumã project located in Pará state is now 70% complete, and it remains on schedule for first concentrate production in H2 2024.
Total project capital expenditures are also in line with current guidance of approximately $305 million, the company said.
Since beginning site works in 2022, Ero Copper said it has completed all earthworks and major foundation requirements for the Tucumã project, adding that various construction and engineering activities are ahead of schedule.
“With over 70% of the physical work completed, critical pieces of infrastructure in place or nearing completion, and main equipment installations progressing according to plan, we are confident that a major inflection point for the project has been reached,” CEO David Strang said in a statement.
The company is now focused on executing the first phase of the plant commissioning prior to year-end to ensure a successful ramp-up and achievement of commercial production in H2 2024.
Once operational, the Tucumã project become the fourth copper-producing mine under Ero Copper’s portoflio, currently anchored by the Caraíba operations in Bahia state that comprise the Pilar and Vermelhos underground mines and the Surubim open pit mine.
In addition to copper, the company also mines precious metals through its Xavantina operations, comprised of an operating gold and silver mine located in Mato Grosso.
