Shares in CuDeco Ltd bombed after the copper mining hopeful disappointed the market with an updated resource estimate for its Rocklands project in Queensland.
CuDeco stock finished $2.34, or 48.85 per cent, lower at $2.45 after more than 16.4 million shares changed hands.
The company said its update resource estimate for the Rocklands project, near Cloncurry, was 30.94 million tonnes at a grade of 1.24 per cent copper equivalent.
The upgrade was slated for delivery in December but technical problems were experienced in the transfer of data from one geological program to another, CuDeco said in June.
CuDeco on Monday said it had launched legal action against web-based investor forum Hot Copper and two of its posters for defamation over a period of "1-12 months".