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South African (JSE) Metals and Mining Industry Analysis

UpdatedSep 22, 2026
DataAggregated Company Financials
Companies18
  • 7D-2.7%
  • 3M24.2%
  • 1Y1.1%
  • YTD-11.0%

Over the last 7 days, the Metals and Mining industry has dropped 2.7%, driven by pullbacks in Gold Fields and Valterra Platinum of 2.2% and 3.2%, respectively. In contrast, Europa Metals has gained 233%. As for the longer term, the industry's performance has been flat for the past year. In the next few years, earnings are forecast to decline by 2.0% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 22 Sep 2026R1.7tR914.4bR216.5b6.7x8x1.9x
Thu, 20 Aug 2026R1.8tR771.5bR137.2b9.5x13.2x2.3x
Sat, 18 Jul 2026R1.4tR738.9bR120.3b9.2x11.5x1.9x
Mon, 15 Jun 2026R1.5tR736.7bR119.9b9.5x12.9x2.1x
Wed, 13 May 2026R1.9tR737.5bR119.8b11.2x16x2.6x
Fri, 10 Apr 2026R2.0tR736.2bR119.3b12.3x16.6x2.7x
Sun, 08 Mar 2026R2.1tR732.0bR117.5b14.9x17.5x2.8x
Tue, 03 Feb 2026R2.1tR659.7bR54.0b23.6x38.1x3.1x
Thu, 01 Jan 2026R1.9tR663.3bR54.9b20.8x35.2x2.9x
Sat, 29 Nov 2025R1.8tR668.2bR55.6b20x32.2x2.7x
Mon, 27 Oct 2025R1.7tR669.1bR55.8b19.5x30x2.5x
Wed, 24 Sep 2025R1.7tR670.1bR56.3b20x30.4x2.6x
Fri, 22 Aug 2025R1.4tR639.7bR24.5b10.8x55.8x2.1x
Sun, 20 Jul 2025R1.3tR656.3bR30.5b7.5x42.3x2x
Tue, 17 Jun 2025R1.2tR657.6bR30.8b7.7x38.9x1.8x
Thu, 15 May 2025R1.0tR661.4bR31.8b7.1x31.5x1.5x
Sat, 12 Apr 2025R1.2tR667.1bR34.2b6.5x34x1.7x
Mon, 10 Mar 2025R1.0tR662.1bR33.6b8.9x29.8x1.5x
Wed, 05 Feb 2025R961.0bR662.1b-R12,810,084,113.659.9x-75x1.5x
Fri, 03 Jan 2025R807.5bR662.3b-R12,785,324,435.589.6x-63.2x1.2x
Sun, 01 Dec 2024R829.3bR658.5b-R13,288,784,457.299.9x-62.4x1.3x
Tue, 29 Oct 2024R1.0tR655.9b-R13,718,055,783.7211.7x-73.3x1.5x
Thu, 26 Sep 2024R885.7bR654.1b-R15,070,090,274.0811.7x-58.8x1.4x
Sat, 24 Aug 2024R889.3bR669.8bR8.2b5.7x108x1.3x
Mon, 22 Jul 2024R925.7bR689.0bR13.8b5.8x67x1.3x
Wed, 19 Jun 2024R868.8bR687.7bR13.7b6.5x63.6x1.3x
Fri, 17 May 2024R1.0tR687.9bR14.0b7.5x73.1x1.5x
Sun, 14 Apr 2024R1.1tR691.9bR14.6b6.9x75.7x1.6x
Tue, 12 Mar 2024R920.6bR690.5bR13.8b7.2x66.5x1.3x
Thu, 08 Feb 2024R918.3bR718.5bR92.4b6.7x9.9x1.3x
Sat, 06 Jan 2024R991.4bR731.2bR93.0b7.9x10.7x1.4x
Mon, 04 Dec 2023R992.8bR731.7bR93.6b7.4x10.6x1.4x
Wed, 01 Nov 2023R866.1bR731.7bR93.6b7x9.3x1.2x
Fri, 29 Sep 2023R1.0tR819.9bR95.5b8.6x10.6x1.2x
Price to Earnings Ratio

10.6x


Total Market Cap: R1.0tTotal Earnings: R95.5bTotal Revenue: R819.9bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 40.1x202420252026
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 8.0x which is lower than its 3-year average PE of 40.1x.
  • The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 31% per year over the last three years.
  • Revenues for these companies have grown 3.7% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

