Ero Copper appoints Makko DeFilippo as CEO
Ero Copper Corp. [ERO-TSX, NYSE] says it has entered the next phase of its leadership succession plan, effective January 1, 2024, when co-founder and chairman of the board, Noel Dunn, will be retiring from the company’s board of directors. David Strang, co-founder and current CEO, will assume the role of Executive Chairman. Makko DeFilippo, president and chief operating officer, will be appointed President and CEO. He will also join Ero’s board. Gelson Batista will succeed De Filippo as chief operating officer.
Ero shares fell 8.0% or $2.05 to $23.72 in early trading Monday. The shares currently trade in a 52-week range of $32.89 and $15.72.
Ero is a Brazil-focused base metals mining company. Its key asset is a 99.6% stake in Mineracao Caraiba S.A. (MCSA), a long-established Brazilian copper mining company. MCSA’s primary assets are the fully integrated mining and processing operations of the Caraiba Operations (formerly known as the MCSA Mining Complex) in northeastern Brazil.
Ero recently said the Caraiba operations produced 8,091 tonnes of copper in concentrate in the first quarter of 2024. The company’s Xavantina Operations produced 18,234 ounces of gold in the quarter.
In addition, MCSA owns 100% of the “turn key” Tucuma (formerly Boa Esperanca), development project, an IOCG-type copper deposit located in Para State.
Strang has said the project will play an integral role in the company’s plans to become a 100,000 tonne-per-year copper producer.
Results of an optimized feasibility study announced in September, 2021, indicated up front capital costs of US$294 million. The study envisioned life of mine average annual copper production of 27,000 tonnes at a cash cost of US$1.36 per pound.
The leadership transition is part of the succession plan initiated by Ero’s board of directors in January, 2023, with Dunn’s retirement as executive chairman. The board and management team are confident that this evolution will continue to position Ero for long-term success and growth.
“Having guided Ero from its early days as a 20,000-tonne-a-year copper producer to what I anticipate will become a 100,000 tonne producer, and with a stable financial footing across three operations, the time is right for me to transition day-to-day leadership to Makko, who has been an integral part of our success,’’ said Strang.
“I am honoured by the trust that Noel, David and the board of directors have bestowed in selecting me as Ero’s next CEO,’’ said DeFilippo. “I am deeply committed to our values and to continue serving our shareholders to ensure the responsible delivery of our growth objectives,’’ he said.
DeFilippo joined Ero in January, 2017, as vice-president, corporate development, where he played a key role in supporting the company through its initial public offering in October, 2017. He was promoted to president in January, 2021 and assumed the additional role of chief operating officer in March, 2023.