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South African (JSE) Metals and Mining Industry Analysis

UpdatedAug 08, 2026
DataAggregated Company Financials
Companies18
  • 7D18.4%
  • 3M-10.3%
  • 1Y22.2%
  • YTD-11.4%

The Metals and Mining industry is up 18% in the last week, with Gold Fields up 23%. This means that the industry has gained 22% over the past year. As for the next few years, earnings are expected to grow by 10% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 08 Aug 2026R1.7tR771.1bR137.0b10.4x12.6x2.2x
Mon, 06 Jul 2026R1.5tR736.0bR119.2b10.6x12.8x2.1x
Wed, 03 Jun 2026R1.7tR735.8bR119.4b11x14.3x2.3x
Fri, 01 May 2026R1.8tR739.1bR120.4b10.7x14.8x2.4x
Sun, 29 Mar 2026R1.8tR743.4bR122.2b9.9x14.4x2.4x
Tue, 24 Feb 2026R2.2tR679.9bR84.8b16.3x26.1x3.3x
Thu, 22 Jan 2026R2.2tR661.0bR54.3b25.5x41.2x3.4x
Sat, 20 Dec 2025R1.9tR664.8bR55.3b21x34.6x2.9x
Mon, 17 Nov 2025R1.7tR668.2bR55.6b19.5x30.1x2.5x
Wed, 15 Oct 2025R1.8tR670.1bR56.0b20.5x32.3x2.7x
Fri, 12 Sep 2025R1.5tR671.0bR56.5b17.7x26.8x2.3x
Sun, 10 Aug 2025R1.4tR642.0bR25.0b7.4x56.4x2.2x
Tue, 08 Jul 2025R1.3tR657.1bR30.6b7.5x40.9x1.9x
Thu, 05 Jun 2025R1.1tR657.1bR30.7b6.9x36.7x1.7x
Sat, 03 May 2025R1.1tR662.3bR32.0b7.1x32.9x1.6x
Mon, 31 Mar 2025R1.1tR663.0bR33.3b7.1x32.7x1.6x
Wed, 26 Feb 2025R920.3bR659.3bR31.8b8.8x28.9x1.4x
Fri, 24 Jan 2025R883.5bR661.1b-R12,938,384,263.689.6x-68.3x1.3x
Sun, 22 Dec 2024R802.3bR660.1b-R13,073,211,965.199.5x-61.4x1.2x
Tue, 19 Nov 2024R865.8bR658.8b-R13,334,312,539.9310x-64.9x1.3x
Thu, 17 Oct 2024R899.0bR655.6b-R13,759,933,402.7610.9x-65.3x1.4x
Sat, 14 Sep 2024R814.7bR656.6b-R14,735,857,430.6711.2x-55.3x1.2x
Mon, 12 Aug 2024R887.2bR674.3bR9.9b6.1x89.2x1.3x
Wed, 10 Jul 2024R882.9bR574.6bR51.5b6.5x17.1x1.5x
Fri, 07 Jun 2024R933.3bR692.6bR14.4b6.8x65x1.3x
Sun, 05 May 2024R940.4bR689.7bR14.3b6.8x65.8x1.4x
Tue, 02 Apr 2024R946.1bR691.7bR14.6b6.5x64.9x1.4x
Thu, 29 Feb 2024R851.2bR724.6bR83.3b7.6x10.2x1.2x
Sat, 27 Jan 2024R1.0tR731.9bR93.1b7.6x10.8x1.4x
Mon, 25 Dec 2023R1.1tR730.3bR92.9b8x11.6x1.5x
Wed, 22 Nov 2023R910.0bR731.1bR93.5b7x9.7x1.2x
Fri, 20 Oct 2023R909.1bR733.9bR93.9b7.2x9.7x1.2x
Sun, 17 Sep 2023R1.1tR820.3bR96.1b6.5x11x1.3x
Tue, 15 Aug 2023R1.1tR845.7bR140.8b4.3x7.5x1.3x
Price to Earnings Ratio

7.5x


Total Market Cap: R1.1tTotal Earnings: R140.8bTotal Revenue: R845.7bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 40x202420252026
Current Industry PE
  • Investors are pessimistic on the South African Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 12.6x which is lower than its 3-year average PE of 40.0x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 3.0% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Trends

Which industries have driven the changes within the South African Materials industry?

