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South African (JSE) Metals and Mining Industry Analysis

UpdatedJun 13, 2026
DataAggregated Company Financials
Companies18
  • 7D-2.1%
  • 3M-18.9%
  • 1Y29.1%
  • YTD-20.7%

Over the last 7 days, the Metals and Mining industry has dropped 2.1%, driven by a pullback from Gold Fields of 2.6%. Over the past 12 months, the industry was up 29%. 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
Sat, 13 Jun 2026R1.5tR736.7bR119.9b9.5x12.9x2.1x
Mon, 11 May 2026R1.9tR736.2bR119.3b11.3x16.1x2.6x
Wed, 08 Apr 2026R1.9tR740.5bR120.9b11.5x15.5x2.5x
Fri, 06 Mar 2026R2.1tR712.1bR108.8b15.3x19.3x2.9x
Sun, 01 Feb 2026R2.2tR660.3bR54.1b25x40.8x3.3x
Tue, 30 Dec 2025R1.9tR664.5bR55.2b21.1x35.2x2.9x
Thu, 27 Nov 2025R1.7tR668.0bR55.5b19.8x31.2x2.6x
Sat, 25 Oct 2025R1.7tR669.1bR55.8b19.5x30x2.5x
Mon, 22 Sep 2025R1.6tR670.8bR56.5b19x28.3x2.4x
Wed, 20 Aug 2025R1.3tR639.4bR24.5b10.5x54.3x2.1x
Fri, 18 Jul 2025R1.3tR657.0bR30.6b7.4x41x1.9x
Sun, 15 Jun 2025R1.2tR657.6bR30.8b7.7x38.9x1.8x
Tue, 13 May 2025R1.0tR661.5bR31.8b6.9x31.8x1.5x
Thu, 10 Apr 2025R1.0tR668.8bR34.5b6.5x30x1.5x
Sat, 08 Mar 2025R1.0tR662.1bR33.5b9.4x30x1.5x
Mon, 03 Feb 2025R959.7bR662.1b-R12,804,531,943.4210.1x-74.9x1.4x
Wed, 01 Jan 2025R774.2bR663.1b-R12,676,231,793.399.4x-61.1x1.2x
Fri, 29 Nov 2024R833.2bR658.1b-R13,425,722,035.299.9x-62.1x1.3x
Sun, 27 Oct 2024R997.9bR655.9b-R13,729,316,373.7211.5x-72.7x1.5x
Tue, 24 Sep 2024R849.0bR655.1b-R14,941,592,618.2311.4x-56.8x1.3x
Thu, 22 Aug 2024R933.0bR670.6bR8.3b5.8x111.9x1.4x
Sat, 20 Jul 2024R925.7bR689.0bR13.8b5.8x67x1.3x
Mon, 17 Jun 2024R846.9bR689.7bR13.9b6.3x60.8x1.2x
Wed, 15 May 2024R1.0tR689.0bR14.2b7.6x71.6x1.5x
Fri, 12 Apr 2024R1.0tR690.9bR14.5b6.8x71.8x1.5x
Sun, 10 Mar 2024R926.3bR690.8bR13.9b7.5x66.6x1.3x
Tue, 06 Feb 2024R924.6bR719.5bR92.5b6.8x10x1.3x
Thu, 04 Jan 2024R1.0tR731.6bR93.0b8x10.8x1.4x
Sat, 02 Dec 2023R992.8bR731.7bR93.6b7.4x10.6x1.4x
Mon, 30 Oct 2023R873.9bR732.8bR93.8b7x9.3x1.2x
Wed, 27 Sep 2023R1.0tR820.3bR95.6b8.8x10.7x1.3x
Fri, 25 Aug 2023R1.0tR841.1bR137.3b4.4x7.5x1.2x
Sun, 23 Jul 2023R1.2tR860.7bR166.7b4.5x7.3x1.4x
Tue, 20 Jun 2023R1.3tR870.8bR175.4b4.6x7.5x1.5x
Price to Earnings Ratio

