Producer · Mid-Tier · Copper · Brazil
Last updated 21 June 2026
Data compiled from public filings — information only, not investment advice. AI‑assisted; see methodology.
Portfolio Aggregate · 1 project
Portfolio mode — asset rows are for context only; tab totals use the company aggregation.
Ero Copper Consolidated Copper Operations
Portfolio
Project information
As at 31 December 2025
Description
As at 31 December 2025
Consolidated rollup of Ero Copper's Brazilian copper operations (Caraíba Operations in Bahia and Tucumã Operation in Pará), which produce copper in concentrate with gold and silver by-products. Record consolidated copper production of 64,307 tonnes in 2025 was driven by the Tucumã ramp-up following commercial production on July 1, 2025 and record mill throughput at Caraíba. 2026 consolidated guidance of 67,500-77,500 tonnes copper represents growth of up to 20%, weighted to H2 2026, with consolidated capital expenditures of $275-320 million planned, including ~$80 million of growth capital for the Pilar shaft and Xavantina investments and $30-40 million for Furnas exploration, engineering and permitting.
Portfolio Aggregate
Multiple effective dates
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Operating · 3 projects
Caraíba Operations
Asset · Ownership 99.6%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Copper mining complex in the Curaçá Valley, Bahia State, held through MCSA (99.6% Ero interest), comprising the Pilar underground mine and the Surubim open pit feeding a conventional mill. A multi-quarter mill debottlenecking program completed in 2025 delivered record plant throughput of ~1.2 Mt in Q4. Construction of the new Pilar shaft continues and is expected to deliver meaningful cost improvements and production growth beginning in 2027. 2026 production is weighted to H2 with higher feed from the Surubim pit; closure activities are projected over 2026-2054. Technical basis: NI 43-101 report '2022 Mineral Resources and Mineral Reserves of the Caraíba Operations' (GE21/BNA/NCL, effective September 30, 2022).
Mining metrics
Multiple effective dates
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Tucumã Operation
Asset · Ownership 99.6%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Open-pit copper mine in southeastern Pará State held through MCSA (99.6% Ero interest), formerly the Boa Esperança Project. Commercial production was declared effective July 1, 2025, with copper production increasing sequentially each quarter of 2025 during ramp-up; post-commercial H2 2025 production was 16,780 tonnes at C1 cash costs of $1.69/lb. Q4 2025 was the strongest quarter to date (9,275 t) despite extended December downtime for early mill liner replacement. Closure activities are projected over 2036-2041. Technical basis: NI 43-101 'Boa Esperança Project Technical Report on Feasibility Study Update' (Ausenco/NCL/HCM, effective August 31, 2021).
Mining metrics
Multiple effective dates
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Xavantina Operations
Asset · Ownership 97.6%
Project information
As at 31 December 2025
Description
As at 31 December 2025
Underground gold mine ~18 km west of Nova Xavantina in southeastern Mato Grosso State, held through NX Gold (97.6% Ero interest), producing gold doré and, from Q4 2025, gold concentrate, with silver by-product. The operation transitioned to mechanized mining in 2025, temporarily reducing production while improving safety and supporting target sustained mining rates above 60,000 t per quarter; new mechanized headings are being advanced in the Santo Antônio orebody with ventilation upgrades. A year-long value-creation initiative culminated in 14,999 oz of gold shipped in concentrates in Q4 2025 (12,754 oz sold; 2,245 oz deliverable to Royal Gold under the Xavantina Gold Stream), bringing total 2025 gold to 52,290 oz. Subject to the Royal Gold stream; closure projected 2031-2039. Technical basis: NI 43-101 'Technical Report on the Xavantina Operations' (GE21, dated December 19, 2025).
Mining metrics
Multiple effective dates
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Royalties & streams
All royalty and stream interests in the database that refer to this asset by name.
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Exploration · 1 project
Furnas Copper-Gold Project
Asset · Exploration
Project information
As at 23 February 2026
Description
As at 23 February 2026
Advanced-stage copper-gold project in the Carajás Mineral Province, Pará State, subject to a July 2024 definitive earn-in agreement with Salobo Metais S.A. (Vale Base Metals) under which Ero can earn a 60% interest by completing three phased work programs (Phase 1: 28,000 m drilling + scoping study, completed; Phase 2: 17,000 m + pre-feasibility study, drilling completed; Phase 3: 45,000 m + definitive feasibility study); VBM retains 100% ownership until JV formation and receives a free carry on certain development capex. ~50,000 m drilled in 2025 across the high-grade Southeast and Northwest Zones supported an updated NI 43-101 mineral resource estimate and the inaugural PEA (February 2026), which contemplates four open pit and underground operating areas feeding a 13.5 Mtpa central plant over an initial 24-year mine life at ~$16,000 capital intensity per CuEq tonne. A further 50,000 m of drilling is planned for 2026; magnetite recovery and gravity pre-concentration circuits are under evaluation.
Mining metrics
As at 23 February 2026
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Assumptions
- The projects listed here reflect the information captured in this workspace and are not necessarily a complete picture of the company's portfolio. For authoritative figures, refer to the company's official filings.
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How to read this tab
- The tables below list unit codes most often used in the Base Metals sector for this company. MetalPilot stores contained metal or product in the codes below; grade and tonnage use separate fields. In side-by-side comparison views (stock page Portfolio tab, watchlist By sector), heterogeneous source units are converted to each commodity's preferred display unit (for example Moz Au, kt Cu, MMbbl oil) before summing; the same canonical codes appear in project data.
