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
11-12-25 0641ET