7.5x


Total Market Cap: R1.3tTotal Earnings: R175.4bTotal Revenue: R870.8bTotal 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 12.9x 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 2.1x.
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 5.4% 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 Market1.40%
Materials-2.14%
Metals and Mining-2.06%
Steel1.70%
Aluminum0%0
Precious Metals and Minerals-2.08%
Gold-2.49%
Diversified Metals and Mining-3.00%
Copper-18.18%
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 27.4%, 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
VAL Valterra PlatinumR1.20k1.0%
+R3.2b		57.0%PE20.3x
KIO Kumba Iron OreR305.191.7%
+R1.7b		8.1%PE6.7x
ACL ArcelorMittal South AfricaR1.416.0%
+R114.5m		31.8%PS0.06x
GML Gemfields GroupR0.905.9%
+R86.2m		-23.1%PS0.7x
MRF Merafe ResourcesR1.340.8%
+R25.0m		4.7%PE23.5x

Latest News

ARI
R186.96
African Rainbow Minerals
7D
-3.1%
1Y
12.8%
SSW
R39.86
Sibanye Stillwater
7D
-6.3%
1Y
30.3%
Narrative Update • Jun 11

SSW: Stable Production And Higher Metal Prices Will Support Repricing

Analysts have adjusted their fair value estimate for Sibanye Stillwater to ZAR97.49 per share from ZAR97.55. This reflects updated views on a slightly higher discount rate, firmer revenue growth assumptions, a modestly softer profit margin, and a largely unchanged future P/E expectation.
NPH
R259.49
Northam Platinum Holdings
7D
-6.6%
1Y
52.1%
IMP
R197.28
Impala Platinum Holdings
7D
-1.7%
1Y
32.3%
GFI
R590.07
Gold Fields
7D
-2.6%
1Y
30.7%
Narrative Update • Jun 06

GFI: Higher Gold Prices And Project Execution Will Support Future Upside

Analysts have raised their price target on Gold Fields from about ZAR831.30 to roughly ZAR914.75. They cite updated gold price forecasts, mixed revisions to stock ratings, and adjusted assumptions for growth, margins, the discount rate, and future P/E multiples.
VAL
R1,196.00
Valterra Platinum
7D
1.0%
1Y
57.0%
Narrative Update • Jun 03

VAL: Trimmed Growth And Margin Assumptions Will Pressure Future Earnings Multiple

Analysts have trimmed their price target on Valterra Platinum from ZAR 8,000 to ZAR 7,890, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E following recent mixed research commentary. Analyst Commentary Recent research has highlighted a more cautious tone around Valterra Platinum, with the latest price target revisions reflecting updated assumptions on growth, profitability, and valuation multiples.
HAR
R257.18
Harmony Gold Mining
7D
-2.2%
1Y
-3.6%
Narrative Update • Jun 03

HAR: Higher Margins And Payouts Will Support A Stronger Medium Term Outlook

Analysts have lifted their Harmony Gold Mining price target slightly from ZAR385 to ZAR390, reflecting updated assumptions for revenue growth, profit margins and a lower future P/E multiple in their models. What's in the News Ninety One SA (Pty) Ltd increased its minority holding in Harmony Gold Mining Company to 5.2017% of total issued shares, following the completion of an additional stake acquisition on April 20, 2026.
KIO
R305.19
Kumba Iron Ore
7D
1.7%
1Y
8.1%
Narrative Update • Jun 03

KIO: Future Returns Will Rely On Rail Delivery And Stable Payouts

Analysts have raised their price target for Kumba Iron Ore from ZAR306 to about ZAR314, citing updated assumptions that reflect slightly slower expected revenue declines, a modestly higher projected profit margin, and a small adjustment to the forecast future P/E multiple and discount rate. What's in the News Kumba Iron Ore reported first quarter 2026 production of 8.8 Mt, compared with 9.0 Mt in Q1 2025, with lower output at Kolomela partly offset by higher production at Sishen.
CPR
R0.45
Copper 360
7D
-18.2%
1Y
-71.9%
ACL
R1.41
ArcelorMittal South Africa
7D
6.0%
1Y
31.8%
THA
R25.20
Tharisa
7D
-8.0%
1Y
28.2%
GML
R0.90
Gemfields Group
7D
5.9%
1Y
-23.1%
EUZ
R0.33
Europa Metals
7D
37.5%
1Y
153.8%
MRF
R1.34
Merafe Resources
7D
0.8%
1Y
4.7%