Materials stocks advanced nearly 1.4% at midday Wednesday after spot gold rose 0.2% to $4,310.21 per ounce.

Sandfire Resources (ASX:SFR) said an updated pre-feasibility study at the Black Butte copper project in the US confirmed the potential for a low technical risk underground operation and a conventional processing plant. The plant will have the capacity to produce about 35 kilotonnes per annum (ktpa) of contained copper in the first four years of operation and an average of about 29 ktpa of contained copper over an initial eight-year mine life.

On the flip side, the energy sector fell 1.4%, as crude oil futures settled at their lowest level since February 2021 on Tuesday, Reuters said. Brent crude futures settled down around 2.7% at $58.92 a barrel.

Santos (ASX:STO) agreed to sell its 42.86% stake in the Mahalo Joint Venture in Queensland to energy firm Comet Ridge (ASX:COI) for an upfront payment of AU$40 million. The company also sold its entire stake in the Tern fields and 42.71% stake in the Petrel gas fields in Northern Australia to Eni Australia.