Morningstar

Harmony Gold Gets Boost from Higher Prices

Provided by Dow Jones Nov 12, 2025, 11:41:00 AM

By Adam Whittaker

Harmony Gold said higher prices boosted first-quarter gold revenue as production fell and costs rose as anticipated.

The gold miner said a 34% increase in average gold prices helped push first-quarter gold revenue up 20% on year to $1.2 billion.

Gold prices have rallied this year as economic instability triggered by U.S tariffs and concerns over the independence of the U.S Federal Reserve have pushed investors toward safe-haven assets.

For Harmony, higher gold prices were partially offset by lower production and a rise in costs, both of which it had planned, it said.

In the three months through Sept. 30, gold production decreased 8% to 389,923 ounces, while all-in sustaining costs rose 15% to $1,954 an ounce.

Harmony kept its fiscal 2026 production and costs guidance unchanged.

Write to Adam Whittaker at adam.whittaker@wsj.com

(END) Dow Jones Newswires

November 12, 2025 06:41 ET (11:41 GMT)

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