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South African (JSE) Metals and Mining Industry Analysis

UpdatedJun 11, 2026
DataAggregated Company Financials
Companies17
  • 7D-12.8%
  • 3M-23.8%
  • 1Y19.1%
  • YTD-25.5%

Over the last 7 days, the Metals and Mining industry has dropped 9.6%, driven by a pullback from Gold Fields of 10%. In contrast, Gemfields Group has gained 7.1%. This takes the industry's 12 month performance to a gain of 26%. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 11 Jun 2026R1.5tR739.4bR120.8b9.2x12x2x
Sat, 09 May 2026R1.9tR736.2bR119.3b11.3x16.1x2.6x
Mon, 06 Apr 2026R1.9tR742.3bR121.6b11.8x16x2.6x
Wed, 04 Mar 2026R2.1tR711.1bR108.4b15x19.5x3x
Fri, 30 Jan 2026R2.5tR657.8bR53.5b28.1x46.2x3.8x
Sun, 28 Dec 2025R2.0tR664.2bR55.1b22x36.9x3.1x
Tue, 25 Nov 2025R1.7tR669.7bR55.9b18.5x29.6x2.5x
Thu, 23 Oct 2025R1.6tR670.4bR56.1b18.2x28.7x2.4x
Sat, 20 Sep 2025R1.6tR670.8bR56.5b19x28.3x2.4x
Mon, 18 Aug 2025R1.4tR638.9bR24.4b11.1x55.6x2.1x
Wed, 16 Jul 2025R1.3tR657.7bR30.7b7.7x41.2x1.9x
Fri, 13 Jun 2025R1.2tR656.6bR30.6b8x39.8x1.9x
Sun, 11 May 2025R1.1tR661.2bR31.8b6.7x33.7x1.6x
Tue, 08 Apr 2025R985.9bR670.3bR34.8b6.3x28.3x1.5x
Thu, 06 Mar 2025R945.4bR657.1bR31.7b8.8x29.9x1.4x
Sat, 01 Feb 2025R959.7bR661.9b-R12,831,992,677.2810.1x-74.8x1.4x
Mon, 30 Dec 2024R787.8bR662.1b-R12,804,682,002.079.4x-61.5x1.2x
Wed, 27 Nov 2024R847.1bR658.7b-R13,349,989,047.5910x-63.5x1.3x
Fri, 25 Oct 2024R994.0bR655.7b-R13,748,525,615.5011.3x-72.3x1.5x
Sun, 22 Sep 2024R849.0bR655.1b-R14,941,592,618.2311.4x-56.8x1.3x
Tue, 20 Aug 2024R927.3bR670.2bR8.3b5.8x112.3x1.4x
Thu, 18 Jul 2024R948.3bR688.5bR13.8b6x68.9x1.4x
Sat, 15 Jun 2024R846.9bR689.7bR13.9b6.3x60.8x1.2x
Mon, 13 May 2024R1.0tR689.2bR14.2b7.2x71.3x1.5x
Wed, 10 Apr 2024R1.0tR689.4bR14.2b6.8x72.3x1.5x
Fri, 08 Mar 2024R916.2bR693.4bR17.0b6.1x53.8x1.3x
Sun, 04 Feb 2024R982.5bR732.5bR93.1b7.4x10.5x1.3x
Tue, 02 Jan 2024R1.1tR729.9bR92.8b8.5x11.6x1.5x
Thu, 30 Nov 2023R996.6bR731.8bR93.6b7.5x10.6x1.4x
Sat, 28 Oct 2023R873.9bR732.8bR93.8b7x9.3x1.2x
Mon, 25 Sep 2023R1.0tR817.3bR95.3b9.1x10.9x1.3x
Wed, 23 Aug 2023R982.0bR841.4bR137.3b4.3x7.2x1.2x
Fri, 21 Jul 2023R1.2tR860.7bR166.7b4.5x7.3x1.4x
Sun, 18 Jun 2023R1.3tR870.7bR175.4b4.8x7.6x1.5x
Price to Earnings Ratio

7.6x


Total Market Cap: R1.3tTotal Earnings: R175.4bTotal Revenue: R870.7bTotal 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 12.6x 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 2.1x.
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 5.3% 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-2.08%
Materials-11.05%
Metals and Mining-12.85%
Aluminum-2.86%
Steel-6.66%
Gold-11.16%
Precious Metals and Minerals-15.03%
Diversified Metals and Mining-16.18%
Copper-18.97%
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 27.3%, 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
GML Gemfields GroupR0.907.1%
+R103.5m		-18.2%PS0.7x
MRF Merafe ResourcesR1.343.1%
+R100.0m		0.8%PE23.5x
ACL ArcelorMittal South AfricaR1.384.5%
+R85.8m		25.5%PS0.06x
EUZ Europa MetalsR0.3337.5%
+R9.2m		153.8%PS199.1x

Latest News

NPH
R246.47
Northam Platinum Holdings
7D
-17.2%
1Y
38.1%
ARI
R167.09
African Rainbow Minerals
7D
-17.0%
1Y
-4.8%
IMP
R179.62
Impala Platinum Holdings
7D
-17.2%
1Y
15.0%
GFI
R557.86
Gold Fields
7D
-10.3%
1Y
25.1%
Narrative Update • Jun 06

GFI: Higher Gold Prices And Project Execution Will Support Future Upside

Analysts have raised their price target on Gold Fields from about ZAR831.30 to roughly ZAR914.75. They cite updated gold price forecasts, mixed revisions to stock ratings, and adjusted assumptions for growth, margins, the discount rate, and future P/E multiples.
VAL
R1,123.63
Valterra Platinum
7D
-13.1%
1Y
38.9%
Narrative Update • Jun 03

VAL: Trimmed Growth And Margin Assumptions Will Pressure Future Earnings Multiple

Analysts have trimmed their price target on Valterra Platinum from ZAR 8,000 to ZAR 7,890, citing updated assumptions for revenue growth, profit margins, discount rate, and future P/E following recent mixed research commentary. Analyst Commentary Recent research has highlighted a more cautious tone around Valterra Platinum, with the latest price target revisions reflecting updated assumptions on growth, profitability, and valuation multiples.
HAR
R240.86
Harmony Gold Mining
7D
-13.8%
1Y
-8.0%
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
R287.37
Kumba Iron Ore
7D
-7.0%
1Y
-2.2%
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.
ACL
R1.38
ArcelorMittal South Africa
7D
4.5%
1Y
25.5%
SSW
R38.56
Sibanye Stillwater
7D
-15.4%
1Y
21.9%
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.
GML
R0.90
Gemfields Group
7D
7.1%
1Y
-18.2%
EUZ
R0.33
Europa Metals
7D
37.5%
1Y
153.8%
MRF
R1.34
Merafe Resources
7D
3.1%
1Y
0.8%