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South African (JSE) Metals and Mining Industry Analysis

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies17
  • 7D4.9%
  • 3M-10.1%
  • 1Y67.3%
  • YTD1.0%

Gold Fields is up 4.3%, leading the way for the Metals and Mining industry, which has gained 4.9%. This means that the industry has gained 67% over the past year. 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
Wed, 15 Apr 2026R2.0tR736.6bR119.5b12.3x16.5x2.7x
Fri, 13 Mar 2026R2.0tR741.6bR120.5b12.4x17x2.8x
Sun, 08 Feb 2026R2.1tR624.1bR59.5b20.7x35.4x3.4x
Tue, 06 Jan 2026R2.0tR661.9bR54.5b21.5x36.6x3x
Thu, 04 Dec 2025R1.8tR667.6bR55.4b19.6x32x2.7x
Sat, 01 Nov 2025R1.6tR669.8bR55.9b18.6x29.3x2.4x
Mon, 29 Sep 2025R1.7tR669.9bR56.1b19.4x31.2x2.6x
Wed, 27 Aug 2025R1.4tR663.6bR35.7b15.2x38.8x2.1x
Fri, 25 Jul 2025R1.3tR655.9bR30.4b7.5x43.7x2x
Sun, 22 Jun 2025R1.2tR658.1bR30.9b7.8x37.5x1.8x
Tue, 20 May 2025R1.0tR660.2bR31.6b7x32.5x1.6x
Thu, 17 Apr 2025R1.2tR665.1bR32.5b6.8x37.3x1.8x
Sat, 15 Mar 2025R1.0tR660.8bR32.8b8.6x30.5x1.5x
Mon, 10 Feb 2025R960.9bR658.1b-R14,067,134,573.319.8x-68.3x1.5x
Wed, 08 Jan 2025R816.4bR662.2b-R12,796,578,834.709.3x-63.8x1.2x
Fri, 06 Dec 2024R828.3bR658.6b-R13,282,843,906.239.9x-62.4x1.3x
Sun, 03 Nov 2024R942.2bR655.7b-R13,748,967,207.2711.2x-68.5x1.4x
Tue, 01 Oct 2024R879.3bR653.6b-R15,120,550,562.9411.9x-58.2x1.3x
Thu, 29 Aug 2024R858.0bR668.3bR7.2b7.4x119x1.3x
Sat, 27 Jul 2024R937.0bR674.2bR9.9b6.4x94.4x1.4x
Mon, 24 Jun 2024R901.5bR687.3bR13.6b6.5x66.3x1.3x
Wed, 22 May 2024R1.0tR687.2bR13.9b7.6x75.2x1.5x
Fri, 19 Apr 2024R1.0tR693.4bR14.8b6.8x70.5x1.5x
Sun, 17 Mar 2024R881.3bR691.0bR13.9b6.1x63.3x1.3x
Tue, 13 Feb 2024R870.5bR720.7bR89.3b6x9.7x1.2x
Thu, 11 Jan 2024R954.1bR731.4bR93.0b7.7x10.3x1.3x
Sat, 09 Dec 2023R963.0bR733.6bR93.9b7.3x10.3x1.3x
Mon, 06 Nov 2023R900.0bR729.6bR93.3b7.1x9.6x1.2x
Wed, 04 Oct 2023R836.9bR734.8bR94.0b7.1x8.9x1.1x
Fri, 01 Sep 2023R1.0tR837.5bR128.2b5.8x8x1.2x
Sun, 30 Jul 2023R1.2tR830.3bR142.0b4.7x8.5x1.5x
Tue, 27 Jun 2023R1.2tR867.6bR167.4b4.3x7.1x1.4x
Thu, 25 May 2023R1.3tR893.4bR182.5b4.6x7.4x1.5x
Sat, 22 Apr 2023R1.4tR881.8bR181.7b5.2x7.6x1.6x
Price to Earnings Ratio

