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London and Johannesburg listed gold miners fall in morning trade as gold prices slide. Investors are looking ahead to the Federal Reserve's policy path. They will be looking for clues from U.S. weekly jobless data and the PCE index due later this week. Gold futures in New York are down 0.3% at $4,218.30 a troy ounce. In London, Endeavour Mining and Fresnillo both fall around 2.6%, while Hochschild Mining drops 1.2%. In Johannesburg, Sibanye-Stillwater drops 4% while Harmony Gold falls nearly 3%. (adam.whittaker@wsj.com)

By Adam Whittaker

Harmony Gold Mining said it would proceed with its Eva Copper mine in Australia after an updated feasibility study showed the project would deliver a robust cash flow with strong margins.

The South African gold miner has taken its final investment decision and said it expects the mine in Queensland to deliver an average of 60,000 metric tons of copper and 19,000 troy ounces of gold a year over its 15-year mine life.

Harmony Gold expects production to start in the second half of 2028, and anticipates benefiting from elevated copper prices.

It expects an all-in sustaining cost of approximately $2.50 a pound. Harmony Gold said it expects the project to cost $1.55 billion to $1.75 billion over a three-year construction period. It will fund the project via cash and debt.

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

Gold stocks rise in opening trade as gold prices tick up. Futures in New York are up 0.55% at $4,089.80 a troy ounce after sliding in previous sessions as traders saw the chances of a cut to the U.S. Federal Reserve rate fall. Higher interest rates weigh on non-yielding assets like gold. However, safe-haven demand now has pushed prices higher as investors worry about lofty valuations of technology stocks, ANZ analysts write. In London, gold and silver miner Fresnillo is up 3%, Hochschild Mining rises 2.5% and Endeavour Mining is up 2.15%. In Johannesburg, Sibanye-Stillwater rises 1.9% and while Harmony Gold rises 0.8%. (adam.whittaker@wsj.com)

Gold equities have been hit by a broad market selloff in opening trade as gold futures slide. Weakening expectations that the U.S. Federal Reserve will cut interest rates leave futures in New York down 1.3% at $4,021.30 a troy ounce. Higher interest rates weigh on non-yielding assets like gold. In London, gold and silver miner Fresnillo is down 5.3%, Hochschild Mining slides 3.7% and Endeavour Mining falls 2.5%. In Johannesburg, both Gold Fields and Sibanye-Stillwater drop nearly 6%, while Harmony Gold is down 4%.(adam.whittaker@wsj.com)

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

Delivered strong cash flows and operational excellence, supported by a 34% rise in gold price and robust performances at Mponeng and Hidden Valley. Completed the MAC Copper acquisition, enhancing portfolio resilience and future copper output.

Original document: Harmony Gold Mining Co. Ltd. [HAR] Interim report — Nov. 12 2025