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South African (JSE) Metals and Mining Industry Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies18
  • 7D-3.7%
  • 3M-27.1%
  • 1Y18.4%
  • YTD-27.0%

Over the last 7 days, the Metals and Mining industry has remained flat, although notably Randgold & Exploration gained 74%. As for the the longer term, the industry is up 26% over the past 12 months. Looking forward, 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, 30 Jun 2026R1.4tR737.9bR120.4b8.9x11.8x1.9x
Thu, 28 May 2026R1.7tR737.5bR120.0b11.1x14.6x2.4x
Sat, 25 Apr 2026R1.9tR737.6bR119.8b11.5x15.7x2.6x
Mon, 23 Mar 2026R1.7tR744.5bR120.9b9.8x14.1x2.3x
Wed, 18 Feb 2026R2.0tR624.3bR59.5b20.3x34.1x3.3x
Fri, 16 Jan 2026R2.2tR661.7bR54.5b23.8x39.9x3.3x
Sun, 14 Dec 2025R1.9tR665.8bR55.5b21.4x34.4x2.9x
Tue, 11 Nov 2025R1.7tR668.5bR55.6b19.5x30.3x2.5x
Thu, 09 Oct 2025R1.8tR668.4bR55.7b20.6x32.8x2.7x
Sat, 06 Sep 2025R1.5tR672.8bR57.0b16.4x25.6x2.2x
Mon, 04 Aug 2025R1.3tR644.0bR25.4b7.5x50.4x2x
Wed, 02 Jul 2025R1.2tR656.2bR30.5b7.8x38.8x1.8x
Fri, 30 May 2025R1.1tR656.8bR30.7b7.1x36.5x1.7x
Sun, 27 Apr 2025R1.1tR664.0bR32.3b7x32.8x1.6x
Tue, 25 Mar 2025R1.0tR661.5bR32.9b8.5x31.4x1.6x
Thu, 20 Feb 2025R955.6bR654.9b-R18,644,791,084.0110.3x-51.3x1.5x
Sat, 18 Jan 2025R878.4bR662.4b-R12,766,567,103.709.7x-68.8x1.3x
Mon, 16 Dec 2024R826.3bR657.6b-R13,409,868,557.699.9x-61.6x1.3x
Wed, 13 Nov 2024R853.8bR658.2b-R13,420,938,124.5010.1x-63.6x1.3x
Fri, 11 Oct 2024R875.7bR654.9b-R14,947,593,788.3211.6x-58.6x1.3x
Sun, 08 Sep 2024R770.9bR662.6bR238.2m10.7x3236.5x1.2x
Tue, 06 Aug 2024R903.3bR675.5bR10.1b6.1x89.3x1.3x
Thu, 04 Jul 2024R936.5bR689.5bR13.9b6.8x67.4x1.4x
Sat, 01 Jun 2024R954.1bR691.9bR14.3b6.9x66.9x1.4x
Mon, 29 Apr 2024R963.9bR691.5bR14.5b6.7x66.3x1.4x
Wed, 27 Mar 2024R932.7bR692.4bR13.7b6.4x68.2x1.3x
Fri, 23 Feb 2024R861.1bR720.4bR82.0b7.7x10.5x1.2x
Sun, 21 Jan 2024R936.2bR733.2bR93.2b7.5x10x1.3x
Tue, 19 Dec 2023R1.0tR730.9bR92.9b7.7x11x1.4x
Thu, 16 Nov 2023R916.2bR729.4bR93.2b7.2x9.8x1.3x
Sat, 14 Oct 2023R947.5bR733.7bR93.9b7.6x10.1x1.3x
Mon, 11 Sep 2023R963.3bR822.0bR96.3b5.3x10x1.2x
Wed, 09 Aug 2023R1.1tR845.0bR140.7b4.3x7.8x1.3x
Fri, 07 Jul 2023R1.1tR872.0bR167.9b4.4x6.6x1.3x
Price to Earnings Ratio

6.6x


Total Market Cap: R1.1tTotal Earnings: R167.9bTotal Revenue: R872.0bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.9x202420252026
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 12.1x which is lower than its 3-year average PE of 39.9x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 10% per year over the last three years,
  • Revenues have also declined 5.3% 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-1.06%
Materials-4.34%
Metals and Mining-3.72%
Steel0.29%
Diversified Metals and Mining-0.79%
Aluminum-1.23%
Copper-2.56%
Gold-3.13%
Precious Metals and Minerals-5.05%
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 27.2%, 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
KIO Kumba Iron OreR294.170.4%
+R355.5m		2.5%PE6.4x
RNG Randgold & ExplorationR2.2560.7%
+R60.8m		192.2%PB4x
THA TharisaR24.600.8%
+R59.3m		17.7%PE3.7x
WEZ Wesizwe PlatinumR0.553.8%
+R32.6m		n/aPE5.6x

