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South African (JSE) Metals and Mining Industry Analysis

UpdatedJun 04, 2026
DataAggregated Company Financials
Companies17
  • 7D-4.4%
  • 3M-18.2%
  • 1Y42.8%
  • YTD-13.7%

Over the last 7 days, the Metals and Mining industry has dropped 4.4%, driven by Gold Fields declining 3.6%. Meanwhile, Merafe Resources actually outperformed within the industry, gaining 8.1% in the last week. Over the past 12 months, the industry was up 43%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 04 Jun 2026R1.7tR737.4bR120.0b10.8x14x2.3x
Sat, 02 May 2026R1.8tR739.1bR120.4b10.7x14.8x2.4x
Mon, 30 Mar 2026R1.8tR743.4bR122.2b9.9x14.4x2.4x
Wed, 25 Feb 2026R2.2tR679.3bR84.5b15.6x26x3.2x
Fri, 23 Jan 2026R2.2tR660.3bR54.2b24.4x41.3x3.4x
Sun, 21 Dec 2025R1.9tR665.0bR55.3b21x34.6x2.9x
Tue, 18 Nov 2025R1.7tR668.0bR55.5b19.4x30.1x2.5x
Thu, 16 Oct 2025R1.8tR669.9bR56.0b20.3x32.7x2.7x
Sat, 13 Sep 2025R1.5tR671.0bR56.5b17.9x26.8x2.3x
Mon, 11 Aug 2025R1.4tR642.0bR25.0b7.4x56.4x2.2x
Wed, 09 Jul 2025R1.2tR656.9bR30.6b7.5x40x1.9x
Fri, 06 Jun 2025R1.2tR656.5bR30.6b7x38.5x1.8x
Sun, 04 May 2025R1.1tR662.3bR32.0b7.1x32.9x1.6x
Tue, 01 Apr 2025R1.1tR662.2bR33.2b6.9x32.8x1.6x
Thu, 27 Feb 2025R910.2bR659.0bR31.8b8.2x28.7x1.4x
Sat, 25 Jan 2025R909.0bR660.5b-R13,023,092,374.4210x-69.8x1.4x
Mon, 23 Dec 2024R802.3bR660.1b-R13,073,211,965.199.5x-61.4x1.2x
Wed, 20 Nov 2024R879.0bR658.0b-R13,443,827,297.6510.1x-65.4x1.3x
Fri, 18 Oct 2024R923.3bR655.8b-R13,731,818,727.0610.8x-67.2x1.4x
Sun, 15 Sep 2024R814.7bR656.6b-R14,735,857,430.6711.2x-55.3x1.2x
Tue, 13 Aug 2024R872.9bR674.0bR9.9b6.2x88.2x1.3x
Thu, 11 Jul 2024R882.3bR574.5bR51.5b6.4x17.1x1.5x
Sat, 08 Jun 2024R909.4bR692.4bR14.3b6.6x63.5x1.3x
Mon, 06 May 2024R940.4bR689.7bR14.3b6.8x65.8x1.4x
Wed, 03 Apr 2024R966.3bR691.2bR14.5b6.7x66.6x1.4x
Fri, 01 Mar 2024R868.6bR732.1bR87.3b7.6x10x1.2x
Sun, 28 Jan 2024R1.0tR731.9bR93.1b7.6x10.8x1.4x
Tue, 26 Dec 2023R1.1tR730.1bR92.9b8x11.6x1.5x
Thu, 23 Nov 2023R927.6bR732.6bR93.7b7.1x9.9x1.3x
Sat, 21 Oct 2023R916.0bR733.5bR93.9b7.1x9.8x1.2x
Mon, 18 Sep 2023R1.1tR820.3bR96.1b6.5x11x1.3x
Wed, 16 Aug 2023R1.1tR846.5bR140.8b4.3x7.5x1.2x
Fri, 14 Jul 2023R1.2tR860.0bR166.6b4.4x7.2x1.4x
Sun, 11 Jun 2023R1.3tR876.1bR176.0b4.8x7.7x1.5x
Price to Earnings Ratio

