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South African (JSE) Metals and Mining Industry Analysis

UpdatedMay 21, 2026
DataAggregated Company Financials
Companies17
  • 7D-8.0%
  • 3M-18.0%
  • 1Y56.1%
  • YTD-9.8%

Over the last 7 days, the Metals and Mining industry has dropped 8.0%, driven by a pullback from Gold Fields of 8.4%. In contrast, Copper 360 has gained 14%. In the past year, the industry has gained 56%. 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, 21 May 2026R1.8tR737.1bR119.7b10.9x14.7x2.4x
Sat, 18 Apr 2026R2.1tR735.4bR119.0b12.6x17.4x2.8x
Mon, 16 Mar 2026R1.9tR743.0bR121.0b11.6x15.7x2.6x
Wed, 11 Feb 2026R2.1tR623.7bR59.4b21x36.1x3.4x
Fri, 09 Jan 2026R1.9tR663.1bR54.8b21x35.4x2.9x
Sun, 07 Dec 2025R1.8tR666.3bR55.6b20.6x32.8x2.7x
Tue, 04 Nov 2025R1.6tR669.5bR55.9b18.2x29.1x2.4x
Thu, 02 Oct 2025R1.8tR669.0bR55.8b20x32x2.7x
Sat, 30 Aug 2025R1.3tR670.2bR61.1b12.9x22.1x2x
Mon, 28 Jul 2025R1.3tR656.7bR30.5b7.4x42.5x2x
Wed, 25 Jun 2025R1.2tR656.5bR30.6b7.7x38.2x1.8x
Fri, 23 May 2025R1.1tR659.7bR31.5b7.1x35.8x1.7x
Sun, 20 Apr 2025R1.2tR665.1bR32.5b6.7x36.4x1.8x
Tue, 18 Mar 2025R1.0tR660.6bR32.7b8.5x30.8x1.5x
Thu, 13 Feb 2025R970.4bR658.7b-R13,992,780,509.7610.4x-69.4x1.5x
Sat, 11 Jan 2025R872.8bR664.6b-R12,471,926,934.619.6x-70x1.3x
Mon, 09 Dec 2024R818.9bR658.5b-R13,287,270,636.559.9x-61.6x1.2x
Wed, 06 Nov 2024R958.5bR654.2b-R13,946,579,522.1011.2x-68.7x1.5x
Fri, 04 Oct 2024R902.7bR654.8b-R14,960,326,350.8811.9x-60.3x1.4x
Sun, 01 Sep 2024R821.3bR658.8bR2.3b9x358.7x1.2x
Tue, 30 Jul 2024R930.7bR675.1bR10.0b6.3x92.6x1.4x
Thu, 27 Jun 2024R899.7bR688.3bR13.7b6.2x65.5x1.3x
Sat, 25 May 2024R1.0tR689.8bR14.0b7.5x72.6x1.5x
Mon, 22 Apr 2024R1.0tR692.9bR14.7b6.8x70.6x1.5x
Wed, 20 Mar 2024R853.7bR692.7bR14.3b6.3x59.8x1.2x
Fri, 16 Feb 2024R883.2bR720.9bR89.3b6.3x9.9x1.2x
Sun, 14 Jan 2024R985.1bR731.1bR93.0b7.9x10.6x1.3x
Tue, 12 Dec 2023R966.6bR734.3bR94.0b7.7x10.3x1.3x
Thu, 09 Nov 2023R889.9bR730.6bR93.4b6.9x9.5x1.2x
Sat, 07 Oct 2023R825.2bR735.4bR94.1b7x8.8x1.1x
Mon, 04 Sep 2023R1.0tR822.9bR100.9b5.7x9.9x1.2x
Wed, 02 Aug 2023R1.2tR836.6bR142.7b4.6x8.2x1.4x
Fri, 30 Jun 2023R1.2tR868.8bR167.5b4.3x6.9x1.3x
Sun, 28 May 2023R1.3tR897.6bR183.0b4.5x7.3x1.5x
Price to Earnings Ratio