ZA Market-0.87%
Materials-3.01%
Metals and Mining-2.70%
Aluminum0.45%
Gold-1.71%
Diversified Metals and Mining-2.99%
Steel-3.37%
Copper-3.45%
Precious Metals and Minerals-3.58%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry even though it's trading below its 3-year average PE ratio of 17.3x.
    • Analysts are expecting annual earnings growth of 14.2%, which is lower than the prior year's growth of 552.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 19% over the next 5 years.
  • However this is lower than its past earnings growth rate of 150% per year.
  • In contrast, the Precious Metals and Minerals industry is expected to see its earnings decline by 5.3% 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
EUZ Europa MetalsR10.00233.3%
+R59.6m		85.2%PS504x
HAR Harmony Gold MiningR314.260.02%
+R43.7m		-1.2%PE6.7x
MRF Merafe ResourcesR1.370.7%
+R25.0m		31.7%PE8.1x
THA TharisaR27.520.3%
+R23.7m		24.8%PE4.2x
HLM HulaminR2.250.4%
+R3.1m		-10.7%PE5.3x

Latest News

HAR
R314.26
Harmony Gold Mining
7D
0.02%
1Y
-1.2%
Narrative Update • Sep 17

HAR: Higher Earnings Outlook And Safety Risks Will Shape Future Returns

Analysts have lifted their price target on Harmony Gold Mining from ZAR280 to ZAR310, citing updates to fair value estimates, a modestly lower discount rate, adjusted revenue growth assumptions, a lower projected profit margin, and a higher expected future P/E multiple. What’s in the News for Harmony Gold Mining Harmony Gold Mining reported group gold production of 44,464 kg, or 1,429,551 oz, for the year ended 30 June 2026.
VAL
R1,372.97
Valterra Platinum
7D
-3.2%
1Y
21.0%
Narrative Update • Sep 17

VAL: Dividend Windfall And Long-Life Project Offtake Will Support Returns

Analysts have reduced the Valterra Platinum fair value estimate from ZAR 2,160 to about ZAR 1,864, citing richer valuation, a more modest revenue growth outlook, and recent Street research that includes downgrades and mixed price target revisions. Analyst Commentary Recent research on Valterra Platinum shows a wide spread of views, but there are several clear bullish angles that focus on potential value, execution quality, and growth optionality.
NPH
R287.27
Northam Platinum Holdings
7D
-5.5%
1Y
12.5%
Narrative Update • Sep 17

NPH: Higher Output And Revised Margins Will Shape A Balanced Outlook

Analysts have adjusted their price target for Northam Platinum Holdings to ZAR314.39 from ZAR303.14, reflecting updated assumptions for revenue, profit margins and future P/E levels. What’s in the News for Northam Platinum Holdings Northam Platinum Holdings reported production results for the financial year ended 30 June 2026.
SSW
R45.08
Sibanye Stillwater
7D
-5.2%
1Y
-1.3%
IMP
R227.77
Impala Platinum Holdings
7D
-2.3%
1Y
10.9%
Narrative Update • Sep 09

IMP: Dividend Strength And Stable Output Will Support Future Share Price

Analysts have reduced their price target for Impala Platinum Holdings to ZAR420.30 from ZAR456.64 as they factor in more moderate revenue growth expectations, a higher discount rate, and a higher assumed future P/E multiple supported by slightly stronger profit margin assumptions. What's in the News for Impala Platinum Holdings Impala Platinum Holdings reported group 6E production for the year ended 30 June 2026 of 3.50 Moz, which management described as stable for the period.
GFI
R680.80
Gold Fields
7D
-2.2%
1Y
-6.1%
Narrative Update • Sep 09

GFI: Capital Returns And Premium Multiple Will Test Margin Resilience

Analysts have modestly raised their fair value estimate for Gold Fields to ZAR734.77, while trimming price targets in recent research as they factor in softer revenue growth expectations, slightly lower profit margins and a higher future P/E multiple under more cautious gold price assumptions. Analyst Commentary Recent research on Gold Fields shows a mix of optimism and caution.
ARI
R173.46
African Rainbow Minerals
7D
-3.0%
1Y
-3.5%
MDI
R15.30
Master Drilling Group
7D
-4.4%
1Y
-0.1%
THA
R27.52
Tharisa
7D
0.3%
1Y
24.8%
HLM
R2.25
Hulamin
7D
0.4%
1Y
-10.7%
KIO
R228.03
Kumba Iron Ore
7D
-3.6%
1Y
-30.3%
MRF
R1.37
Merafe Resources
7D
0.7%
1Y
31.7%
EUZ
R10.00
Europa Metals
7D
233.3%
1Y
85.2%