UPDATE 1.20pm: Shares in Sandfire Resources were lower after its December quarter production fell and its full year output and cost guidance disappointed investors.
Sandfire said it produced 15,492 tonnes of copper in the December quarter, down from 16,446 tonnes in the September quarter.
Quarterly gold production was 5957 ounces, down from 8613 ounce in the previous quarter.
Its C1 cash operating cost was $US1.29 a pound.
Sandfire reiterated its full-year production guidance but said it expected copper production to come in at the mid-point of its 65,000-75,000 tonne range, gold production to come in at the lower end of a 35,000-45,000 ounce range and cash costs to be at the upper end of a range of $US1.05-$US1.15 a pound.
The company said it had reduced its debt finance facility to $230 million during the quarter and held $75 million in cash and deposits at the end of December.
Sandfire operates the DeGrussa copper/gold mine near Meekatharra and struck regional farm-in joint ventures with Ventnor Resources over its Thaduna/Green Dragon project to the east and Talisman Mining over its Doolgunna project to the south-west during the period.
Shares in Sandfire closed down 22 cents, or 3.28 per cent, at $6.48.