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South African (JSE) Metals and Mining Industry Analysis

UpdatedAug 26, 2026
DataAggregated Company Financials
Companies18
  • 7D3.3%
  • 3M6.1%
  • 1Y37.1%
  • YTD-4.3%

The Metals and Mining industry is up 3.3% in the last week, with Gold Fields up 8.9%. This means that the industry has gained 37% over the past year. As for the next few years, earnings are expected to grow by 7.1% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 27 Aug 2026R1.9tR770.0bR136.5b9.3x13.7x2.4x
Sat, 25 Jul 2026R1.4tR742.1bR121.4b9.8x11.8x1.9x
Mon, 22 Jun 2026R1.5tR738.2bR120.5b9.3x12.3x2x
Wed, 20 May 2026R1.7tR739.5bR120.5b10.3x14.3x2.3x
Fri, 17 Apr 2026R2.0tR736.5bR119.4b12x16.4x2.7x
Sun, 15 Mar 2026R1.9tR743.0bR121.0b11.6x15.7x2.6x
Tue, 10 Feb 2026R2.1tR623.3bR59.3b20.8x35.8x3.4x
Thu, 08 Jan 2026R2.0tR662.6bR54.7b21.1x36.8x3x
Sat, 06 Dec 2025R1.8tR666.5bR55.7b20.6x32.8x2.7x
Mon, 03 Nov 2025R1.6tR669.8bR55.9b18.6x29.3x2.4x
Wed, 01 Oct 2025R1.8tR669.3bR55.9b20.1x31.7x2.7x
Fri, 29 Aug 2025R1.3tR670.6bR61.2b12.8x21.8x2x
Sun, 27 Jul 2025R1.3tR656.7bR30.5b7.4x42.5x2x
Tue, 24 Jun 2025R1.2tR657.3bR30.8b7.5x39x1.8x
Thu, 22 May 2025R1.1tR659.4bR31.4b7.1x35.4x1.7x
Sat, 19 Apr 2025R1.2tR665.1bR32.5b6.7x36.4x1.8x
Mon, 17 Mar 2025R1.0tR660.8bR32.8b8.6x30.5x1.5x
Wed, 12 Feb 2025R972.6bR658.5b-R14,024,142,768.6510.4x-69.4x1.5x
Fri, 10 Jan 2025R854.4bR663.5b-R12,618,384,181.899.5x-67.7x1.3x
Sun, 08 Dec 2024R818.9bR658.5b-R13,287,270,636.559.9x-61.6x1.2x
Tue, 05 Nov 2024R932.1bR654.9b-R13,860,174,733.4211.2x-67.3x1.4x
Thu, 03 Oct 2024R907.5bR654.2b-R15,039,592,072.6912.1x-60.3x1.4x
Sat, 31 Aug 2024R821.3bR662.5b-R2,650,621,707.167x-309.8x1.2x
Mon, 29 Jul 2024R937.0bR674.2bR9.9b6.4x94.4x1.4x
Wed, 26 Jun 2024R906.9bR688.8bR13.8b6.3x65.7x1.3x
Fri, 24 May 2024R1.0tR689.5bR14.3b7.3x70.3x1.5x
Sun, 21 Apr 2024R1.0tR692.9bR14.7b6.8x70.6x1.5x
Tue, 19 Mar 2024R865.8bR692.1bR14.1b6.3x61.5x1.3x
Thu, 15 Feb 2024R858.5bR721.5bR89.4b6.1x9.6x1.2x
Sat, 13 Jan 2024R985.1bR731.1bR93.0b7.9x10.6x1.3x
Mon, 11 Dec 2023R963.0bR733.6bR93.9b7.3x10.3x1.3x
Wed, 08 Nov 2023R884.2bR730.2bR93.4b7.1x9.5x1.2x
Fri, 06 Oct 2023R819.5bR735.4bR94.1b6.9x8.7x1.1x
Sun, 03 Sep 2023R1.0tR822.9bR100.9b5.7x9.9x1.2x
Price to Earnings Ratio

9.9x


Total Market Cap: R1.0tTotal Earnings: R100.9bTotal Revenue: R822.9bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 40.1x202420252026
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 13.7x which is lower than its 3-year average PE of 40.1x.
  • The 3-year average PS ratio of 1.8x is lower than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have grown 2.1% per year over the last three years.
  • Meanwhile revenues for these companies have declined 2.7% per year.
  • This means that less sales are being generated overall, but since cost of doing business is lower, profits have been increasing.

