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South African (JSE) Metals and Mining Industry Analysis

UpdatedJul 03, 2026
DataAggregated Company Financials
Companies18
  • 7D0.6%
  • 3M-24.3%
  • 1Y17.9%
  • YTD-24.5%

Last week, the Metals and Mining industry hasn't moved much but Gold Fields is up 3.9% in that time. As for the the longer term, the industry is up 18% over the past 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Jul 2026R1.5tR736.4bR119.3b10.1x12.4x2x
Mon, 01 Jun 2026R1.7tR736.0bR119.4b11.4x14.6x2.4x
Wed, 29 Apr 2026R1.8tR738.0bR120.0b10.8x14.8x2.4x
Fri, 27 Mar 2026R1.8tR744.0bR121.0b9.9x14.6x2.4x
Sun, 22 Feb 2026R2.1tR680.1bR84.8b15.4x25.2x3.1x
Tue, 20 Jan 2026R2.2tR662.0bR54.6b24.2x39.9x3.3x
Thu, 18 Dec 2025R1.9tR664.8bR55.3b21.1x34.5x2.9x
Sat, 15 Nov 2025R1.7tR668.2bR55.6b19.5x30.1x2.5x
Mon, 13 Oct 2025R1.7tR670.9bR56.3b18.9x30.7x2.6x
Wed, 10 Sep 2025R1.5tR672.4bR56.9b17x26.2x2.2x
Fri, 08 Aug 2025R1.4tR641.9bR25.0b7.4x55.9x2.2x
Sun, 06 Jul 2025R1.2tR655.6bR30.3b7.8x41.1x1.9x
Tue, 03 Jun 2025R1.2tR657.1bR30.7b7.1x37.6x1.8x
Thu, 01 May 2025R1.1tR663.6bR32.2b7.1x33.6x1.6x
Sat, 29 Mar 2025R1.1tR663.0bR33.3b7.1x32.7x1.6x
Mon, 24 Feb 2025R939.5bR658.8bR31.7b10.1x29.6x1.4x
Wed, 22 Jan 2025R889.7bR661.1b-R12,935,983,325.209.7x-68.8x1.3x
Fri, 20 Dec 2024R789.8bR660.7b-R12,995,931,757.879.4x-60.8x1.2x
Sun, 17 Nov 2024R838.7bR658.8b-R13,334,312,539.9310x-62.9x1.3x
Tue, 15 Oct 2024R883.2bR654.2b-R15,039,665,671.3211.8x-58.7x1.4x
Thu, 12 Sep 2024R735.7bR662.9bR277.5m10.4x2650.8x1.1x
Sat, 10 Aug 2024R887.2bR674.2bR9.9b6.1x89.3x1.3x
Mon, 08 Jul 2024R898.6bR574.8bR51.5b6.6x17.4x1.6x
Wed, 05 Jun 2024R903.4bR691.5bR14.2b6.6x63.7x1.3x
Fri, 03 May 2024R929.8bR690.0bR14.3b6.5x64.9x1.3x
Sun, 31 Mar 2024R946.1bR691.8bR14.6b6.5x64.9x1.4x
Tue, 27 Feb 2024R858.9bR724.7bR83.3b7.6x10.3x1.2x
Thu, 25 Jan 2024R986.3bR732.5bR93.1b7.5x10.6x1.3x
Sat, 23 Dec 2023R1.1tR729.7bR92.8b8.1x11.6x1.5x
Mon, 20 Nov 2023R916.3bR730.1bR93.4b7.2x9.8x1.3x
Wed, 18 Oct 2023R957.1bR732.5bR93.7b7.7x10.2x1.3x
Fri, 15 Sep 2023R1.0tR820.3bR96.1b6.1x10.7x1.3x
Sun, 13 Aug 2023R1.1tR845.0bR140.7b4.4x7.9x1.3x
Tue, 11 Jul 2023R1.1tR869.4bR167.6b4.3x6.6x1.3x
Price to Earnings Ratio

6.6x


Total Market Cap: R1.1tTotal Earnings: R167.6bTotal Revenue: R869.4bTotal 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 12.4x 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 11% 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 Market0.22%
Materials0.51%
Metals and Mining0.57%
Gold3.26%
Aluminum1.86%
Copper0%0
Precious Metals and Minerals-1.24%
Diversified Metals and Mining-2.52%
Steel-3.74%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 15.8x.
    • Analysts are expecting annual earnings growth of 25.3%, which is higher than its past year's earnings growth of 8.2% 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
GFI Gold FieldsR588.616.7%
+R33.0b		36.1%PE9.1x
VAL Valterra PlatinumR1.19k4.9%
+R14.5b		40.3%PE20.3x
HAR Harmony Gold MiningR275.106.4%
+R10.4b		8.4%PE10.6x
IMP Impala Platinum HoldingsR183.971.5%
+R2.4b		7.5%PE20.1x
NPH Northam Platinum HoldingsR247.160.9%
+R850.4m		24.0%PE10.6x

Latest News

VAL
R1,192.17
Valterra Platinum
7D
4.9%
1Y
40.3%
Narrative Update • Jul 02

VAL: Future Upside Will Depend On Platinum Pricing And Production Delivery

The updated analyst price target for Valterra Platinum has shifted in line with revised fair value estimates from ZAR1,470.70 to ZAR1,398.59, as analysts factor in adjusted expectations for revenue, profit margins and P/E multiples alongside mixed recent Street research on the stock. Analyst Commentary Street research on Valterra Platinum highlights a mix of optimism on sector fundamentals and more restrained views on valuation, which helps explain the recent shift in the consolidated price target closer to fair value estimates.
NPH
R247.16
Northam Platinum Holdings
7D
0.9%
1Y
24.0%
HAR
R275.10
Harmony Gold Mining
7D
6.4%
1Y
8.4%
Narrative Update • Jul 01

HAR: New Project Progress And Margin Strength Will Support Further Upside

Analysts have trimmed their ZAR fair value estimate for Harmony Gold Mining from ZAR500 to ZAR450, citing refreshed assumptions for revenue growth, profit margins, discount rate and future P/E that slightly shift the balance of risks and potential returns. 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 acceptance of its Mining Right application for the Jelani JV Project from South Africa’s Department of Mineral and Petroleum Resources.
SSW
R36.00
Sibanye Stillwater
7D
-2.4%
1Y
3.0%
IMP
R183.97
Impala Platinum Holdings
7D
1.5%
1Y
7.5%
Narrative Update • Jul 01

IMP: Higher P/E Expectations Will Support Upside If Profitability Improves

Analysts have trimmed their ZAR fair value estimate for Impala Platinum Holdings from ZAR225.00 to ZAR201.00, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E expectations. 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, with 9‑month production at 2,560,000 oz.
GFI
R588.61
Gold Fields
7D
6.7%
1Y
36.1%
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
R286.83
Kumba Iron Ore
7D
-2.3%
1Y
-4.0%
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.
WEZ
R0.55
Wesizwe Platinum
7D
3.8%
1Y
n/a
ACL
R1.26
ArcelorMittal South Africa
7D
-3.1%
1Y
27.3%
MDI
R16.82
Master Drilling Group
7D
1.9%
1Y
5.9%
THA
R25.80
Tharisa
7D
6.0%
1Y
21.6%
EUZ
R0.34
Europa Metals
7D
-15.0%
1Y
54.5%
MRF
R1.28
Merafe Resources
7D
-0.8%
1Y
-2.3%
RNG
R1.96
Randgold & Exploration
7D
-15.5%
1Y
148.1%