Australian (ASX) Metals and Mining Industry Analysis

Industry Valuation and Performance

Has the Australian Metals and Mining Industry valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Thu, 02 Jul 2026	AU$676.6b	AU$208.0b	AU$26.2b	10.9x	25.9x	3.3x
Sat, 30 May 2026	AU$733.3b	AU$203.2b	AU$25.3b	12.4x	29x	3.6x
Mon, 27 Apr 2026	AU$690.1b	AU$203.1b	AU$25.5b	13.1x	27x	3.4x
Wed, 25 Mar 2026	AU$604.3b	AU$206.2b	AU$26.1b	12.3x	23.1x	2.9x
Fri, 20 Feb 2026	AU$689.7b	AU$197.5b	AU$21.6b	22.8x	32x	3.5x
Sun, 18 Jan 2026	AU$676.9b	AU$197.3b	AU$19.1b	25.4x	35.4x	3.4x
Tue, 16 Dec 2025	AU$602.3b	AU$198.5b	AU$19.0b	22.6x	31.7x	3x
Thu, 13 Nov 2025	AU$573.0b	AU$200.6b	AU$19.3b	21x	29.7x	2.9x
Sat, 11 Oct 2025	AU$562.7b	AU$200.8b	AU$19.2b	21.8x	29.3x	2.8x
Mon, 08 Sep 2025	AU$512.8b	AU$201.4b	AU$19.4b	16.3x	26.4x	2.5x
Wed, 06 Aug 2025	AU$468.0b	AU$205.7b	AU$21.8b	14x	21.4x	2.3x
Fri, 04 Jul 2025	AU$456.7b	AU$203.4b	AU$21.4b	13.8x	21.3x	2.2x
Sun, 01 Jun 2025	AU$446.8b	AU$206.0b	AU$21.8b	12.8x	20.5x	2.2x
Tue, 29 Apr 2025	AU$423.6b	AU$207.2b	AU$22.1b	11.9x	19.2x	2x
Thu, 27 Mar 2025	AU$431.5b	AU$209.4b	AU$22.1b	11.7x	19.5x	2.1x
Sat, 22 Feb 2025	AU$458.4b	AU$205.4b	AU$22.3b	12.5x	20.6x	2.2x
Mon, 20 Jan 2025	AU$454.0b	AU$214.6b	AU$21.7b	12.7x	20.9x	2.1x
Wed, 18 Dec 2024	AU$444.0b	AU$211.1b	AU$21.2b	12.8x	20.9x	2.1x
Fri, 15 Nov 2024	AU$450.5b	AU$208.4b	AU$20.8b	11.3x	21.6x	2.2x
Sun, 13 Oct 2024	AU$473.1b	AU$202.5b	AU$20.1b	12.4x	23.5x	2.3x
Tue, 10 Sep 2024	AU$410.8b	AU$205.2b	AU$20.0b	13x	20.5x	2x
Thu, 08 Aug 2024	AU$434.4b	AU$210.4b	AU$21.3b	12.6x	20.4x	2.1x
Sat, 06 Jul 2024	AU$480.0b	AU$206.7b	AU$20.5b	13.7x	23.4x	2.3x
Mon, 03 Jun 2024	AU$500.4b	AU$209.7b	AU$21.0b	14.8x	23.8x	2.4x
Wed, 01 May 2024	AU$498.5b	AU$212.7b	AU$21.8b	13.2x	22.9x	2.3x
Fri, 29 Mar 2024	AU$492.3b	AU$214.7b	AU$21.7b	12.9x	22.7x	2.3x
Sun, 25 Feb 2024	AU$489.7b	AU$212.0b	AU$22.5b	12.2x	21.7x	2.3x
Tue, 23 Jan 2024	AU$533.6b	AU$223.0b	AU$32.8b	11.7x	16.3x	2.4x
Thu, 21 Dec 2023	AU$573.9b	AU$219.3b	AU$32.0b	11.5x	17.9x	2.6x
Sat, 18 Nov 2023	AU$538.1b	AU$225.0b	AU$33.2b	10.3x	16.2x	2.4x
Mon, 16 Oct 2023	AU$524.7b	AU$229.9b	AU$34.4b	10.5x	15.3x	2.3x
Wed, 13 Sep 2023	AU$522.8b	AU$227.0b	AU$34.1b	11.6x	15.3x	2.3x
Fri, 11 Aug 2023	AU$544.4b	AU$235.6b	AU$49.1b	9.6x	11.1x	2.3x
Sun, 09 Jul 2023	AU$532.4b	AU$233.1b	AU$48.6b	10x	11x	2.3x

Current Industry PE

Investors are optimistic on the Australian Metals and Mining industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 25.9x which is higher than its 3-year average PE of 22.4x.

The 3-year average PS ratio of 2.5x is lower than the industry's current PS ratio of 3.3x.

Past Earnings Growth

The earnings for companies in the Metals and Mining industry have declined 19% per year over the last three years,
Revenues have also declined 3.7% per year.
This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Australian Materials industry?


AU Market	-0.83%
Materials	-2.01%
Metals and Mining	-2.39%
Diversified Metals and Mining	-0.81%
Steel	-1.34%
Copper	-1.77%
Precious Metals and Minerals	-2.83%
Silver	-3.71%
Aluminum	-5.33%
Gold	-8.06%

Industry PE

Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio.

