Burry Adds to Ero Copper Position as Copper Output Reaches 18,345 Tonnes
Key Facts
Investor Michael Burry added to his position in Ero Copper as its shares fell, according to coverage published by Benzinga on November 11, 2026. The report places the move within Burry’s bullish view of copper, linking it to his expectation that AI development will expose aging infrastructure and drive years of upgrades. Benzinga quoted him as saying, "AI development will expose aging infrastructure and drive years of upgrades." The disclosure came as the company’s third-quarter results showed copper and gold production increased from the previous quarter. Ero Copper, meanwhile, raised its 2026 copper production cost outlook while keeping its annual production and capital spending forecasts stable.
Ero Copper produced 18,345 tonnes of copper at its MCSA operations in the third quarter of 2026, up 6% from the previous quarter, while C1 cash costs were about $2.51 per pound produced. At Zafranal, gold production totaled 25,258 ounces, up 23% from the previous quarter. Recovered gold from historical MCSA stockpiles rose 47% to a record 17,414 ounces. These figures offer a picture of the company’s operating performance in the period before Burry disclosed that he had increased his position. Third-quarter results also included revenue of $348 million, compared with $177.1 million in the same period of 2025.
The company kept its 2026 copper production outlook in a range of 67,500 to 77,500 tonnes and said the fourth quarter was expected to be the strongest of the year for copper production. At Caraíba, it expected higher copper grades mined and processed to support production. At Tucumã, it expected a higher ore processing rate and improved recovery rates to offset planned lower copper grades. These operating factors shape how the company expects to reach its annual range despite differing conditions at the two mines. The company expects to deliver on these forecasts in the final quarter of the year.
Ero Copper raised its 2026 C1 copper cash cost guidance range to $2.25–$2.45 per pound produced. It attributed the update to the continued strength of the Brazilian real and inflationary pressures, as well as delays in reaching the higher-grade portion of the Surubim pit floor during the third quarter. The higher cost outlook came alongside third-quarter C1 cash costs of $2.51 per pound. On the budget side, the company kept its 2026 capital spending outlook at between $285 million and $330 million. Net debt also fell to $353.5 million at the end of the third quarter, from $545.5 million in the same period of 2025.
Market data provided broader context for Burry’s copper bet. The average London Metal Exchange copper price was $13,395 per tonne in 2026, up 35% from the 2025 average, and the cash price reached a year high of $14,850 per tonne on August 17, according to S&P Global Energy. Meanwhile, output from the 20 largest copper producers fell 2.5% year over year in the first half of 2026 to 7 million tonnes. S&P Global Energy linked the production decline to lower ore grades, maintenance work and recovery problems at some mines. These indicators place the company’s performance and outlook within a market where average prices rose as output from major producers fell.
On projects, Ero Copper said it completed the Phase 3 drilling program at the Furnas project in the third quarter, more than two years ahead of schedule. The company expects to publish the project’s preliminary feasibility study in 2027. The step is part of the operational developments the company announced alongside its production results and annual guidance. In the near term, the company’s announcement centers on its expectation that the fourth quarter will be the strongest for copper production in 2026, within an annual range of 67,500 to 77,500 tonnes. Coverage of Burry’s addition to his Ero Copper position was published on November 11, 2026.