Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

South African (JSE) Metals and Mining Industry Analysis

UpdatedAug 17, 2026
DataAggregated Company Financials
Companies18
  • 7D-1.8%
  • 3M-4.8%
  • 1Y25.1%
  • YTD-13.0%

Over the last 7 days, the Metals and Mining industry has dropped 1.8%, driven by a pullback from Kumba Iron Ore of 6.2%. This takes the industry's 12 month performance to a gain of 25%. Earnings are forecast to grow by 11% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 18 Aug 2026R1.7tR772.6bR137.6b9.2x12.3x2.2x
Thu, 16 Jul 2026R1.4tR737.0bR119.5b9.5x11.8x1.9x
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
Price to Earnings Ratio

7.5x


Total Market Cap: R1.0tTotal Earnings: R137.3bTotal Revenue: R841.1bTotal 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 12.3x which is lower than its 3-year average PE of 40.1x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have declined 2.7% per year.
  • This means that the cost of doing business could be reducing since sales have declined but profits have remained steady.

Industry Trends

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

ZA Market-2.71%
Materials-1.63%
Metals and Mining-1.82%
Copper1.89%
Precious Metals and Minerals-1.38%
Gold-1.89%
Aluminum-2.33%
Diversified Metals and Mining-2.83%
Steel-4.82%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 16.7x.
    • Analysts are expecting annual earnings growth of 30.0%, which is higher than its past year's earnings growth of 8.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 8.2% per year.
  • In contrast, the Steel industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
GFI Gold FieldsR673.981.6%
+R9.3b		27.7%PE10.5x
IMP Impala Platinum HoldingsR221.504.0%
+R7.7b		32.9%PE24.2x
VAL Valterra PlatinumR1.46k1.3%
+R4.7b		70.3%PE10.5x
HAR Harmony Gold MiningR325.582.1%
+R4.1b		20.5%PE12.5x
SSW Sibanye StillwaterR44.642.8%
+R3.4b		24.3%PS1x

Latest News

VAL
R1,458.00
Valterra Platinum
7D
1.3%
1Y
70.3%
KIO
R243.44
Kumba Iron Ore
7D
-6.2%
1Y
-17.9%
ARI
R184.04
African Rainbow Minerals
7D
-1.0%
1Y
-0.5%
MRF
R1.44
Merafe Resources
7D
7.5%
1Y
32.1%
HAR
R325.58
Harmony Gold Mining
7D
2.1%
1Y
20.5%
Narrative Update • Aug 13

HAR: Updated Assumptions And Jelani JV Progress Will Shape Medium Term Outlook

Analysts have trimmed their fair value estimate for Harmony Gold Mining from ZAR390 to ZAR332.50, reflecting updated assumptions for revenue growth, profit margins, and a slightly lower future P/E multiple. What’s in the News for Harmony Gold Mining Jelani Resources, the joint venture vehicle between Harmony Gold Mining subsidiaries and Lexington Gold, received formal confirmation from the Department of Mineral and Petroleum Resources that its Mining Right application for the Jelani JV Project has been accepted for processing under South African law.
IMP
R221.50
Impala Platinum Holdings
7D
4.0%
1Y
32.9%
Narrative Update • Aug 12

IMP: Safety Reset And Resilient Margins Will Support Future Share Price

Analysts have trimmed their fair value estimate for Impala Platinum Holdings, with the implied price target moving from about ZAR522.52 to around ZAR456.64. This reflects updated assumptions on revenue growth, profit margins and future P/E multiples.
HLM
R2.12
Hulamin
7D
-1.4%
1Y
-26.6%
MDI
R15.32
Master Drilling Group
7D
-4.3%
1Y
1.5%
GFI
R673.98
Gold Fields
7D
1.6%
1Y
27.7%
SSW
R44.64
Sibanye Stillwater
7D
2.8%
1Y
24.3%
Narrative Update • Aug 07

SSW: Future Returns Will Depend On PGM Portfolio Upgrades And Deleveraging

Sibanye Stillwater's analyst fair value estimate has been revised lower from ZAR65.41 to ZAR47.27 as analysts factor in a more cautious profit outlook, a slightly higher required return, and near term headwinds including subdued PGM markets, higher capital spending, execution risks, and uncertainty around Keliber cash flows. Analyst Commentary Recent Street research on Sibanye Stillwater points to a more balanced view, with bullish analysts highlighting long term portfolio work and cautious analysts focusing on capital needs and near term market conditions.
NPH
R270.85
Northam Platinum Holdings
7D
0.6%
1Y
25.1%
Narrative Update • Aug 05

NPH: Higher Discount Rate Will Sustain Overvaluation Despite Refined Output Growth

Analysts have trimmed their price target on Northam Platinum Holdings from ZAR270 to ZAR210, reflecting updated assumptions that combine a higher discount rate and more moderate revenue growth expectations with slightly improved profit margin and P/E estimates. What's in the News for Northam Platinum Holdings Northam Platinum Holdings reported production results for the financial year ended 30 June 2026.
ACL
R1.49
ArcelorMittal South Africa
7D
5.7%
1Y
60.2%
THA
R25.40
Tharisa
7D
-1.4%
1Y
22.7%
GML
R0.63
Gemfields Group
7D
-14.9%
1Y
-55.0%