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South African (JSE) Metals and Mining Industry Analysis

UpdatedJun 22, 2026
DataAggregated Company Financials
Companies18
  • 7D-4.6%
  • 3M-14.1%
  • 1Y27.1%
  • YTD-24.3%

Over the last 7 days, the Metals and Mining industry has dropped 4.6%, driven by a pullback from Gold Fields of 14%. In contrast, Europa Metals has gained 21%. Over the past 12 months, the industry was up 27%. 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, 23 Jun 2026R1.5tR738.2bR120.5b9.3x12.3x2x
Thu, 21 May 2026R1.8tR737.1bR119.7b10.9x14.7x2.4x
Sat, 18 Apr 2026R2.1tR735.4bR119.0b12.6x17.4x2.8x
Mon, 16 Mar 2026R1.9tR743.0bR121.0b11.6x15.7x2.6x
Wed, 11 Feb 2026R2.1tR623.7bR59.4b21x36.1x3.4x
Fri, 09 Jan 2026R1.9tR663.1bR54.8b21x35.4x2.9x
Sun, 07 Dec 2025R1.8tR666.3bR55.6b20.6x32.8x2.7x
Tue, 04 Nov 2025R1.6tR669.5bR55.9b18.2x29.1x2.4x
Thu, 02 Oct 2025R1.8tR669.0bR55.8b20x32x2.7x
Sat, 30 Aug 2025R1.3tR670.2bR61.1b12.9x22.1x2x
Mon, 28 Jul 2025R1.3tR656.7bR30.5b7.4x42.5x2x
Wed, 25 Jun 2025R1.2tR656.5bR30.6b7.7x38.2x1.8x
Fri, 23 May 2025R1.1tR659.7bR31.5b7.1x35.8x1.7x
Sun, 20 Apr 2025R1.2tR665.1bR32.5b6.7x36.4x1.8x
Tue, 18 Mar 2025R1.0tR660.6bR32.7b8.5x30.8x1.5x
Thu, 13 Feb 2025R970.4bR658.7b-R13,992,780,509.7610.4x-69.4x1.5x
Sat, 11 Jan 2025R872.8bR664.6b-R12,471,926,934.619.6x-70x1.3x
Mon, 09 Dec 2024R818.9bR658.5b-R13,287,270,636.559.9x-61.6x1.2x
Wed, 06 Nov 2024R958.5bR654.2b-R13,946,579,522.1011.2x-68.7x1.5x
Fri, 04 Oct 2024R902.7bR654.8b-R14,960,326,350.8811.9x-60.3x1.4x
Sun, 01 Sep 2024R821.3bR658.8bR2.3b9x358.7x1.2x
Tue, 30 Jul 2024R930.7bR675.1bR10.0b6.3x92.6x1.4x
Thu, 27 Jun 2024R899.7bR688.3bR13.7b6.2x65.5x1.3x
Sat, 25 May 2024R1.0tR689.8bR14.0b7.5x72.6x1.5x
Mon, 22 Apr 2024R1.0tR692.9bR14.7b6.8x70.6x1.5x
Wed, 20 Mar 2024R853.7bR692.7bR14.3b6.3x59.8x1.2x
Fri, 16 Feb 2024R883.2bR720.9bR89.3b6.3x9.9x1.2x
Sun, 14 Jan 2024R985.1bR731.1bR93.0b7.9x10.6x1.3x
Tue, 12 Dec 2023R966.6bR734.3bR94.0b7.7x10.3x1.3x
Thu, 09 Nov 2023R889.9bR730.6bR93.4b6.9x9.5x1.2x
Sat, 07 Oct 2023R825.2bR735.4bR94.1b7x8.8x1.1x
Mon, 04 Sep 2023R1.0tR822.9bR100.9b5.7x9.9x1.2x
Wed, 02 Aug 2023R1.2tR836.6bR142.7b4.6x8.2x1.4x
Fri, 30 Jun 2023R1.2tR868.8bR167.5b4.3x6.9x1.3x
Price to Earnings Ratio

6.9x


Total Market Cap: R1.2tTotal Earnings: R167.5bTotal Revenue: R868.8bTotal 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 12.3x 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 5.2% 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 Market0.77%
Materials-5.10%
Metals and Mining-4.57%
Steel-2.11%
Copper-2.22%
Aluminum-2.30%
Diversified Metals and Mining-3.15%
Gold-4.07%
Precious Metals and Minerals-5.49%
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 27.1%, 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
EUZ Europa MetalsR0.4021.2%
+R7.2m		207.7%PS243.8x
RNG Randgold & ExplorationR1.297.5%
+R6.4m		69.7%PB2.3x

Latest News

KIO
R298.17
Kumba Iron Ore
7D
-3.1%
1Y
5.9%
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
R1,185.33
Valterra Platinum
7D
-9.7%
1Y
57.0%
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
R265.05
Harmony Gold Mining
7D
-7.3%
1Y
7.3%
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
R187.73
Impala Platinum Holdings
7D
-14.3%
1Y
20.3%
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.
GFI
R571.48
Gold Fields
7D
-11.3%
1Y
36.0%
ARI
R181.85
African Rainbow Minerals
7D
-7.8%
1Y
7.6%
SSW
R38.38
Sibanye Stillwater
7D
-11.6%
1Y
24.1%
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
R252.53
Northam Platinum Holdings
7D
-10.4%
1Y
37.5%
EUZ
R0.40
Europa Metals
7D
21.2%
1Y
207.7%
RNG
R1.29
Randgold & Exploration
7D
7.5%
1Y
69.7%