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Ero Copper (TSX: ERO) reported its highest ever annual copper production of 42,318 tonnes for 2019 – a 39% year-on-year increase – at a record low cash cost of $0.93 per pound of copper produced.

Net income attributable to owners of the company reached $91.9 million or $1.01 per share, also a record high. Cash flow from operations for 2019 was $127.8 million, again a company record for a single year.

Owing to its strong year-end results, shares of the Vancouver-based copper producer skyrocketed by more than 20%. The company has a market capitalization of approximately C$992.2 million.

Ero Copper president and CEO David Strang said he sees a continuation of this year-on-year growth in production and profitability with the support of various exploration programs underway throughout the Curaçá Valley operations in Bahia, Brazil. The company currently mines copper ore from the Pilar and Vermelhos underground mines.

In addition to copper, the company also produces gold from the NX property in Mato Grosso, Brazil. Last year, the mine produced 30,434 ounces of gold at cash costs of $691 per ounce.