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South African (JSE) Metals and Mining Industry Analysis

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies17
  • 7D3.5%
  • 3M-26.6%
  • 1Y58.6%
  • YTD-10.4%

Over the last 7 days, the Metals and Mining industry has risen 3.5%, driven by gains from Merafe Resources of 4.1%. In the same time, Gold Fields was down 8.7%. This takes the industry's 12 month performance to a gain of 59%. Looking forward, earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 02 Jun 2026R1.7tR736.0bR119.4b11.4x14.6x2.4x
Thu, 30 Apr 2026R1.7tR740.7bR121.0b10.4x14.3x2.3x
Sat, 28 Mar 2026R1.8tR743.4bR122.2b9.9x14.4x2.4x
Mon, 23 Feb 2026R2.1tR680.1bR84.8b15.4x25.2x3.1x
Wed, 21 Jan 2026R2.2tR662.2bR54.6b25x40.4x3.3x
Fri, 19 Dec 2025R1.9tR664.7bR55.2b21.1x34.6x2.9x
Sun, 16 Nov 2025R1.7tR668.2bR55.6b19.5x30.1x2.5x
Tue, 14 Oct 2025R1.8tR669.7bR55.9b20.4x32.4x2.7x
Thu, 11 Sep 2025R1.5tR671.9bR56.8b17.7x26.9x2.3x
Sat, 09 Aug 2025R1.4tR642.0bR25.0b7.4x56.4x2.2x
Mon, 07 Jul 2025R1.2tR655.6bR30.3b7.8x41.1x1.9x
Wed, 04 Jun 2025R1.1tR657.3bR30.8b7.1x36.5x1.7x
Fri, 02 May 2025R1.1tR663.3bR32.2b7.1x33.7x1.6x
Sun, 30 Mar 2025R1.1tR663.0bR33.3b7.1x32.7x1.6x
Tue, 25 Feb 2025R934.1bR658.8bR31.7b9.6x29.5x1.4x
Thu, 23 Jan 2025R889.7bR661.1b-R12,947,312,753.659.8x-68.7x1.3x
Sat, 21 Dec 2024R802.3bR660.1b-R13,074,262,375.789.5x-61.4x1.2x
Mon, 18 Nov 2024R838.7bR658.8b-R13,334,312,539.9310x-62.9x1.3x
Wed, 16 Oct 2024R866.5bR655.7b-R13,752,499,941.3910.7x-63x1.3x
Fri, 13 Sep 2024R775.7bR662.2bR183.7m10.8x4221.6x1.2x
Sun, 11 Aug 2024R887.2bR674.3bR9.9b6.1x89.2x1.3x
Tue, 09 Jul 2024R887.4bR574.4bR51.5b6.5x17.2x1.5x
Thu, 06 Jun 2024R922.4bR692.8bR14.4b6.6x64.2x1.3x
Sat, 04 May 2024R940.4bR689.7bR14.3b6.8x65.8x1.4x
Mon, 01 Apr 2024R946.1bR691.8bR14.6b6.5x64.9x1.4x
Wed, 28 Feb 2024R864.2bR723.5bR83.1b7.7x10.4x1.2x
Fri, 26 Jan 2024R988.7bR732.3bR93.1b7.8x10.6x1.4x
Sun, 24 Dec 2023R1.1tR730.3bR92.9b8x11.6x1.5x
Tue, 21 Nov 2023R918.0bR730.1bR93.4b7.2x9.8x1.3x
Thu, 19 Oct 2023R935.5bR734.0bR93.9b7.4x10x1.3x
Sat, 16 Sep 2023R1.0tR820.3bR96.1b6.1x10.7x1.3x
Mon, 14 Aug 2023R1.1tR845.0bR140.7b4.4x7.9x1.3x
Wed, 12 Jul 2023R1.1tR866.6bR167.3b4.2x6.8x1.3x
Fri, 09 Jun 2023R1.4tR877.4bR176.2b4.8x7.7x1.6x
Price to Earnings Ratio

7.7x


Total Market Cap: R1.4tTotal Earnings: R176.2bTotal Revenue: R877.4bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.8x202420252026
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 14.6x which is lower than its 3-year average PE of 39.8x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 12% per year over the last three years,
  • Revenues have also declined 5.7% 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 South African Materials industry?

