Harmony Gold HMY Shares Plunge 14.04% as Costs Capital Expenditures Spur Selling *Dynamic verb "plunge" highlights magnitude; causal factors (costs, capital expenditures) align with selloff; exact percentage and ticker included; concise at 11 words.*

Harmony Gold Mining (HMY) shares plunged 14.04% on August 28, 2025, marking a four-day decline of 21.14% and reaching a low unseen since April 2025. The intraday drop of 14.25% underscored investor unease despite the firm’s robust fiscal year 2025 earnings, which included a 54% rise in adjusted free cash flow and a 26% increase in headline earnings per share.

The selloff was driven by mounting concerns over rising costs and capital expenditures. Harmony projected a 9-16% cost increase for FY26, citing inflationary pressures and updated mine plans, while capital spending is expected to jump to R13 billion ($734 million) to extend the life of its South African operations and replace equipment in Papua New Guinea. These outflows, coupled with a 5% decline in FY25 gold production due to weather and safety disruptions, raised doubts about near-term profitability.

Strategic shifts also weighed on sentiment. The $1 billion acquisition of MAC Copper, set for October 2025, and the Eva Copper Project signal a pivot toward copper—a commodity tied to renewable energy and EV demand. However, investors discounted long-term growth potential in favor of immediate cost pressures, exacerbating short-term selling. Technical indicators, including a KDJ Death Cross and a Bearish Marubozu pattern, further fueled panic, overshadowing the company’s disciplined capital allocation and ESG initiatives.

Operational risks loom large. Harmony’s reliance on South African mines, which face regulatory and labor challenges, remains a vulnerability. While management emphasized long-term resilience through copper diversification and margin preservation, near-term production declines and cost inflation have eroded confidence. The stock’s trajectory will hinge on execution of cost controls and the success of its copper expansion, with macroeconomic uncertainties in gold and copper markets adding to the volatility.