7.3x


Total Market Cap: R1.3tTotal Earnings: R183.0bTotal Revenue: R897.6bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.7x202420252026
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 14.7x which is lower than its 3-year average PE of 39.7x.
  • The 3-year average PS ratio of 1.7x 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 declined 13% per year over the last three years,
  • Revenues have also declined 6.4% 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-1.68%
Materials-7.14%
Metals and Mining-8.00%
Copper13.95%
Aluminum1.14%
Steel-5.63%
Gold-6.67%
Diversified Metals and Mining-8.29%
Precious Metals and Minerals-9.46%
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 27.5%, 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
CPR Copper 360R0.4914.0%
+R41.5m		-73.5%PS2.4x
ACL ArcelorMittal South AfricaR1.301.6%
+R28.6m		19.3%PS0.05x
HLM HulaminR1.781.1%
+R6.3m		-25.5%PS0.04x

Latest News

IMP
R232.49
Impala Platinum Holdings
7D
-11.0%
1Y
70.9%
Narrative Update • May 19

IMP: Future Returns Will Reflect Stable 6E Output And Stronger Earnings Visibility

Analysts have inched their price target for Impala Platinum Holdings slightly lower to ZAR353.56 from ZAR354.90. This reflects updated views on revenue growth, profit margin expectations, the applied discount rate, and the assumed future P/E multiple.
ARI
R204.44
African Rainbow Minerals
7D
-8.6%
1Y
20.6%
SSW
R48.41
Sibanye Stillwater
7D
-10.6%
1Y
79.7%
Narrative Update • May 13

SSW: Stronger Margin Outlook And Kloof Shaft Resolution May Support Repricing

Analysts have trimmed their ZAR price target for Sibanye Stillwater from ZAR100.00 to about ZAR97.55, reflecting updated assumptions around slightly lower revenue, a small change in discount rate, an adjusted future P/E and a modestly higher profit margin outlook. What's in the News Operations at the Kloof 8 shaft near Glenharvie in South Africa are halted while Sibanye Stillwater investigates a fatal incident on May 3, 2026.
NPH
R323.80
Northam Platinum Holdings
7D
-10.6%
1Y
104.0%
Narrative Update • May 08

NPH: Maintained Fair Value And Adjusted Assumptions Will Support Bullish Repricing

Analysts have kept the ZAR 490.00 price target unchanged for Northam Platinum Holdings, citing slightly adjusted assumptions around discount rates, revenue growth, profit margins and future P/E as the main factors supporting their maintained view. Valuation Changes Fair Value: ZAR 490.00 remains unchanged, indicating no shift in the central valuation anchor used.
VAL
R1,350.05
Valterra Platinum
7D
-7.9%
1Y
83.2%
GFI
R667.63
Gold Fields
7D
-8.4%
1Y
68.4%
Narrative Update • May 03

GFI: Higher Gold Price Assumptions And Dividend Payouts Will Support Re Rating

Gold Fields' analyst fair value estimate has shifted from ZAR1,100.00 to ZAR1,263.00 as analysts factor in updated gold price assumptions, changes in long term growth and profitability forecasts, and refreshed P/E expectations reflected in recent research updates. Analyst Commentary Recent research points to a constructive tone around Gold Fields, with several bullish analysts revisiting their assumptions on gold prices, long term profitability, and valuation multiples.
ACL
R1.30
ArcelorMittal South Africa
7D
1.6%
1Y
19.3%
HAR
R284.38
Harmony Gold Mining
7D
-0.5%
1Y
3.2%
Narrative Update • Apr 29

HAR: Dividend Strength And Steady Guidance Will Support Further Share Upside

Analysts have reiterated their ZAR fair value estimate for Harmony Gold Mining while fine tuning their inputs, including a slightly higher discount rate, modestly stronger revenue growth and profit margin assumptions, and a marginally lower future P/E. Together, these adjustments leave the overall price target in ZAR terms unchanged.
HLM
R1.78
Hulamin
7D
1.1%
1Y
-25.5%
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.
KIO
R308.25
Kumba Iron Ore
7D
-5.7%
1Y
1.4%
Narrative Update • Apr 25

KIO: Future Returns Will Depend On Dividends And Rail Logistics Delivery

Analysts have set their Kumba Iron Ore price target at ZAR306, down slightly from ZAR310.29. This reflects small updates to discount rate assumptions, softer revenue growth expectations, and a modestly higher profit margin outlook and future P/E estimate.
CPR
R0.49
Copper 360
7D
14.0%
1Y
-73.5%