Towards the end of the September quarter, the Perth-based company said it would implement cost-saving initiatives and operational changes in a bid to strengthen the cost base of the company.

The decision came three months after the company posted an after-tax loss of nearly $105 million for the first half of the 2012 financial year.

After having to deal with the flagged purchase of its Hillgrove mine by Emu Nickel collapsing during the quarter, things are finally starting to look up for Straits.

Straits said the restructuring committee set up to reduce costs had so far achieved annualised head office reductions of $8 million through a reduction in 10 personnel at a corporate level, relocation of direct costs to specific operations and other cost-saving measures which involved eliminating non-essential regional exploration.

The company said it was on track to achieve the targeted $9 million annualised reduction in head office costs.

While total cash and investments on hand reduced slightly quarter-on-quarter to $42.6 million, the company closed its entitlement offer and received $49 million post-quarter.

During the quarter, the company undertook a number of steps to solve its funding woes including securing a $20 million short-term facility with Glencore.

In addition, Straits entered into a life of mine offtake agreement with Glencore for 100% of production from the Tritton copper mine in New South Wales.

Straits said its $60 million entitlement offer announced during the period was well-supported with valid applications received for 501.7 million new shares, with Glencore taking about 11.3% of the shares in the company.

On the production front, its Tritton copper mine had a solid quarter exceeding guidance, with copper concentrate production totalling 6450 tonnes, up from 5853t recorded in the prior quarter.

Total copper production stood at 6583t, versus 5716t of output in the June quarter.

Total C1 cash costs tipped in at $2.18 per pound, down from $2.72/lb as a result of implementing a cost reduction program at the operation.

Forecast production for the December quarter is 6000-6500t at cash costs of $2.10/lb, while annual predicted output for FY2013 stands at 25,000t.

Operations at the Mt Muro gold mine in Indonesia had a far better quarter, with output reaching 16,938 ounces of gold equivalent, up from 4896oz equivalent in the June period.

Output was above guidance of 14,000-16,000oz and was achieved despite the mine being impacted intermittently by low river levels that hindered the supply of diesel and coal to the site.

Total C1 cash costs totalled $1254 per ounce, down from $2874/oz recorded in the June quarter.

Forecast production from the current quarter stands at 15,000-17,000oz of gold equivalent while guidance for FY2013 remains unchanged at 100,000oz gold equivalent.

The company is still considering a demerger of its copper and gold assets which could involve the possible sale of Mt Muro to a third party.

Shares in Straits were unchanged at 10c.