Analysts are expecting annual earnings growth of 28.4%, which is lower than the prior year's growth of 111.4% per year.

Forecasted Growth

Analysts are most optimistic on the Copper industry, expecting annual earnings growth of 28% over the next 5 years.
However this is lower than its past earnings growth rate of 111% per year.

In contrast, the Silver industry is expected to see its earnings decline by 5.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
BHP BHP Group	AU$59.57	1.8% +AU$5.3b	51.7%	PE20.4x
S32 South32	AU$4.16	6.1% +AU$1.1b	30.0%	PE32.6x
CMM Capricorn Metals	AU$12.74	5.1% +AU$283.2m	35.0%	PE25.1x
NIC Nickel Industries	AU$0.95	6.7% +AU$260.5m	29.3%	PS1.7x
EQR EQ Resources	AU$0.30	17.3% +AU$227.9m	577.8%	PS20.5x

Alcoa Corporation (NYSE:AA) entered into a definitive agreement to acquire Bauxite, Alumina, and Aluminum Assets of South32 Limited (ASX:S32) for $5.5 billion.

Alcoa Corporation (NYSE:AA) entered into a definitive agreement to acquire Bauxite, Alumina, and Aluminum Assets of South32 Limited (ASX:S32) for $5.5 billion on June 30, 2026. Alcoa will acquire South32’s interests in Worsley Alumina (86%), Hillside Aluminium (100%), MRN bauxite mine (33%), Brazil Alumina refinery (36%) and Brazil Aluminium smelter (40%) under the Transaction. The Transaction’s implied enterprise value of up to $5.6 billion comprises $3.1 billion in upfront cash consideration; $1.0 billion in Alcoa shares, in the form of 17 million Alcoa shares at the 10-day volume weighted average price; $750 million in net debt and lease liabilities to be assumed by Alcoa; and up to $750 million in contingent cash consideration, linked to alumina and aluminium prices to 2030. Alcoa will assume all current and future liabilities of the Assets, with operating control transferred at completion. Alcoa has secured fully committed financing for the transaction in the form of an initial $3.1 billion bridge commitment from Goldman Sachs. In case of termination of transaction, Alcoa Corporation will pay a termination fee of $82 million or 2% and South32 Limited will pay a termination fee of $82 million or 2%. Alcoa will also assume related rehabilitation provisions of approximately $1.2 billion. Graham Kerr stepped down as Chief Executive Officer and Managing Director on 30 June and will continue as a strategic advisor to support engagements related to the Transaction. Worsley and Brazil assets generated approximately $1 billion of revenue and $100 million of EBITDA in 2025. Hillside smelter generated approximately $2 billion of revenue and $200 million of EBITDA in 2025. Completion of the Transaction is subject to satisfaction (or waiver where permitted) of conditions precedent by 29 June 2027 (or an agreed later date), which include: South32 shareholder approval; Australian Foreign Investment Review Board approval; Australian Competition and Consumer Commission approval; Financial Surveillance Department of the South African Reserve Bank approval; Certain other international competition and regulatory approvals, including approval under the South African Competition Act; and Other customary conditions, including no material adverse. The transaction has been unanimously approved by both Alcoa’s and South32’s Board of Directors. The transaction is expected to close in the first half of 2027. The acquisition is expected to improve Alcoa’s proforma position of its global aluminum and alumina operations on the cost curves and enable stronger cash generation through the cycle. The transaction is also expected to be accretive to Alcoa’s earnings per share and free cash flow immediately following closing, increasing Alcoa’s potential for shareholder returns and additional investments. Goldman Sachs & Co. LLC acted as financial advisor for Alcoa Corporation. Ashurst Perkins Coie acted as legal advisor for Alcoa Corporation. James P. Dougherty, Alexander J. Yang, Michael Kaplan, Daniel S. Kahn, Corey M. Goodman, and Liang Zhang of Davis Polk & Wardwell LLP acted as legal advisor for Alcoa Corporation. Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor for Alcoa Corporation. BofA Securities, Inc. acted as financial advisor for South32 Limited. UBS Securities Australia Ltd acted as financial advisor for South32 Limited. Mallesons acted as legal advisor for South32 Limited. Flagstaff Partners Pty Ltd acted as financial advisor for South32 Limited Board.

Australian (ASX) Metals and Mining Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Alcoa Corporation (NYSE:AA) entered into a definitive agreement to acquire Bauxite, Alumina, and Aluminum Assets of South32 Limited (ASX:S32) for $5.5 billion.

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IperionX Awarded $6.6 Million by US Defense Department for Titanium Manufacturing Expansion

Investor sentiment deteriorates as stock falls 15%

Bhp Group Limited Announces Retirement of Mike Henry as Executive Director, Effective June 30, 2026

High number of new directors

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SGM: Higher FY26 EBIT Outlook Will Test Recycled Metals Recovery

Forecast breakeven date pushed back to 2027

Forecast breakeven date pushed back to 2027

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Regis Resources and Vault Minerals to Merge Creating Major Mid-Tier Gold Producer

Capricorn Metals Shares Rise on Gold Strength and Expansion Progress

Minerals 260 Expands Bullabulling Project Area and Adds New Gold Exploration Prospects