ab 13 August 2024 Global Research and Evidence Lab Equities Spot On SA Miners—momentum & yield if spot prevails South Africa Mining 8% downside risk to 12M forward consensus earnings, on average If spot commodity prices prevail, we calculate upside risk to 12M forward consensus earnings for the gold miners (+32%) and the SA diversifieds (+1%) on an average market cap-weighted basis, while we calculate downside risk to for the PGM miners (- 15%) and dual-listeds (-21%) on an average market cap-weighted basis ...