History
Ero Copper financed construction of its Boa Esperança project (now Tucumã) with notes and equity, reached commercial production in 2025, and moved Furnas toward a first economic study.
2021-2022: Funding the Boa Esperança build
In September 2021 Ero announced results of an optimized feasibility study for its Boa Esperança project, with a headline saying it doubled life-of-mine copper production. The filing gave no figures. In January 2022 the company said it had beaten its 2021 production guidance and gave a five-year outlook, again without numbers in the text.
The next step was paying for construction. On January 24, 2022, Ero proposed $400 million of Senior Notes due 2030, guaranteed by its 99.6%-owned subsidiary MCSA. Two days later it priced them at par with a 6.50% annual interest rate, maturing February 15, 2030, and expected to close on February 2. The money, with cash, was to repay about $50 million drawn on its revolving credit facility (a bank line the company can borrow from and repay), fund Boa Esperança construction, expected to start in the second quarter of 2022 subject to board approval, and cover general purposes. The revolver was to be cut from $150 million to $75 million. In December 2022, however, Ero increased it back to $150 million and extended its maturity to December 2026.
2023-2024: Equity raising and the Furnas deal
On October 30, 2023, Ero agreed with Vale Base Metals to enter an earn-in agreement (a deal where it earns an interest by spending on the project) to earn 60% of the Furnas Copper Project. A week later it agreed to sell 8,510,000 new shares at US$12.35 each, about US$105 million, through underwriters led by BMO Capital Markets, with an option for up to 15% more. The money was meant for growth work at Tucumã (the former Boa Esperança) and Caraíba Operations, regional exploration and general purposes. The deal closed on November 14, 2023, described as US$111 million. Shares on issue rose from 92,182,633 at the end of 2022 to 102,747,558 at the end of 2023, so existing holders were diluted.
In July 2024 Ero and Vale Base Metals signed the definitive earn-in agreement for Furnas. In October 2024 Ero announced an initial mineral resource estimate for the project, though the text gave no tonnage or grade figures.
2025-2026: Production at Tucumã and a first study at Furnas
In February 2025 Ero announced its 2024 production results, 2025 guidance and an updated three-year outlook, with no figures in the text. On July 3, 2025, it announced commercial production at the Tucumã Operation, closing the construction effort that began with the 2022 financing. Share count rose only modestly, to 104,192,288 by the end of 2025.
On February 23, 2026, Ero announced a first preliminary economic assessment (an early-stage study of a project's potential) for Furnas, describing a low capital intensity project with a 24-year initial mine life, on a 100% project basis. On March 27, 2026, it filed three agreements: an Agreement for Purchase of Additional Precious Metals, a Third Amending Agreement to its credit agreement, and the redacted Furnas earn-in agreement dated July 19, 2024. Terms of the first two were not in the text.
As of that date, Ero held 99.6% of MCSA, which owns Caraíba Operations, and 97.6% of NX Gold, which owns Xavantina Operations. Its $400 million notes remained outstanding, and the Furnas earn-in with Vale Base Metals was still ongoing.
Written from the 14 story beats below (2021 to 27 Mar 2026), which come from the company's own announcements and filings.