Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.K. (FTSE) Metals and Mining Industry Analysis

UpdatedSep 20, 2026
DataAggregated Company Financials
Companies123
  • 7D-3.1%
  • 3M-2.1%
  • 1Y57.5%
  • YTD20.3%

Over the last 7 days, the Metals and Mining industry has dropped 3.1%, driven by Glencore declining 8.0%. Over the past 12 months, the industry was up 58%. As for the next few years, earnings are expected to grow by 11% per annum.

Industry Valuation and Performance

Has the U.K. Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 20 Sep 2026UK£307.3bUK£305.4bUK£15.1b13.1x20.4x1x
Tue, 18 Aug 2026UK£302.4bUK£300.9bUK£14.9b15.2x20.3x1x
Thu, 16 Jul 2026UK£286.9bUK£254.2bUK£8.5b15.4x33.6x1.1x
Sat, 13 Jun 2026UK£323.3bUK£256.5bUK£8.6b17.6x37.4x1.3x
Mon, 11 May 2026UK£320.8bUK£252.4bUK£8.4b19.8x38x1.3x
Wed, 08 Apr 2026UK£296.4bUK£258.8bUK£8.7b20.4x34.2x1.1x
Fri, 06 Mar 2026UK£295.5bUK£258.1bUK£8.9b21.5x33.2x1.1x
Sun, 01 Feb 2026UK£289.9bUK£241.0bUK£5.9b21x49.5x1.2x
Tue, 30 Dec 2025UK£252.0bUK£244.4bUK£5.9b19.4x42.5x1x
Thu, 27 Nov 2025UK£224.4bUK£249.5bUK£6.1b15.9x36.8x0.9x
Sat, 25 Oct 2025UK£217.8bUK£247.9bUK£6.1b14.4x35.9x0.9x
Mon, 22 Sep 2025UK£194.7bUK£245.0bUK£6.0b11.8x32.7x0.8x
Wed, 20 Aug 2025UK£178.1bUK£244.4bUK£6.0b10.1x29.6x0.7x
Fri, 18 Jul 2025UK£173.8bUK£244.9bUK£5.9b8.4x29.3x0.7x
Sun, 15 Jun 2025UK£169.8bUK£242.2bUK£5.9b8.2x28.8x0.7x
Tue, 13 May 2025UK£173.9bUK£249.3bUK£6.1b8.6x28.4x0.7x
Thu, 10 Apr 2025UK£149.3bUK£256.6bUK£6.3b7.4x23.8x0.6x
Sat, 08 Mar 2025UK£182.5bUK£254.1bUK£6.2b9.7x29.5x0.7x
Mon, 03 Feb 2025UK£185.9bUK£263.3bUK£7.8b9.4x23.7x0.7x
Wed, 01 Jan 2025UK£181.6bUK£260.5bUK£7.8b9.2x23.4x0.7x
Fri, 29 Nov 2024UK£188.0bUK£257.4bUK£7.7b9.4x24.5x0.7x
Sun, 27 Oct 2024UK£198.2bUK£252.8bUK£7.6b10.3x26.2x0.8x
Tue, 24 Sep 2024UK£125.1bUK£246.0bUK£7.4b11x16.9x0.5x
Thu, 22 Aug 2024UK£192.1bUK£250.2bUK£7.4b11.9x26x0.8x
Sat, 20 Jul 2024UK£200.7bUK£246.6bUK£12.2b14.2x16.4x0.8x
Mon, 17 Jun 2024UK£206.7bUK£251.0bUK£12.4b13.8x16.7x0.8x
Wed, 15 May 2024UK£222.8bUK£253.1bUK£12.5b17x17.8x0.9x
Fri, 12 Apr 2024UK£207.9bUK£253.8bUK£12.7b13.9x16.4x0.8x
Sun, 10 Mar 2024UK£184.7bUK£248.2bUK£12.4b12.4x14.8x0.7x
Tue, 06 Feb 2024UK£193.0bUK£263.3bUK£18.0b11x10.7x0.7x
Thu, 04 Jan 2024UK£217.4bUK£305.7bUK£27.7b9.8x7.9x0.7x
Sat, 02 Dec 2023UK£217.7bUK£304.9bUK£27.6b9.1x7.9x0.7x
Mon, 30 Oct 2023UK£204.9bUK£316.8bUK£28.4b10x7.2x0.6x
Wed, 27 Sep 2023UK£205.4bUK£315.7bUK£28.4b7.3x7.2x0.7x
Price to Earnings Ratio

7.2x


Total Market Cap: UK£205.4bTotal Earnings: UK£28.4bTotal Revenue: UK£315.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 25.6x202420252026
Current Industry PE
  • Investors are pessimistic on the British 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 20.4x which is lower than its 3-year average PE of 25.6x.
  • The 3-year average PS ratio of 0.85x is lower than the industry's current PS ratio of 1.0x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 19% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.K. Materials industry?