ZA Market4.38%
Materials15.91%
Metals and Mining18.44%
Gold23.13%
Precious Metals and Minerals17.05%
Aluminum13.16%
Copper10.42%
Diversified Metals and Mining9.21%
Steel-1.07%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 16.5x.
    • Analysts are expecting annual earnings growth of 30.0%, which is higher than its past year's earnings growth of 8.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 8.2% per year.
  • In contrast, the Aluminum industry is expected to see its earnings decline by 9.6% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
GFI Gold FieldsR663.5423.4%
+R112.5b		18.9%PE10.3x
VAL Valterra PlatinumR1.44k16.2%
+R52.5b		65.6%PE10.4x
HAR Harmony Gold MiningR319.0222.4%
+R36.5b		12.3%PE12.2x
IMP Impala Platinum HoldingsR212.9818.6%
+R30.0b		21.2%PE23.3x
SSW Sibanye StillwaterR43.4321.0%
+R21.4b		8.5%PS0.9x

Latest News

GFI
R663.54
Gold Fields
7D
23.4%
1Y
18.9%
SSW
R43.43
Sibanye Stillwater
7D
21.0%
1Y
8.5%
Narrative Update • Aug 07

SSW: Future Returns Will Depend On PGM Portfolio Upgrades And Deleveraging

Sibanye Stillwater's analyst fair value estimate has been revised lower from ZAR65.41 to ZAR47.27 as analysts factor in a more cautious profit outlook, a slightly higher required return, and near term headwinds including subdued PGM markets, higher capital spending, execution risks, and uncertainty around Keliber cash flows. Analyst Commentary Recent Street research on Sibanye Stillwater points to a more balanced view, with bullish analysts highlighting long term portfolio work and cautious analysts focusing on capital needs and near term market conditions.
HAR
R319.02
Harmony Gold Mining
7D
22.4%
1Y
12.3%
ARI
R185.97
African Rainbow Minerals
7D
9.8%
1Y
-0.7%
Narrative Update • Aug 05

ARI: Bokoni Development Will Underpin Future Repricing Toward Fair Value

Analysts have trimmed their price target on African Rainbow Minerals from ZAR264.60 to ZAR220.60, citing updated assumptions that now reflect a higher discount rate, a lower revenue growth outlook, a slightly higher profit margin, and a lower future P/E multiple. What's in the News African Rainbow Minerals approved the development of the Bokoni project, which targets a combined concentrator capacity of 180,000 tonnes per month using an existing 60,000 tonnes per month plant and a new 120,000 tonnes per month plant.
NPH
R269.32
Northam Platinum Holdings
7D
14.1%
1Y
21.0%
Narrative Update • Aug 05

NPH: Higher Discount Rate Will Sustain Overvaluation Despite Refined Output Growth

Analysts have trimmed their price target on Northam Platinum Holdings from ZAR270 to ZAR210, reflecting updated assumptions that combine a higher discount rate and more moderate revenue growth expectations with slightly improved profit margin and P/E estimates. What's in the News for Northam Platinum Holdings Northam Platinum Holdings reported production results for the financial year ended 30 June 2026.
VAL
R1,440.00
Valterra Platinum
7D
16.2%
1Y
65.6%
KIO
R259.45
Kumba Iron Ore
7D
-1.1%
1Y
-13.7%
Narrative Update • Aug 03

KIO: Future Returns Will Depend On Stable Output And Higher Earnings Multiple

Kumba Iron Ore's updated analyst price target has shifted to ZAR 286.13 from ZAR 304.14, as analysts factor in slightly higher discount rates, softer revenue growth expectations, modestly lower profit margins, and a higher assumed future P/E multiple. What's in the News for Kumba Iron Ore Kumba Iron Ore released production results for the second quarter of 2026, with output of 8,844,000 tonnes, compared with 9,257,000 tonnes in the same quarter of the prior year.
IMP
R212.98
Impala Platinum Holdings
7D
18.6%
1Y
21.2%
Narrative Update • Jul 29

IMP: Safety Reset And Lower P/E Multiple Will Shape Future Upside

Analysts have trimmed their price target for Impala Platinum Holdings to ZAR175 from ZAR201, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiples. What’s in the News for Impala Platinum Holdings Impala Platinum Holdings temporarily suspended mining operations at its Impala Rustenburg complex from July 24 to July 28, 2026 to carry out a comprehensive safety reset in response to an increase in safety incidents.
RNG
R3.45
Randgold & Exploration
7D
-6.8%
1Y
331.3%
THA
R25.75
Tharisa
7D
7.2%
1Y
25.0%
WEZ
R0.44
Wesizwe Platinum
7D
-4.3%
1Y
n/a