Freeport McMoran Copper & Gold ( FCX) shares fell Tuesday after the mining giant reported weaker-than-expected fourth-quarter results amid declining levels of production and sales at its core Indonesian operations. The company reported fourth-quarter net income of $426 million, or $1.99 per share, down 8% from a year earlier and weaker than the $2.12 per share consensus forecast. At $1.64 billion, fourth-quarter revenue was up 10% from a year earlier but below the analysts' consensus of $1.72 billion. The company said copper production at its Grasberg mine in Indonesia fell 8% from a year ago to 435.2 million pounds, while gold production fell by more than 53% to 514 million ounces. Sales totaled 433 million pounds of copper and 508,000 ounces of gold in the quarter, down from 465 million pounds and 1.1 million ounces in the year-ago quarter. Freeport forecast first-quarter sales of about 400 million pounds of copper and 850,000 ounces of gold, which the company estimates will be the highest of 2007. Shares of Freeport McMoran, which agreed to acquire Phelps Dodge ( PD) for $25 billion in the quarter, were recently down $1.16, or 2.1%, $53.85.