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South African (JSE) Metals and Mining Industry Analysis

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies17
  • 7D-5.2%
  • 3M-13.5%
  • 1Y69.5%
  • YTD-8.3%

Over the last 7 days, the Metals and Mining industry has dropped 5.2%, driven by Gold Fields declining 5.9%. This takes the industry's 12 month performance to a gain of 70%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 04 May 2026R1.8tR739.0bR120.4b10.7x14.8x2.4x
Wed, 01 Apr 2026R1.9tR741.3bR121.4b10.6x15.4x2.5x
Fri, 27 Feb 2026R2.3tR696.8bR98.7b15.6x23.3x3.3x
Sun, 25 Jan 2026R2.3tR660.1bR54.1b25.1x42.9x3.5x
Tue, 23 Dec 2025R2.0tR664.6bR55.2b22.3x36.5x3x
Thu, 20 Nov 2025R1.7tR669.0bR55.7b19.8x30.5x2.5x
Sat, 18 Oct 2025R1.8tR670.0bR56.0b20.6x32.1x2.7x
Mon, 15 Sep 2025R1.5tR671.0bR56.5b17.9x26.8x2.3x
Wed, 13 Aug 2025R1.4tR641.0bR24.8b7.5x55.5x2.2x
Fri, 11 Jul 2025R1.2tR656.6bR30.5b7.3x40.5x1.9x
Sun, 08 Jun 2025R1.2tR656.8bR30.6b7.1x38.3x1.8x
Tue, 06 May 2025R1.1tR661.4bR31.8b7x34.1x1.6x
Thu, 03 Apr 2025R1.1tR665.6bR33.8b6.8x32.6x1.7x
Sat, 01 Mar 2025R896.9bR659.2bR32.3b8.4x27.8x1.4x
Mon, 27 Jan 2025R909.0bR660.6b-R13,004,485,101.2010x-69.9x1.4x
Wed, 25 Dec 2024R799.6bR661.7b-R12,862,952,152.009.4x-62.2x1.2x
Fri, 22 Nov 2024R869.6bR658.2b-R13,418,362,172.5410.2x-64.8x1.3x
Sun, 20 Oct 2024R948.0bR655.4b-R13,784,441,745.7211.2x-68.8x1.4x
Tue, 17 Sep 2024R824.1bR656.0b-R14,827,652,020.4511.4x-55.6x1.3x
Thu, 15 Aug 2024R881.0bR672.4bR8.6b5.8x102.8x1.3x
Sat, 13 Jul 2024R942.3bR687.2bR13.6b6.4x69.4x1.4x
Mon, 10 Jun 2024R909.4bR692.3bR14.3b6.6x63.6x1.3x
Wed, 08 May 2024R964.1bR689.7bR14.3b7x67.5x1.4x
Fri, 05 Apr 2024R994.3bR691.0bR14.5b6.5x68.7x1.4x
Sun, 03 Mar 2024R863.7bR712.2bR69.1b4.5x12.5x1.2x
Tue, 30 Jan 2024R981.5bR731.9bR93.1b7.6x10.5x1.3x
Thu, 28 Dec 2023R1.1tR729.5bR92.7b8.5x12x1.5x
Sat, 25 Nov 2023R951.3bR732.9bR93.8b7.2x10.1x1.3x
Mon, 23 Oct 2023R916.0bR733.7bR93.9b7.1x9.8x1.2x
Wed, 20 Sep 2023R1.0tR820.0bR96.1b6.5x10.9x1.3x
Fri, 18 Aug 2023R985.6bR846.3bR141.1b4.3x7x1.2x
Sun, 16 Jul 2023R1.2tR861.9bR166.8b4.4x7.4x1.4x
Tue, 13 Jun 2023R1.3tR874.6bR175.9b4.6x7.5x1.5x
Thu, 11 May 2023R1.4tR889.7bR182.7b5x7.9x1.6x
Price to Earnings Ratio

