Harmony Gold Mining's stock plummeted 10.98% during intraday trading on Wednesday, as investors reacted negatively to underlying operational challenges revealed in the company's latest financial update.

The sharp decline came despite the miner announcing a record interim dividend of 32 cents per share, more than double the previous year's payout. While higher gold prices boosted revenue by 20% to $2.56 billion and drove basic earnings per share up nearly a quarter to 90 cents, the market focused on deteriorating operational metrics.

Gold production fell 9% year-over-year, while all-in sustaining costs surged 21% to $2,115 per ounce. The stock's weakness also reflected broader sector pressure, with gold and silver stocks declining in pre-market trading.