In October 2025, we published an in-depth appraisal of the state of mining in South Africa and the forces shaping its future. We asked the question:

Does mining have a bright future in South Africa?

Barely five months later, industry executives and analysts are still asking that question, as we experience renewed turmoil and market shocks, globally.

Many of our observations and conclusions from the original report are equally valid – after all, they are future-focused insights, not short-term predictions or forecasts. But with updated market information, we can gather signals that show which way the wind’s blowing.

Dominating the news cycle has been the parabolic rise in platinum and gold prices, and their equally fast collapse, and partial recovery. Then there’s the anticipated future shortage of copper and other metals critical to the AI-boosted electric future.

These events have had a predictable effect on the outlook for mining, most notably on the rerating of mining majors, their intrinsic values, and expectation for future investment returns.

So, let’s look at the trends and how capital markets are adjusting their expectations for selected mining companies.

Download the full article for more analysis and insight.