Industry Trends

Which industries have driven the changes within the South African Materials industry?

ZA Market-0.68%
Materials2.46%
Metals and Mining3.29%
Gold7.74%
Aluminum5.00%
Copper3.92%
Diversified Metals and Mining1.16%
Steel0.18%
Precious Metals and Minerals-0.77%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 17.0x.
    • Analysts are expecting annual earnings growth of 30.0%, which is higher than its past year's earnings growth of 8.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Diversified Metals and Mining industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings growth rate of 8.2% per year.
  • In contrast, the Steel industry is expected to see its earnings growth to stay flat 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 FieldsR772.936.6%
+R40.1b		35.5%PE9.7x
NPH Northam Platinum HoldingsR295.465.5%
+R6.1b		46.3%PE12.7x
HAR Harmony Gold MiningR358.542.4%
+R5.2b		56.3%PE13.8x
SSW Sibanye StillwaterR48.902.9%
+R3.9b		49.8%PS1.1x
IMP Impala Platinum HoldingsR227.011.3%
+R2.6b		43.8%PE24.8x

Latest News

GFI
R772.93
Gold Fields
7D
6.6%
1Y
35.5%
THA
R27.07
Tharisa
7D
6.2%
1Y
25.9%
HAR
R358.54
Harmony Gold Mining
7D
2.4%
1Y
56.3%
ACL
R1.25
ArcelorMittal South Africa
7D
-9.4%
1Y
19.0%
SSW
R48.90
Sibanye Stillwater
7D
2.9%
1Y
49.8%
Narrative Update • Aug 21

SSW: Future Returns Will Hinge On Organic Projects And Balance Sheet Deleveraging

The analyst price target for Sibanye Stillwater has shifted higher to ZAR49.77 from ZAR47.27, with analysts pointing to the company’s move toward organic growth, continued work on its South African PGM portfolio, and balance sheet deleveraging as key drivers of their updated valuation views. Analyst Commentary Recent research on Sibanye Stillwater points to a mixed but constructive view, with analysts weighing the company’s focus on organic growth and balance sheet deleveraging against project execution risks and commodity exposure.
ARI
R187.39
African Rainbow Minerals
7D
0.5%
1Y
3.8%
Narrative Update • Aug 19

ARI: Bokoni Expansion Will Drive Future Upside Despite Lower Market Multiple

Analysts have reduced their price target for African Rainbow Minerals from ZAR295 to ZAR230, citing updated assumptions for growth, profitability and the stock's future P/E multiple. What's in the News African Rainbow Minerals approved development of the Bokoni 180,000 tonnes per month project following completion of a Definitive Feasibility Study in June 2026, with estimated nominal capital expenditure of SAR 15,200 million.
NPH
R295.46
Northam Platinum Holdings
7D
5.5%
1Y
46.3%
Narrative Update • Aug 19

NPH: Rising Output And Firmer P/E Profile Will Support Bullish Outlook

The analyst price target for Northam Platinum Holdings has been reset from ZAR369.17 to ZAR303.14, with analysts pointing to revised assumptions for revenue growth, profit margins and the future P/E profile to support the new view. What's in the News for Northam Platinum Holdings Northam Platinum Holdings reported production results for the financial year ended 30 June 2026, providing updated operational data to the market.
VAL
R1,396.52
Valterra Platinum
7D
-1.0%
1Y
70.8%
KIO
R238.08
Kumba Iron Ore
7D
1.3%
1Y
-24.6%
IMP
R227.01
Impala Platinum Holdings
7D
1.3%
1Y
43.8%
Narrative Update • Aug 12

IMP: Safety Reset And Resilient Margins Will Support Future Share Price

Analysts have trimmed their fair value estimate for Impala Platinum Holdings, with the implied price target moving from about ZAR522.52 to around ZAR456.64. This reflects updated assumptions on revenue growth, profit margins and future P/E multiples.
MDI
R15.50
Master Drilling Group
7D
-3.1%
1Y
2.2%
MTU
R0.20
Mantengu
7D
-20.0%
1Y
-65.5%
GML
R0.62
Gemfields Group
7D
-4.6%
1Y
-53.4%
WEZ
R0.44
Wesizwe Platinum
7D
-2.2%
1Y
n/a