7.6x


Total Market Cap: R1.4tTotal Earnings: R181.7bTotal Revenue: R881.8bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.4x202420252026
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 16.5x which is lower than its 3-year average PE of 39.4x.
  • The 3-year average PS ratio of 1.7x is lower than the industry's current PS ratio of 2.7x.
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 5.5% 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 Market2.61%
Materials4.04%
Metals and Mining4.89%
Precious Metals and Minerals6.82%
Aluminum4.23%
Gold3.98%
Diversified Metals and Mining0.33%
Steel-1.28%
Copper-1.54%
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 28.4%, which is lower than the prior year's growth of 118.4% 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 13% 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
VAL Valterra PlatinumR1.57k10.9%
+R40.5b		112.3%PE26.6x
GFI Gold FieldsR813.255.4%
+R37.5b		78.6%PE12.5x
IMP Impala Platinum HoldingsR261.9913.5%
+R28.0b		112.2%PE28.7x
NPH Northam Platinum HoldingsR364.448.1%
+R10.8b		168.3%PE15.6x
SSW Sibanye StillwaterR54.837.2%
+R10.4b		157.5%PS1.2x

Latest News

GML
R1.09
Gemfields Group
7D
-5.2%
1Y
-0.9%
IMP
R261.99
Impala Platinum Holdings
7D
13.5%
1Y
112.2%
KIO
R327.83
Kumba Iron Ore
7D
1.8%
1Y
5.7%

KIO: Future Returns Will Rely On Dividends And Rail Capacity Delivery

Analysts have trimmed their price target for Kumba Iron Ore slightly, with fair value moving from about ZAR313.14 to around ZAR310.29 as they factor in updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Kumba Iron Ore approved a gross final cash dividend of ZAR15.43 per share for the year ended 31 December 2025, with a net dividend of ZAR12.34 per share after 20% withholding tax for non exempt shareholders, payable on 16 March 2026 (Key Developments).
SSW
R54.83
Sibanye Stillwater
7D
7.2%
1Y
157.5%
VAL
R1,567.23
Valterra Platinum
7D
10.9%
1Y
112.3%

VAL: Dividend Windfall And Higher EPS Will Support Future Returns

Analysts have revised their ZAR price target on Valterra Platinum to ZAR2,160, reflecting updated views on revenue growth, profit margins and the appropriate P/E multiple following recent Street research. Analyst Commentary Bullish analysts point to the revised ZAR2,160 price target as a key marker of confidence in Valterra Platinum's ability to align revenue trends, profit margins and its P/E multiple with updated Street expectations.
GFI
R813.25
Gold Fields
7D
5.4%
1Y
78.6%

Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings

Apr 07
Additional Considerations Required While Assessing Gold Fields' (JSE:GFI) Strong Earnings
NPH
R364.44
Northam Platinum Holdings
7D
8.1%
1Y
168.3%

NPH: Higher Discount Rate And Strong Output Will Support Bullish Repricing

Analysts have kept their ZAR 490.00 price target for Northam Platinum Holdings unchanged, while adjusting key inputs such as a higher discount rate, lower revenue growth and profit margin assumptions, and a higher future P/E. These changes reflect updated research that incorporates a more constructive stance from recent Street commentary.
MDI
R16.51
Master Drilling Group
7D
-6.2%
1Y
22.3%

Is Now The Time To Put Master Drilling Group (JSE:MDI) On Your Watchlist?

Apr 03
Is Now The Time To Put Master Drilling Group (JSE:MDI) On Your Watchlist?
HAR
R274.80
Harmony Gold Mining
7D
3.9%
1Y
-17.0%

HAR: Earnings Guidance And Dividend Payout Will Support Future Upside

Analysts have raised their ZAR price target for Harmony Gold Mining to ZAR500, citing slightly firmer long term revenue growth, profit margins, and a lower projected future P/E multiple that together support maintaining this fair value level. What's in the News Reported gold production of 724,099 oz (22,522 kg) for the six months ended 31 December 2025, compared with 797,854 oz (24,816 kg) a year earlier, with a 9% decline linked to temporary challenges in the second quarter of fiscal 2026 (Key Developments).
THA
R26.00
Tharisa
7D
1.2%
1Y
94.2%
ACL
R1.36
ArcelorMittal South Africa
7D
-2.2%
1Y
7.1%
MTU
R0.32
Mantengu
7D
-13.5%
1Y
-34.7%
CPR
R0.64
Copper 360
7D
-1.5%
1Y
-65.6%