Shares in mining company Kazakhmys were down on the FTSE 100 in afternoon trading, after issuing a production report for the third quarter ended 30 September 2012.

Copper cathode output was reported as rising 12 per cent in the quarter to 78.5 kt. Output of silver and gold was also said to have "recovered" after completing repairs to the groups precious metals refinery.

Net debt at the end of the period was $462 million.

Oleg Novachuk, CEO of Kazakhmys, commented, "Output has continued to rise and we remain on track to meet the production targets which we set at the start of the year. The power business continues to perform well, with rising generation and sound pricing. The outlook for copper remains positive and our growth projects are moving ahead on schedule. I look forward to reporting on our progress at the year end."

By 14:10 shares in Kazakhmys were down 0.8 per cent on the FTSE 100 to 744.00 pence per share.