7.7x


Total Market Cap: R1.3tTotal Earnings: R176.0bTotal Revenue: R876.1bTotal 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 14.0x 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 2.3x.
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 5.6% 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 Market-2.20%
Materials-3.54%
Metals and Mining-4.39%
Copper1.75%
Aluminum0.58%
Diversified Metals and Mining-2.84%
Gold-3.99%
Steel-4.56%
Precious Metals and Minerals-4.83%
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
MRF Merafe ResourcesR1.338.1%
+R249.9m		5.6%PE23.3x
MDI Master Drilling GroupR17.992.8%
+R73.8m		25.7%PE5.4x
RNG Randgold & ExplorationR1.1915.5%
+R11.5m		48.8%PB2.1x
CPR Copper 360R0.581.8%
+R6.9m		-62.8%PS2.8x
HLM HulaminR1.730.6%
+R3.1m		-21.4%PS0.04x

Latest News

NPH
R297.46
Northam Platinum Holdings
7D
-5.7%
1Y
87.3%
HAR
R282.52
Harmony Gold Mining
7D
-5.2%
1Y
3.2%
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
R313.73
Kumba Iron Ore
7D
-4.9%
1Y
9.7%
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
R0.58
Copper 360
7D
1.8%
1Y
-62.8%
IMP
R219.81
Impala Platinum Holdings
7D
-5.4%
1Y
63.3%
Narrative Update • Jun 02

IMP: Strong Production Volumes And Firm Margins Will Support Future Share Price

Analysts have slightly revised their valuation model for Impala Platinum Holdings, trimming the ZAR fair value estimate from about ZAR529.29 to ZAR522.52. Updated assumptions on revenue growth, profit margins, the discount rate and the future P/E have resulted in a lower price target.
GFI
R625.67
Gold Fields
7D
-3.6%
1Y
36.4%
MDI
R17.99
Master Drilling Group
7D
2.8%
1Y
25.7%
SSW
R46.58
Sibanye Stillwater
7D
-5.7%
1Y
57.4%
Narrative Update • May 28

SSW: Future Returns Will Rely On Executing Higher Margin And P E Assumptions

Analysts have reset their ZAR price expectations for Sibanye Stillwater lower, with a new fair value estimate of about ZAR65.41 compared with roughly ZAR82.53 previously, reflecting updated views on revenue growth, profit margins and a reduced future P/E assumption. What's in the News First quarter 2026 update: SA PGM operations 4E production, excluding third party concentrate, was 2% higher year on year, with AISC of ZAR 24,629/4Eoz (US$1,507/4Eoz) in line with the first quarter of 2025.
ARI
R203.92
African Rainbow Minerals
7D
-3.2%
1Y
21.7%
Narrative Update • May 25

ARI: Higher PGM Prices And Asset Gains Will Support Stronger 1H F2026 Earnings

Analysts have nudged their price target for African Rainbow Minerals slightly higher to ZAR267.20 from ZAR265, reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins and a lower expected future P/E multiple. What's in the News Norges Bank completed the acquisition of a 5.02% stake in African Rainbow Minerals on May 13, 2026, taking a sizeable institutional position in the company (Key Developments).
VAL
R1,300.00
Valterra Platinum
7D
-3.9%
1Y
80.3%
Narrative Update • May 20

VAL: Dividend Windfall And Stable Margins Will Support Future Returns

Analysts have trimmed their ZAR price target on Valterra Platinum to reflect a slightly lower assumed discount rate and more moderate future P/E expectations, while still incorporating steady revenue growth and profit margin assumptions. Analyst Commentary Recent Street research on Valterra Platinum points to mixed views on valuation, with a group of bullish analysts highlighting potential upside drivers for the stock.
HLM
R1.73
Hulamin
7D
0.6%
1Y
-21.4%
Narrative Update • Apr 25

HLM: Earnings Guidance And Marginally Improved Margins Will Support Future Upside

Analysts have kept their ZAR price target for Hulamin effectively unchanged, citing steady fair value assumptions, an unchanged 26.05% discount rate, very large modelled revenue growth, and a marginally improved profit margin and future P/E input. What's in the News Hulamin issued earnings guidance for the year ending 31 December 2025, giving investors an early view of expected financial results.
MRF
R1.33
Merafe Resources
7D
8.1%
1Y
5.6%
RNG
R1.24
Randgold & Exploration
7D
20.4%
1Y
55.0%