Latest News

SSW
R34.97
Sibanye Stillwater
7D
-5.4%
1Y
7.1%
Narrative Update • Jun 25

SSW: Higher Margins And Cost Control Will Shape Future Returns

Analysts have made a small upward adjustment to the Sibanye Stillwater price target to ZAR48.43. This reflects updated views on discount rates, revenue growth, profit margins, and future P/E assumptions.
ARI
R178.00
African Rainbow Minerals
7D
-0.5%
1Y
2.0%
Narrative Update • Jun 24

ARI: Norges Bank Stake Will Support Future Repricing Toward Fair Value

Analysts have trimmed their price target for African Rainbow Minerals slightly, from ZAR267.20 to ZAR264.60. This reflects updated assumptions around fair value, discount rates, revenue growth, profit margins and future P/E expectations.
NPH
R238.82
Northam Platinum Holdings
7D
-3.9%
1Y
21.6%
Narrative Update • Jun 24

NPH: Higher Future P/E Assumptions Will Drive Upgraded Bullish View

Analysts have raised their price target for Northam Platinum Holdings slightly to ZAR404 from about ZAR401, reflecting updated assumptions for revenue growth, profit margins, and the company’s future P/E outlook within a marginally higher discount rate framework. What's in the News No recent news items or key developments for Northam Platinum Holdings are available from the provided sources at this time.
GFI
R541.80
Gold Fields
7D
-3.0%
1Y
28.5%
Narrative Update • Jun 22

GFI: Higher Gold Price Assumptions Will Support Future Re Rating

Analysts have trimmed their price target for Gold Fields from ZAR1,263.00 to about ZAR1,217.40, citing updated gold price forecasts, slight adjustments to discount rate assumptions, and expectations for revenue growth, profit margins, and a lower future P/E multiple. Analyst Commentary Recent Street research on Gold Fields reflects a mix of upgraded ratings and adjusted targets, with several bullish analysts highlighting potential upside linked to revised gold price assumptions and the company’s ability to execute on its plans.
KIO
R294.17
Kumba Iron Ore
7D
0.4%
1Y
2.5%
Narrative Update • Jun 18

KIO: Future Returns Will Depend On Stable Output And Rail Delivery

Analysts have reaffirmed their ZAR 313.71 price target for Kumba Iron Ore, citing only marginal tweaks to assumptions, such as a slightly lower discount rate and an unchanged outlook for revenue growth, profit margin and future P/E. What's in the News for Kumba Iron Ore Kumba Iron Ore reported total production of 8.8 Mt for the first quarter ended March 31, 2026, compared with 9.0 Mt in Q1 2025.
VAL
R1,100.80
Valterra Platinum
7D
-4.7%
1Y
37.6%
Narrative Update • Jun 18

VAL: Higher P/E Assumptions And Execution Risks Will Pressure Future Share Price

Analysts have nudged their fair value estimate for Valterra Platinum higher from ZAR 689.00 to about ZAR 703.48, citing updated assumptions on growth, profitability and future P/E, along with mixed recent Street views that include a lower ZAR price target from RBC Capital and a fresh upgrade from Berenberg. Analyst Commentary Recent Street commentary on Valterra Platinum highlights a split view, with some analysts setting a more cautious tone even as the fair value estimate edges higher.
HAR
R248.34
Harmony Gold Mining
7D
-3.5%
1Y
-0.4%
Narrative Update • Jun 17

HAR: Jelani JV Progress And Existing Infrastructure Access Will Support Future Returns

Analysts have lifted their price target for Harmony Gold Mining from ZAR300 to ZAR320. They cite updated assumptions for revenue growth, profit margins, discount rate and future P/E as the key drivers of this valuation change.
IMP
R174.30
Impala Platinum Holdings
7D
-6.5%
1Y
7.7%
Narrative Update • Jun 17

IMP: Stable 6E Volumes And Margins Will Support Future Share Price

Analysts have kept their ZAR price target for Impala Platinum Holdings broadly unchanged at around ZAR522.52, citing only slight adjustments to assumptions for the discount rate, revenue growth, profit margin and forward P/E in their valuation work. What’s in the News for Impala Platinum Holdings Impala Platinum Holdings reported 6E Group production of 762,000 oz for the third quarter ended March 31, 2026, compared with 766,000 oz for the same quarter a year earlier.
WEZ
R0.55
Wesizwe Platinum
7D
3.8%
1Y
n/a
MDI
R15.99
Master Drilling Group
7D
-4.5%
1Y
0.2%
THA
R24.60
Tharisa
7D
0.8%
1Y
17.7%
RNG
R2.25
Randgold & Exploration
7D
60.7%
1Y
192.2%