Ero Copper: Cheap Exposure To Copper, Gold & Brazil
The Perfect Middle Ground Between Freeport McMoran & The Copper Juniors
Summary
Ero Copper is a smaller producer with two copper assets and one gold asset in Brazil. They have been increasing production at all three assets.
They also have an earn-in agreement on an earlier stage project with Vale Base Metals that has a lot of potential, but it is at least a couple years away.
They just started selling gold concentrate that was stockpiled at their gold mine, which should be a boost until the middle of 2027.
Shares have pulled back more than 20% since shares almost touched 40 a couple weeks ago, and the valuation is still cheap here.
For anyone looking for copper exposure through smaller companies, but wants to avoid pre-revenue junior copper names, ERO is a good place to start.
There has been some interesting activity in silver lately, including one firm in China that has a short position larger than the Shanghai warehouse supply of silver, but I wanted to move onto writing about some of the copper names in the portfolio. The largest company, and only current copper producer that I own, is Ero Copper ERO 0.00%↑. They recently announced their Q4 production numbers (earnings comes in March), and they have consistently stepped up production at all three of their producing assets in 2025, a trend that is set to continue in 2026. The stock was chugging along until last week, and it’s down more than 20% from its run to nearly $40. It might take some time to work sideways for a bit, but if you’re looking for a copper name with some gold exposure, Ero is still attractively valued and it’s a better buy now than it was a couple weeks ago.