What the Portfolio tab shows
- The Portfolio tab presents a project-level view of the company's reported assets, built from publicly disclosed information (technical reports, annual filings, MD&A, investor presentations, MRMR / R&R statements, NI 43-101 / NI 51-101 / SEC S-K 1300 / SEC S-K 1200 / JORC / SAMREC / PERC / PRMS / COGEH filings, and similar primary sources).
- Figures are grouped by project type (mining, oil & gas, royalty, stream, processing facility, development, portfolio aggregate) and are shown alongside the headline reserve base, headline production, headline grade / quality, cost benchmarks, estimated lifetime, commercial terms (for royalties / streams), operational capacity (for processing) and a single-figure rating where the underlying data supports one.
- Each data table on the Portfolio tab is followed by ONE Assumptions footnote describing the modelling choices for that table; KPI stat-card assumptions appear in the bottom block instead. All legal and section disclaimers are merged into a single disclaimer list at the bottom of the Portfolio tab.
Concepts in your sector — Base metals
- Cu % / Zn % are the grade norm for base metals; kg/t is for very high-grade deposits. Porphyry copper is typically 0.3–1% Cu; SEDEX zinc 5–15% Zn.
- C1 vs C2 vs C3 vs AISC. C1 is direct mining + processing + transport + by-product credits. C2 adds depreciation; C3 adds corporate/indirect costs. Compare like for like.
- TC/RCs (treatment & refining charges) are smelter payments per dry metric tonne of concentrate — a non-trivial part of base-metal economics, not shown on the Portfolio tab.
- Concentrate vs metal. Miners often sell concentrate (~25–30% Cu) and are paid for contained metal minus TC/RCs. Portfolio books contained metal on a 100% basis.
Portfolio tab — table guide
- Portfolio KPIs — company-level headline numbers aggregated from the featured projects (project counts, attributable annual production by commodity, attributable resource base by commodity, last filing date, operator share). USD value lines multiply attributable volumes by the resolved snapshot price.
- Portfolio snapshot — one-screen summary of the portfolio: counts by type and status, country mix, reporting standards used, operator share, primary commodity, attributable annual production summary and attributable resource base summary.
- Mining — one row per mining project, with columns for project name, location, status, primary commodities, production (with rating), reserves & resources (with rating), grade (with rating), costs and estimated lifetime. Multi-commodity projects emit one summary row per commodity.
- Royalty — one row per royalty interest held by the company. Columns cover the underlying project, operator, commodity, commercial terms (rate, type, cap, area-of-interest), attributable production, attributable reserves and estimated lifetime.
- Stream — one row per metal stream held by the company. Each row shows the underlying project, the streamed commodity, the headline stream percentage, the ongoing per-ounce / per-tonne payment, and attributable production / reserves.
- Processing facilities — one row per midstream / processing facility (pipeline, fractionator, LNG train, storage cavern, refinery, smelter, mill, heap-leach pad, CPP, etc.). Columns include nameplate capacity, contracted capacity, feedstock commodities and operational footprint.
- Development — projects in development status or in a pre-production lifecycle phase. The production column is re-labelled 'Targeted production (rating)' to highlight that the figures are plans, not actuals.
- Portfolio Aggregate — a single company-level row used when the company itself publishes a portfolio rollup (e.g. company-wide 2P barrels across all properties).
- Reserves & resources — detail — a leaf-category pivot showing every reserve and resource category disclosed across the projects.
- NPV (grouped) — all NPV rows captured from the filings, grouped by commodity, resource category, development status and pricing case. Each NPV figure is shown with its discount rate, basis (before-tax / after-tax), currency and value scale.
Ownership / Working interest
- Ownership percentage means the company's working-interest share of the asset: its slice of the project before royalties and before government take. It is shown on a 0–100 scale.
- Mines, oil and gas fields, and processing facilities — this is how much of the asset belongs to the company under that working-interest idea. One hundred percent is fully owned; a lower number usually means partners share the rest.
- Royalties and streaming agreements — the percentage is often not the story; what matters economically is usually the royalty or stream rate, shown elsewhere alongside these figures.
- Oil and gas — read this as gross working interest only. Do not treat it as net production or net wells after royalties; when filings distinguish gross from net, that shows up in how the resource numbers themselves are labelled.
- Below 100% — the short summary for each project names other owners and their stakes when the source says who they are.
- NRI vs WI (O&G). Working interest (WI) is the obligation to pay a share of costs; net revenue interest (NRI) is the share of revenue after royalties and overriding-royalty interests. A 100% WI well rarely produces 100% NRI; typical onshore U.S. NRI is 75–87.5% of WI depending on the lease royalty.
- Operator vs non-operator. The operator runs day-to-day operations; non-operating partners pay their WI share of costs but do not run the asset. Some Portfolio rows show operator share where disclosed.
Unit codes, conversion cheat sheets, cost benchmarks (AISC, C1–C3), reporting standards (NI 43-101, JORC, SEC S-K 1300) and resource/reserve category definitions live in the full terminology & units reference.
Each table lists the numeric band for scores 1–5 (production and resource base; grade where applicable for mining commodities) using the same thresholds as project rating stat cards. Only commodities that appear on featured projects for this document are listed.
Gold
Silver
Copper
Copper uses kt Cu bands (Mlb Cu when lb-scale copper resources appear on featured projects). Lithium grade uses hard-rock % Li₂O bands unless brine-style extraction or brine units appear on featured projects.
Assumptions
- Presented values are denominated in currency of the country where the company is headquartered. Values like market capitalization might differ from the values visible in other parts of the page, where the currency is always USD.
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