11:43 AM EDT, 06/12/2024 (MT Newswires) -- Ero Copper ( ERO ) said Wednesday it secured the operating license for the Tucuma project in Brazil, the last remaining permitting milestone needed to begin commercial operations.

The company reiterated that it expects first concentrate production early in the third quarter, noting that physical completion is about 99%, commissioning is well advanced and over 90% of the operational staff has been hired and trained.

Ero said the total direct capital cost estimate for project completion remained unchanged at about US$310 million.

"The company is rapidly approaching a major inflection point, which we believe will benefit all of our stakeholders for years to come," CEO David Strang said.

Ero shares were last seen up $0.84 to $28.69 on the Toronto Stock Exchange.

Price: 28.69, Change: +0.84, Percent Change: +3.02