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South African (JSE) Metals and Mining Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies17
  • 7D-12.3%
  • 3M-15.2%
  • 1Y66.1%
  • YTD-11.9%

Over the last 7 days, the Metals and Mining industry has dropped 12%, driven by a pullback from Gold Fields of 14%. In contrast, ArcelorMittal South Africa has gained 11%. This takes the industry's 12 month performance to a gain of 66%. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026R1.7tR741.9bR119.9b10.1x14.3x2.3x
Thu, 19 Feb 2026R2.1tR624.3bR59.5b20.7x35.4x3.4x
Sat, 17 Jan 2026R2.1tR662.3bR54.6b23.7x39.1x3.2x
Mon, 15 Dec 2025R1.9tR665.8bR55.5b21.4x34.4x2.9x
Wed, 12 Nov 2025R1.7tR668.4bR55.6b20.1x30.5x2.5x
Fri, 10 Oct 2025R1.8tR668.8bR55.8b19.7x31.5x2.6x
Sun, 07 Sep 2025R1.5tR672.8bR57.0b16.4x25.6x2.2x
Tue, 05 Aug 2025R1.3tR643.3bR25.3b7.7x53x2.1x
Thu, 03 Jul 2025R1.2tR655.4bR30.3b7.3x40.4x1.9x
Sat, 31 May 2025R1.1tR658.0bR30.9b7.1x35.6x1.7x
Mon, 28 Apr 2025R1.1tR664.0bR32.3b7x32.8x1.6x
Wed, 26 Mar 2025R1.0tR661.9bR33.1b7.3x31.4x1.6x
Fri, 21 Feb 2025R969.2bR639.4b-R24,204,227,199.1410.3x-40x1.5x
Sun, 19 Jan 2025R878.4bR662.5b-R12,756,213,056.519.7x-68.9x1.3x
Tue, 17 Dec 2024R826.3bR657.6b-R13,410,166,903.919.9x-61.6x1.3x
Thu, 14 Nov 2024R850.9bR659.0b-R13,314,956,100.9010.1x-63.9x1.3x
Sat, 12 Oct 2024R883.2bR654.2b-R15,039,665,671.3211.8x-58.7x1.4x
Mon, 09 Sep 2024R770.9bR662.6bR241.8m10.7x3188.5x1.2x
Wed, 07 Aug 2024R897.7bR675.3bR10.1b6.1x89.1x1.3x
Fri, 05 Jul 2024R951.6bR688.9bR13.8b6.9x68.9x1.4x
Sun, 02 Jun 2024R954.1bR691.9bR14.3b6.9x66.9x1.4x
Tue, 30 Apr 2024R993.0bR690.4bR14.4b6.8x69x1.4x
Thu, 28 Mar 2024R920.9bR691.9bR13.6b6.4x67.7x1.3x
Sat, 24 Feb 2024R865.9bR724.6bR83.3b7.5x10.4x1.2x
Mon, 22 Jan 2024R936.2bR733.2bR93.2b7.5x10x1.3x
Wed, 20 Dec 2023R1.1tR729.4bR92.7b8.1x11.5x1.5x
Fri, 17 Nov 2023R916.2bR729.5bR93.3b7.3x9.8x1.3x
Sun, 15 Oct 2023R947.5bR733.8bR93.9b7.6x10.1x1.3x
Tue, 12 Sep 2023R973.6bR819.3bR96.1b5.4x10.1x1.2x
Thu, 10 Aug 2023R1.1tR845.1bR140.7b4.3x7.8x1.3x
Sat, 08 Jul 2023R1.1tR869.3bR167.6b4.3x6.7x1.3x
Mon, 05 Jun 2023R1.4tR884.0bR177.1b5x7.9x1.6x
Wed, 03 May 2023R1.4tR885.5bR182.2b5x7.6x1.6x
Fri, 31 Mar 2023R1.3tR859.9bR169.0b4.7x7.6x1.5x
Price to Earnings Ratio

7.6x


Total Market Cap: R1.3tTotal Earnings: R169.0bTotal Revenue: R859.9bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.3x202420252026
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 14.3x which is lower than its 3-year average PE of 39.3x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 11% per year over the last three years,
  • Revenues have also declined 4.8% 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 South African Materials industry?

ZA Market-4.70%
Materials-10.76%
Metals and Mining-12.26%
Diversified Metals and Mining-2.72%
Copper-6.76%
Steel-6.91%
Gold-12.57%
Precious Metals and Minerals-13.05%
Aluminum-18.60%
Industry PE
  • Investors are most optimistic about the Aluminum industry which is trading above its 3-year average PE ratio of 14.5x.
    • Analysts are expecting annual earnings growth of 69.5%, which is higher than its past year's earnings decline of 95.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 69% over the next 5 years.
  • This is better than its past earnings decline of 95% per year.
  • In contrast, the Steel industry is expected to see its earnings decline by 12% 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
ACL ArcelorMittal South AfricaR1.2812.3%
+R200.3m		2.4%PS0.05x
RNG Randgold & ExplorationR1.051.0%
+R715.9k		40.0%PB1.6x

Latest News

NPH
R319.70
Northam Platinum Holdings
7D
-14.8%
1Y
147.3%

NPH: Upgraded View Will Rely On Higher Margins And Production Delivery

Analysts have revised their price target on Northam Platinum Holdings from ZAR 434.94 to ZAR 400.94. This reflects updated views on revenue growth, margins and future P/E multiples following recent research that has become more positive on the shares overall.
HAR
R237.01
Harmony Gold Mining
7D
-11.9%
1Y
1.0%
GFI
R689.96
Gold Fields
7D
-12.5%
1Y
82.4%

GFI: Mixed Rating Shifts And Dividend Plans Will Shape Execution Risks

Analysts have raised their ZAR price target for Gold Fields by ZAR15, reflecting updated expectations around margins and valuation metrics, while also acknowledging mixed recent research views on the stock. Analyst Commentary Recent research shows a split view on Gold Fields, with some large banks becoming more constructive on the share price while others flag risks around execution and valuation.
KIO
R303.96
Kumba Iron Ore
7D
-6.6%
1Y
-9.3%
SSW
R48.00
Sibanye Stillwater
7D
-15.2%
1Y
142.5%
IMP
R221.36
Impala Platinum Holdings
7D
-17.3%
1Y
82.4%
VAL
R1,312.84
Valterra Platinum
7D
-14.4%
1Y
82.2%
ARI
R220.33
African Rainbow Minerals
7D
-3.8%
1Y
51.3%
RNG
R1.05
Randgold & Exploration
7D
1.0%
1Y
40.0%
ACL
R1.28
ArcelorMittal South Africa
7D
12.3%
1Y
2.4%