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South African (JSE) Metals and Mining Industry Analysis

UpdatedJul 10, 2026
DataAggregated Company Financials
Companies18
  • 7D-6.7%
  • 3M-28.4%
  • 1Y12.2%
  • YTD-27.2%

Over the last 7 days, the Metals and Mining industry has dropped 6.7%, driven by declines in Valterra Platinum and Gold Fields of 9.6% and 5.5%, respectively. Meanwhile, Randgold & Exploration actually outperformed within the industry, gaining 33% in the last week. This takes the industry's 12 month performance to a gain of 12%. Looking forward, earnings are forecast to grow by 16% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Jul 2026R1.4tR737.1bR119.6b9.4x11.9x1.9x
Mon, 08 Jun 2026R1.6tR739.3bR120.8b10.1x13.1x2.1x
Wed, 06 May 2026R1.8tR739.2bR120.4b10.6x15x2.5x
Fri, 03 Apr 2026R1.9tR741.7bR121.4b11.9x16x2.6x
Sun, 01 Mar 2026R2.4tR705.1bR106.2b15.9x22.7x3.4x
Tue, 27 Jan 2026R2.4tR658.9bR53.8b27.4x45.5x3.7x
Thu, 25 Dec 2025R2.0tR664.0bR55.1b22.1x36.9x3.1x
Sat, 22 Nov 2025R1.6tR670.1bR56.0b18.2x28.8x2.4x
Mon, 20 Oct 2025R1.8tR670.0bR56.0b20.6x32.1x2.7x
Wed, 17 Sep 2025R1.5tR670.9bR56.5b18.2x27.1x2.3x
Fri, 15 Aug 2025R1.4tR638.9bR24.4b11x55.8x2.1x
Sun, 13 Jul 2025R1.3tR657.8bR30.8b7.3x41.1x1.9x
Tue, 10 Jun 2025R1.2tR656.3bR30.6b7x38.5x1.8x
Thu, 08 May 2025R1.1tR661.5bR31.8b6.9x34.2x1.6x
Sat, 05 Apr 2025R948.9bR667.3bR34.2b6.3x27.7x1.4x
Mon, 03 Mar 2025R866.8bR659.4bR32.1b8.4x27x1.3x
Wed, 29 Jan 2025R883.8bR662.2b-R12,786,975,080.789.7x-69.1x1.3x
Fri, 27 Dec 2024R799.6bR663.2b-R12,655,114,926.459.4x-63.2x1.2x
Sun, 24 Nov 2024R880.1bR658.3b-R13,404,378,433.3110.2x-65.7x1.3x
Tue, 22 Oct 2024R966.7bR655.4b-R13,783,337,766.3111.1x-70.1x1.5x
Thu, 19 Sep 2024R825.7bR655.6b-R14,874,620,129.1411.3x-55.5x1.3x
Sat, 17 Aug 2024R898.3bR671.1bR8.4b5.7x107.1x1.3x
Mon, 15 Jul 2024R942.3bR687.2bR13.6b6.4x69.4x1.4x
Wed, 12 Jun 2024R875.8bR690.8bR14.1b6.2x62.2x1.3x
Fri, 10 May 2024R973.1bR689.4bR14.2b7x68.3x1.4x
Sun, 07 Apr 2024R978.0bR690.7bR14.4b6.5x67.8x1.4x
Tue, 05 Mar 2024R865.0bR710.3bR68.9b4.5x12.6x1.2x
Thu, 01 Feb 2024R981.0bR731.5bR93.0b7.4x10.5x1.3x
Sat, 30 Dec 2023R1.1tR730.0bR92.8b8.5x11.6x1.5x
Mon, 27 Nov 2023R951.3bR732.7bR93.7b7.2x10.1x1.3x
Wed, 25 Oct 2023R890.1bR734.2bR94.0b6.9x9.5x1.2x
Fri, 22 Sep 2023R1.0tR820.0bR96.1b6.3x10.8x1.3x
Sun, 20 Aug 2023R976.8bR843.3bR137.5b4.2x7.1x1.2x
Tue, 18 Jul 2023R1.2tR861.4bR166.7b4.4x7.3x1.4x
Price to Earnings Ratio