ZA Market1.19%
Materials2.52%
Metals and Mining3.48%
Copper12.24%
Steel7.09%
Diversified Metals and Mining5.24%
Precious Metals and Minerals4.23%
Gold2.09%
Aluminum-1.69%
Industry PE
  • Investors are most optimistic about the Precious Metals and Minerals industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 27.5%, which is lower than the prior year's growth of 128.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 62% over the next 5 years.
  • 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
MRF Merafe ResourcesR1.284.1%
+R125.0m		5.8%PE22.4x
MDI Master Drilling GroupR17.491.7%
+R43.7m		19.1%PE5.3x

Latest News

GFI
R605.72
Gold Fields
7D
-8.7%
1Y
37.5%
KIO
R313.12
Kumba Iron Ore
7D
-1.2%
1Y
9.4%
HAR
R280.01
Harmony Gold Mining
7D
-4.0%
1Y
6.7%
MDI
R17.49
Master Drilling Group
7D
1.7%
1Y
19.1%
SSW
R46.70
Sibanye Stillwater
7D
-5.2%
1Y
68.0%
Narrative Update • May 28

SSW: Future Returns Will Rely On Executing Higher Margin And P E Assumptions

Analysts have reset their ZAR price expectations for Sibanye Stillwater lower, with a new fair value estimate of about ZAR65.41 compared with roughly ZAR82.53 previously, reflecting updated views on revenue growth, profit margins and a reduced future P/E assumption. What's in the News First quarter 2026 update: SA PGM operations 4E production, excluding third party concentrate, was 2% higher year on year, with AISC of ZAR 24,629/4Eoz (US$1,507/4Eoz) in line with the first quarter of 2025.
ARI
R206.14
African Rainbow Minerals
7D
-1.8%
1Y
29.4%
Narrative Update • May 25

ARI: Higher PGM Prices And Asset Gains Will Support Stronger 1H F2026 Earnings

Analysts have nudged their price target for African Rainbow Minerals slightly higher to ZAR267.20 from ZAR265, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins and a lower expected future P/E multiple. What's in the News Norges Bank completed the acquisition of a 5.02% stake in African Rainbow Minerals on May 13, 2026, taking a sizeable institutional position in the company (Key Developments).
NPH
R303.47
Northam Platinum Holdings
7D
-5.4%
1Y
101.8%
Narrative Update • May 24

NPH: Elevated Margin And P/E Assumptions Will Sustain Overvaluation Risk

Analysts have kept the ZAR 270.00 price target for Northam Platinum Holdings unchanged, citing small adjustments to the discount rate, revenue growth, profit margin and expected future P/E assumptions that largely offset one another. Valuation Changes Fair Value: ZAR 270.00 remains unchanged.
VAL
R1,304.13
Valterra Platinum
7D
-4.8%
1Y
92.8%
Narrative Update • May 20

VAL: Dividend Windfall And Stable Margins Will Support Future Returns

Analysts have trimmed their ZAR price target on Valterra Platinum to reflect a slightly lower assumed discount rate and more moderate future P/E expectations, while still incorporating steady revenue growth and profit margin assumptions. Analyst Commentary Recent Street research on Valterra Platinum points to mixed views on valuation, with a group of bullish analysts highlighting potential upside drivers for the stock.
IMP
R222.69
Impala Platinum Holdings
7D
-4.6%
1Y
76.6%
Narrative Update • May 19

IMP: Future Returns Will Reflect Stable 6E Output And Stronger Earnings Visibility

Analysts have inched their price target for Impala Platinum Holdings slightly lower to ZAR353.56 from ZAR354.90. This reflects updated views on revenue growth, profit margin expectations, the applied discount rate, and the assumed future P/E multiple.
MRF
R1.28
Merafe Resources
7D
4.1%
1Y
5.8%