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South African (JSE) Metals and Mining Industry Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies16
  • 7D3.0%
  • 3M10.5%
  • 1Y129.5%
  • YTD3.0%

In the last week, the Metals and Mining industry is up 3.0%, with Gold Fields up 4.1%. This takes the industry's 12 month performance to a gain of 129%. Earnings are forecast to grow by 35% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026R2.0tR662.9bR54.8b21.6x36.5x3x
Tue, 09 Dec 2025R1.8tR667.1bR55.8b19.7x32x2.7x
Thu, 06 Nov 2025R1.6tR670.4bR56.1b18.1x28.3x2.4x
Sat, 04 Oct 2025R1.8tR668.9bR55.8b20.1x31.6x2.6x
Mon, 01 Sep 2025R1.3tR670.2bR60.0b15.1x22.4x2x
Wed, 30 Jul 2025R1.3tR646.2bR24.9b7.7x52.3x2x
Fri, 27 Jun 2025R1.2tR657.2bR30.7b7.7x39.3x1.8x
Sun, 25 May 2025R1.2tR657.0bR30.7b6.9x37.8x1.8x
Tue, 22 Apr 2025R1.2tR665.1bR32.5b6.7x36.4x1.8x
Thu, 20 Mar 2025R1.1tR660.7bR32.7b9x32.6x1.6x
Sat, 15 Feb 2025R972.8bR657.8b-R14,113,052,521.7410.4x-68.9x1.5x
Mon, 13 Jan 2025R872.8bR664.5b-R12,485,882,389.529.6x-69.9x1.3x
Wed, 11 Dec 2024R846.2bR657.5b-R13,430,726,710.7310.1x-63x1.3x
Fri, 08 Nov 2024R933.1bR653.8b-R14,006,415,206.2611.2x-66.6x1.4x
Sun, 06 Oct 2024R905.5bR654.7b-R14,977,769,225.5911.9x-60.5x1.4x
Tue, 03 Sep 2024R823.0bR658.9bR2.3b9.2x359x1.2x
Thu, 01 Aug 2024R970.9bR673.7bR9.9b6.3x98.5x1.4x
Sat, 29 Jun 2024R900.5bR688.5bR13.8b6.2x65.4x1.3x
Mon, 27 May 2024R1.0tR689.8bR14.0b7.5x72.6x1.5x
Wed, 24 Apr 2024R963.5bR693.1bR14.8b6.3x65.2x1.4x
Fri, 22 Mar 2024R893.5bR691.8bR14.1b6.6x63.2x1.3x
Sun, 18 Feb 2024R881.8bR720.4bR89.2b6.3x9.9x1.2x
Tue, 16 Jan 2024R974.7bR731.2bR93.0b7.6x10.5x1.3x
Thu, 14 Dec 2023R932.9bR734.0bR93.9b7.2x9.9x1.3x
Sat, 11 Nov 2023R854.2bR732.3bR93.7b6.7x9.1x1.2x
Mon, 09 Oct 2023R825.2bR735.4bR94.1b7x8.8x1.1x
Wed, 06 Sep 2023R979.9bR822.7bR96.4b5.6x10.2x1.2x
Fri, 04 Aug 2023R1.1tR841.3bR143.2b4.4x7.8x1.3x
Sun, 02 Jul 2023R1.2tR869.2bR167.6b4.3x6.9x1.3x
Tue, 30 May 2023R1.3tR897.6bR183.0b4.5x7.3x1.5x
Thu, 27 Apr 2023R1.4tR884.6bR182.1b5x7.6x1.6x
Sat, 25 Mar 2023R1.2tR862.6bR169.5b4.5x7.3x1.4x
Mon, 20 Feb 2023R1.3tR897.4bR194.1b4.8x6.5x1.4x
Wed, 18 Jan 2023R1.5tR890.3bR197.2b5.9x7.4x1.6x
Price to Earnings Ratio

