StockMarketWire.com - Precious metals miner Petropavlovsk reported a 2% fall in third-quarter production, but stuck to its output guidance for the full year.

Production in the three months through September decreased to 111,600 ounces, down from 114,000 year-on-year, due to lower gold production from third-party concentrates.

Nine-month production was down 29% to 306,600 ounces due to a weaker first half.

Petropavlovsk affirmed its full-year 2021 gold production guidance of 430,000-to-470,000 ounces.

'With improved performance at each of our mines during the period, particularly Malomir, and supported by the launch of the Pioneer flotation plant, the company has made progress in reversing the overall declining trend in quarterly own-mined gold production seen since Q4 2019,' chief executive Denis Alexandrov said.

'We also increased throughput at our POX hub and the percentage of concentrate coming from our own mines, improving our margins.'

'We expect these trends to continue in the fourth quarter and reiterate our production guidance for the year.'

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