Leadership Shake-Up at Ero Copper Amid Quarterly Production Report

Quarterly Production Results

In the third quarter, Ero Copper’s Caraiba operation produced 10,766 tonnes of copper, while the Xavantina operation yielded 31,446 ounces of gold.

The company maintained its full-year gold production guidance at the increased range of 60,000 to 65,000 ounces.

Following this announcement, Ero Copper’s shares dropped 9.1% by 12:10 p.m. EDT on Wednesday. The company’s current market capitalization stands at C$2.4 billion ($1.7 billion).

Changes in Leadership

On the same day, Ero Copper revealed significant leadership changes coinciding with the retirement of its co-founder and chairperson, Noel Dunn.

David Strang, who co-founded the company and serves as the current CEO, will transition to the role of executive chairman. Makko DeFilippo, currently the president and chief operating officer, will be promoted to president and CEO and will also join Ero Copper’s board of directors. Gelson Batista is set to take over DeFilippo’s previous position as chief operating officer.

DeFilippo has been with Ero Copper since January 2017, starting as the vice president of corporate development. He advanced to president in January 2021 and added the COO responsibilities in March 2023.

Batista joined the company in September 2024 as the senior vice president of operations.