11:08 AM EDT, 07/23/2024 (MT Newswires) -- Ero Copper ( ERO ) said Tuesday reported the first production of saleable copper concentrate from its Tucuma project in Brazil.

The company said the milestone was reached after the successful commissioning of the milling and flotation operations.

Ero Copper ( ERO ) said remaining work on site is focused on concluding non-critical path surface installations and ramping up to commercial production.

The company expects to reach commercial production levels by the end of the third quarter.

"We are rapidly progressing towards an important inflection point for our consolidated copper production and cash flows," chief executive David Strang said in a release. "It is an exciting time for the company and with copper prices performing well year-to-date, the timing of the completion and ramp-up of Tucuma could not be better."

National Bank of Canada reiterated its sector-perform rating and $33.00 price target at following the news.

"Our Sector Perform rating considers Ero's near-term growth profile, incremental exploration potential and expansion opportunities offset by near-term operating cost pressures and a premium valuation," the bank said in a Tuesday note.

Ero Copper ( ERO ) shares were last seen down $0.28 to $26.31 on the Toronto Stock Exchange.

Price: 26.31, Change: -0.28, Percent Change: -1.05