7.9x


Total Market Cap: R1.4tTotal Earnings: R182.7bTotal Revenue: R889.7bTotal Market Cap vs Earnings and Revenue0%0%0%
South African Metals and Mining Industry Price to Earnings3Y Average 39.6x202420252026
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 14.8x which is lower than its 3-year average PE of 39.6x.
  • 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 5.9% 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-1.02%
Materials-4.15%
Metals and Mining-5.17%
Steel0.60%
Aluminum-0.52%
Copper-1.56%
Diversified Metals and Mining-3.30%
Precious Metals and Minerals-5.46%
Gold-5.67%
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
KIO Kumba Iron OreR312.480.6%
+R566.9m		-1.9%PE6.9x
THA TharisaR25.401.6%
+R121.5m		92.3%PE5.7x
MRF Merafe ResourcesR1.151.8%
+R50.0m		1.8%PE20.2x

Latest News

GML
R0.90
Gemfields Group
7D
-9.1%
1Y
-18.2%
ARI
R222.95
African Rainbow Minerals
7D
-3.5%
1Y
41.9%

ARI: Higher PGM Basket Prices Will Support Stronger 1H F2026 Earnings

Analysts have slightly increased their price target on African Rainbow Minerals to ZAR265 from ZAR263, reflecting updated assumptions regarding revenue growth, profit margins and future P/E expectations. What's in the News African Rainbow Minerals issued earnings guidance for the six months ending 31 December 2025, covering 1H F2026 basic earnings and earnings per share (Key Developments).
HAR
R263.42
Harmony Gold Mining
7D
-4.6%
1Y
-10.4%

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.
IMP
R232.26
Impala Platinum Holdings
7D
-4.0%
1Y
104.6%

IMP: Strong Earnings Outlook And Higher P/E Multiple Will Support Share Price

Analysts have raised their price target on Impala Platinum Holdings to around ZAR 529 from about ZAR 310, citing updated expectations that reflect higher modelled revenue growth, a revised assumed profit margin profile, and a higher future P/E multiple in their valuation work. What's in the News Management issued earnings guidance for the six months ended 31 December 2025, indicating headline earnings and headline earnings per share are expected to be higher by a little over 4x compared with the prior period.
SSW
R49.67
Sibanye Stillwater
7D
-6.6%
1Y
133.2%

SSW: Higher Discount Rates And Margin Assumptions Will Shape Future Returns

Analysts have trimmed their Sibanye Stillwater price target by ZAR2, reflecting slightly higher discount rate assumptions and more cautious revenue growth expectations. This is partly offset by a modestly stronger profit margin outlook and a marginally lower future P/E multiple.
VAL
R1,335.00
Valterra Platinum
7D
-5.6%
1Y
108.9%
KIO
R312.48
Kumba Iron Ore
7D
0.6%
1Y
-1.9%

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.
THA
R25.40
Tharisa
7D
1.6%
1Y
92.3%
NPH
R320.00
Northam Platinum Holdings
7D
-6.5%
1Y
151.7%

NPH: Higher Required Returns Will Pressure Optimistic Margin And P/E Assumptions

Analysts have raised their price target on Northam Platinum Holdings from ZAR131.11 to ZAR270.00, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples, along with a more positive stance in recent Street research. Analyst Commentary Even with a higher price target framework on Northam Platinum Holdings, not all research has been uniformly positive.
GFI
R712.00
Gold Fields
7D
-5.9%
1Y
70.3%

GFI: Rich Payouts And Higher Costs Will Pressure Future Returns

Analysts have lifted the fair value estimate for Gold Fields to ZAR700 from ZAR680, reflecting updated views on revenue growth, profit margins and an adjusted future P/E multiple, informed by recent changes to Street price targets and ratings. Analyst Commentary Recent Street commentary on Gold Fields has been mixed, with several research houses updating price targets and ratings in quick succession.
MRF
R1.15
Merafe Resources
7D
1.8%
1Y
1.8%