Kanmantoo copper mine owner Hillgrove Resources Limited has gone into a share trading halt.

“The securities of Hillgrove Resources Limited will be placed in Trading Halt Session State at the request of the company, pending the release of an announcement by the company,” the stock exchange announced today.

“Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the earlier of the commencement of normal trading on Friday, 26 July 2013 or when the announcement is released to the market.”

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Last month, analsysts at JP Morgan rated the stock as “overweight”.

The analysts note said Hillgrove faced an uphill battle to achieve its earnings guidance.

Hillgrove has a mix of producing and exploration assets.

It is primarily focused on mining and production at its Kanmantoo open-pit copper mine, 55 kilometres from Adelaide, and copper and gold deposits in eastern Indonesia, although it had said recently would pull back on exploration to retain its cash position.

“The company has reviewed the potential for strategic investors to fund and support future exploration and development programs for both the Sumba and Birds Head (Indonesia) projects,” Hillgrove chairman Dean Brown told shareholders in June.

“However, the recent reduced market interest in greenfields exploration and difficult investment climate has impacted this, and a decision has been made to minimise the project expenditures but maintain the assets and relationships, while continuing to pursue suitable funding partners,” he said.

“The Kanmantoo Copper Mine is the core asset of the company, and our strategic focus is now targeted on growing the resource and reserve around the mine, and expanding our exploration activities throughout our licence to further extend the life of the mine. ”

Shares in Hillgrove last traded at 7 cents.