07:53 AM EDT, 07/22/2024 (MT Newswires) -- Ero Copper ( ERO ) said on Monday that it signed a definitive agreement with Salobo Metais, a subsidiary of Vale Base Metals, to buy a 60% interest in the Furnas copper project in Brazil.

Under the terms of a binding term sheet announced in October 2023, Ero must complete three phases of exploration drilling and produce a definitive feasibility study within five years.

Ero's share price closed 0.6% lower last Friday to $26.97 on the TSX.