GB Market0.038%
Materials-2.94%
Metals and Mining-3.09%
Steel4.15%
Precious Metals and Minerals1.34%
Gold0.89%
Aluminum0%0
Silver0%0
Copper-3.24%
Diversified Metals and Mining-3.63%
Industry PE
  • Investors are most optimistic about the Copper industry, which is trading close to its 3-year average PE ratio of 30.1x.
    • Analysts are expecting annual earnings growth of 12.5%, which is lower than the prior year's growth of 49.1% per year.
Forecasted Growth
  • Analysts are most optimistic on the Gold industry, expecting annual earnings growth of 23% over the next 5 years.
  • However this is lower than its past earnings growth rate of 101% per year.
  • In contrast, the Precious Metals and Minerals industry is expected to see its earnings grow by 5.9% 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
FRES FresnilloUK£30.350.7%
+UK£154.7m		33.3%PE13.1x
HILS Hill & SmithUK£30.256.5%
+UK£144.6m		46.1%PE33.1x
ATYM Atalaya Mining CopperUK£10.083.4%
+UK£50.7m		84.3%PE16.5x
ATM Andrada MiningUK£0.07120.3%
+UK£26.4m		132.8%PS5.2x
MTL Metals ExplorationUK£0.174.5%
+UK£22.3m		30.1%PE23.8x

Latest News

ATYM
UK£10.08
Atalaya Mining Copper
7D
3.4%
1Y
84.3%
Narrative Update • Sep 18

ATYM: Higher Dividends Will Drive Future Upside Despite Lower Margin Assumptions

Analysts have lifted their price target for Atalaya Mining Copper by £0.90, reflecting updated assumptions that include a different discount rate, adjusted revenue growth expectations, revised profit margin estimates, and a new forward P/E multiple. What’s in the News for Atalaya Mining Copper Atalaya Mining Copper confirmed guidance for fiscal year 2026, with expected production at the low end of the original ranges of 50,000 to 54,000 tonnes of copper and 0.9 to 1.1 million ounces of silver contained in copper concentrate.
ANTO
UK£36.57
Antofagasta
7D
-3.5%
1Y
57.4%
Narrative Update • Sep 18

ANTO: Copper Guidance Resilience And 2028 Free Cash Flow Shift Will Balance Returns

Antofagasta's updated analyst price target has shifted slightly higher to around £38.88 per share from about £37.87. This reflects modest tweaks to growth, profitability and P/E assumptions as analysts respond to recent target changes across the Street, including JPMorgan, Citi, Barclays, Morgan Stanley, Deutsche Bank and Berenberg.
GLEN
UK£5.57
Glencore
7D
-8.0%
1Y
77.9%
Narrative Update • Sep 18

GLEN: Coal Windfall Will Not Offset Iron Ore Earnings Pressure

Glencore's updated analyst price targets now cluster around the £5.30 to £7.80 range, with recent changes reflecting mixed views as some analysts cite commodity leverage, earnings potential and valuation support, while others flag sector headwinds following recent results. Analyst Commentary Recent research on Glencore presents a split picture.
RIO
UK£72.18
Rio Tinto Group
7D
-2.1%
1Y
56.9%
Narrative Update • Sep 18

RIO: Weakening Iron Ore And Aluminum Fundamentals Will Pressure Future Returns

Analysts have lifted the fair value estimate for Rio Tinto Group from £60.16 to £64.09. The change reflects updated assumptions on profit margins and P/E multiples, along with a mix of higher and lower Street price targets that factor in commodity supply dynamics, capital return prospects, and potential cost and asset initiatives.
HILS
UK£30.25
Hill & Smith
7D
6.5%
1Y
46.1%
PAF
UK£1.30
Pan African Resources
7D
5.7%
1Y
53.2%
Narrative Update • Sep 17

PAF: Soweto Tailings Study And EPS Outlook Will Shape A Fairer View

Analysts have nudged their fair value estimate for Pan African Resources from £1.30 to £1.40, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples that align with recent Hold-rated coverage and a £1.30 price target from Jefferies following share price pullbacks in the precious metals mining sector. What's in the News for Pan African Resources Pan African Resources reported completion of the Definitive Feasibility Study for the Soweto Tailings Retreatment project next to its Mogale Tailings Retreatment operations on the West Rand in Gauteng, South Africa.
SLP
UK£0.95
Sylvania Platinum
7D
5.5%
1Y
19.0%
HOC
UK£5.96
Hochschild Mining
7D
-2.7%
1Y
89.5%
Narrative Update • Sep 17

HOC: Renewed Precious Metals Interest Will Shape Balanced Risk Reward Outlook

The analyst fair value estimate for Hochschild Mining has been updated from £4.94 to £5.43 per share. This change reflects a higher blended price target after multiple firms raised or initiated targets in the £570 to £840 range and cited renewed interest in precious metal miners following recent share price pullbacks.
TUN
UK£0.46
Tungsten West
7D
-9.8%
1Y
397.3%
FRES
UK£30.35
Fresnillo
7D
0.7%
1Y
33.3%
ARS
UK£0.0034
Asiamet Resources
7D
-83.9%
1Y
-64.2%
AAL
UK£39.55
Anglo American
7D
-0.9%
1Y
55.6%
Narrative Update • Sep 09

AAL: Copper Shift And Anglo Teck Deal Will Drive Future Rerating

Analysts have lifted the Anglo American fair value estimate from £48.30 to £52.01, citing higher price targets from several firms that point to copper focused growth plans and a shift in earnings drivers as key factors behind the reassessment. Analyst Commentary Recent Street research on Anglo American highlights a split view, with some firms turning more positive on the company and others turning more cautious after the share price move.
KEFI
UK£0.0077
KEFI Gold and Copper
7D
15.9%
1Y
-17.2%
ATM
UK£0.071
Andrada Mining
7D
20.3%
1Y
132.8%
AAZ
UK£3.68
Anglo Asian Mining
7D
-11.5%
1Y
98.9%
MTL
UK£0.17
Metals Exploration
7D
4.5%
1Y
30.1%