7.3x


Total Market Cap: R1.2tTotal Earnings: R166.7bTotal Revenue: R861.4bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 40x202420252026
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 11.9x which is lower than its 3-year average PE of 39.9x.
  • The industry is trading close to its 3-year average PS ratio of 1.8x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 10% per year over the last three years,
  • Revenues have also declined 5.1% 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-1.84%
Materials-5.59%
Metals and Mining-6.66%
Aluminum1.22%
Steel-6.16%
Precious Metals and Minerals-6.58%
Diversified Metals and Mining-6.69%
Gold-6.80%
Copper-9.52%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 15.9x.
    • Analysts are expecting annual earnings growth of 25.3%, which is higher than its past year's earnings growth of 8.2% 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
RNG Randgold & ExplorationR2.8344.4%
+R62.3m		253.8%PB5x
EUZ Europa MetalsR0.4841.2%
+R14.3m		84.6%PS296.4x
HLM HulaminR1.671.8%
+R9.4m		-32.1%PS0.04x

Latest News

SSW
R34.58
Sibanye Stillwater
7D
-3.9%
1Y
-6.5%
Narrative Update • Jul 09

SSW: Cost Discipline And Production Plans Will Guide Balanced Future Returns

Analysts have trimmed their fair value estimate for Sibanye Stillwater from ZAR48.43 to ZAR33.00, citing updated assumptions on discount rates, revenue growth, profit margins, future P/E multiples, and recent Street target reductions. What's in the News Sibanye Stillwater held an Analyst and Investor Day focused on the group’s international and recycling operations, outlining capital and production plans for these parts of the business.
VAL
R1,090.00
Valterra Platinum
7D
-8.6%
1Y
28.2%
HLM
R1.67
Hulamin
7D
1.8%
1Y
-32.1%
GFI
R560.00
Gold Fields
7D
-4.9%
1Y
29.4%
ARI
R174.10
African Rainbow Minerals
7D
-4.8%
1Y
-3.9%
Narrative Update • Jul 08

ARI: Norges Bank Stake Will Support Higher Future P/E Repricing

The analyst fair value estimate for African Rainbow Minerals has shifted from ZAR165.00 to ZAR213.00. Analysts cite updated assumptions on the discount rate, revenue growth, profit margins and future P/E as the key drivers behind the new price target.
NPH
R233.52
Northam Platinum Holdings
7D
-5.5%
1Y
15.4%
Narrative Update • Jul 08

NPH: Higher Margin Outlook Will Support Continued Bullish Future P/E View

Analysts have trimmed their price target on Northam Platinum Holdings to ZAR369.17 from ZAR403.92, reflecting updated assumptions for slightly higher discount rates, more moderate revenue expectations, a marginally stronger profit margin profile, and a steady future P/E outlook. What’s in the News for Northam Platinum Holdings No recent company specific news items were identified for Northam Platinum Holdings based on the provided sources.
HAR
R248.49
Harmony Gold Mining
7D
-9.7%
1Y
-4.5%
Narrative Update • Jul 01

HAR: New Project Progress And Margin Strength Will Support Further Upside

Analysts have trimmed their ZAR fair value estimate for Harmony Gold Mining from ZAR500 to ZAR450, citing refreshed assumptions for revenue growth, profit margins, discount rate and future P/E that slightly shift the balance of risks and potential returns. What’s in the News for Harmony Gold Mining Jelani Resources, the joint venture vehicle between Harmony Gold Mining subsidiaries and Lexington Gold, received formal acceptance of its Mining Right application for the Jelani JV Project from South Africa’s Department of Mineral and Petroleum Resources.
IMP
R181.70
Impala Platinum Holdings
7D
-1.2%
1Y
5.1%
Narrative Update • Jul 01

IMP: Higher P/E Expectations Will Support Upside If Profitability Improves

Analysts have trimmed their ZAR fair value estimate for Impala Platinum Holdings from ZAR225.00 to ZAR201.00, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E expectations. What’s in the News for Impala Platinum Holdings Impala Platinum Holdings reported 6E group production of 762,000 oz for the third quarter ended March 31, 2026, with 9‑month production at 2,560,000 oz.
KIO
R284.11
Kumba Iron Ore
7D
-0.9%
1Y
-8.4%
Narrative Update • Jun 18

KIO: Future Returns Will Depend On Stable Output And Rail Delivery

Analysts have reaffirmed their ZAR 313.71 price target for Kumba Iron Ore, citing only marginal tweaks to assumptions, such as a slightly lower discount rate and an unchanged outlook for revenue growth, profit margin and future P/E. What's in the News for Kumba Iron Ore Kumba Iron Ore reported total production of 8.8 Mt for the first quarter ended March 31, 2026, compared with 9.0 Mt in Q1 2025.
EUZ
R0.48
Europa Metals
7D
41.2%
1Y
84.6%
RNG
R2.83
Randgold & Exploration
7D
44.4%
1Y
253.8%