7.4x


Total Market Cap: R1.5tTotal Earnings: R197.2bTotal Revenue: R890.3bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 37.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the South African Metals and Mining industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 37.7x.
  • The 3-year average PS ratio of 1.6x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 35% per year over the last three years,
  • Revenues have also declined 9.4% 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 Market1.61%
Materials3.05%
Metals and Mining2.96%
Gold4.20%
Precious Metals and Minerals2.12%
Steel1.82%
Diversified Metals and Mining0.21%
Aluminum0%0
Copper-1.43%
Industry PE
  • Investors are most optimistic about the Aluminum industry which is trading above its 3-year average PE ratio of 10.9x.
    • Analysts are expecting annual earnings growth of 69.5%, which is higher than its past year's earnings decline of 95.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 69% over the next 5 years.
  • This is better than its past earnings decline of 95% per year.
  • In contrast, the Steel industry is expected to see its earnings decline by 14% 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 FieldsR748.534.1%
+R26.3b		159.9%PE21.6x
SSW Sibanye StillwaterR65.357.4%
+R12.8b		280.6%PS1.7x
HAR Harmony Gold MiningR339.884.6%
+R9.2b		92.6%PE14.7x
IMP Impala Platinum HoldingsR276.562.6%
+R6.2b		164.8%PE326x
KIO Kumba Iron OreR365.831.8%
+R2.0b		9.2%PE8x

Latest News

SSW
R65.35
Sibanye Stillwater
7D
7.4%
1Y
280.6%
IMP
R276.56
Impala Platinum Holdings
7D
2.6%
1Y
164.8%
NPH
R350.58
Northam Platinum Holdings
7D
1.1%
1Y
213.1%

NPH: Higher P/E Assumptions Will Limit Future Upside Despite Firm Margins

Analysts have nudged their price target for Northam Platinum Holdings higher to R290.06 from R283.06, reflecting updated assumptions around discount rates, margins, and future P/E expectations. Valuation Changes Fair Value: Updated slightly higher from R283.06 to R290.06 per share.
THA
R27.49
Tharisa
7D
1.8%
1Y
74.8%
GFI
R748.53
Gold Fields
7D
4.1%
1Y
159.9%

GFI: Higher Gold Price Assumptions And Projects Are Expected To Drive Upside

The analyst price target for Gold Fields has shifted modestly higher to about $831.30 from $815.61, as analysts factor in updated fair value, adjusted discount rates, stronger revenue growth and profit margin assumptions, and a slightly lower future P/E, informed by recent research that reflects reactions to Q3 results, evolving gold price views, and the company’s latest capital plans. Analyst Commentary Recent Street research on Gold Fields shows a mix of optimism and caution, with several firms revisiting their targets and ratings after the latest Q3 update, revised gold price assumptions, and the company’s refreshed capital plans and guidance.
HAR
R339.88
Harmony Gold Mining
7D
4.6%
1Y
92.6%

HAR: Copper Expansion And Payout Policy Will Support Balanced Medium Term Outlook

Analysts have nudged their price target for Harmony Gold Mining up slightly, with fair value moving from $365.00 to $370.00 as they factor in updated assumptions around the discount rate, long term revenue growth, profit margins, and a future P/E of 12.46x. What's in the News Approved high margin, long life EVA COPPER PRO project after a three year feasibility study and FEED phase using Tier 1 contractors.
VAL
R1,446.43
Valterra Platinum
7D
-0.2%
1Y
129.6%
CPR
R0.69
Copper 360
7D
-1.4%
1Y
-68.2%
KIO
R365.83
Kumba Iron Ore
7D
1.8%
1Y
9.2%
MDI
R15.55
Master Drilling Group
7D
-6.9%
1Y
15.2%
ARI
R201.20
African Rainbow Minerals
7D
0.7%
1Y
30.5%

Is African Rainbow Minerals (JSE:ARI) A Risky Investment?

Dec 02
Is African Rainbow Minerals (JSE:ARI) A Risky Investment?
RNG
R0.65
Randgold & Exploration
7D
-8.5%
1Y
-13.3%