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

UpdatedJul 15, 2026
DataAggregated Company Financials
Companies126
  • 7D1.8%
  • 3M-5.5%
  • 1Y68.3%
  • YTD14.7%

Over the last 7 days, the Metals and Mining industry has risen 1.8%, driven by gains from Glencore of 4.3%. This takes the industry's 12 month performance to a gain of 68%. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Jul 2026UK£292.3bUK£257.0bUK£8.6b15.5x33.8x1.1x
Fri, 12 Jun 2026UK£312.4bUK£256.4bUK£8.6b17.1x36.1x1.2x
Sun, 10 May 2026UK£321.0bUK£252.4bUK£8.4b19.8x38x1.3x
Tue, 07 Apr 2026UK£297.0bUK£260.6bUK£8.7b20.7x34x1.1x
Thu, 05 Mar 2026UK£308.9bUK£256.7bUK£8.1b21.5x38.1x1.2x
Sat, 31 Jan 2026UK£289.7bUK£240.8bUK£5.8b21x49.7x1.2x
Mon, 29 Dec 2025UK£252.9bUK£244.2bUK£5.9b18.5x42.7x1x
Wed, 26 Nov 2025UK£220.1bUK£250.5bUK£6.1b15.3x36x0.9x
Fri, 24 Oct 2025UK£216.7bUK£247.6bUK£6.1b14.6x35.7x0.9x
Sun, 21 Sep 2025UK£194.7bUK£245.0bUK£6.0b11.8x32.7x0.8x
Tue, 19 Aug 2025UK£177.3bUK£244.1bUK£6.0b10x29.4x0.7x
Thu, 17 Jul 2025UK£174.4bUK£244.9bUK£5.9b8.3x29.4x0.7x
Sat, 14 Jun 2025UK£169.9bUK£242.2bUK£5.9b8.2x28.8x0.7x
Mon, 12 May 2025UK£167.9bUK£246.8bUK£6.1b8.4x27.7x0.7x
Wed, 09 Apr 2025UK£152.8bUK£257.1bUK£6.3b7.6x24.3x0.6x
Fri, 07 Mar 2025UK£184.6bUK£254.5bUK£6.2b9.5x29.7x0.7x
Sun, 02 Feb 2025UK£185.9bUK£263.3bUK£7.8b9.4x23.7x0.7x
Tue, 31 Dec 2024UK£180.3bUK£260.9bUK£7.8b9.7x23.2x0.7x
Thu, 28 Nov 2024UK£188.3bUK£257.6bUK£7.7b9.4x24.5x0.7x
Sat, 26 Oct 2024UK£198.2bUK£252.4bUK£7.6b10.4x26.2x0.8x
Mon, 23 Sep 2024UK£125.1bUK£246.0bUK£7.4b11x16.9x0.5x
Wed, 21 Aug 2024UK£190.6bUK£251.2bUK£7.5b11.6x25.4x0.8x
Fri, 19 Jul 2024UK£201.1bUK£246.0bUK£12.2b14x16.5x0.8x
Sun, 16 Jun 2024UK£206.7bUK£251.0bUK£12.4b13.8x16.7x0.8x
Tue, 14 May 2024UK£222.0bUK£253.9bUK£12.5b15.7x17.7x0.9x
Thu, 11 Apr 2024UK£209.1bUK£254.1bUK£12.7b14.1x16.4x0.8x
Sat, 09 Mar 2024UK£184.7bUK£248.2bUK£12.4b12.4x14.8x0.7x
Mon, 05 Feb 2024UK£206.7bUK£305.8bUK£27.7b10.1x7.5x0.7x
Wed, 03 Jan 2024UK£222.7bUK£306.0bUK£27.7b10.1x8x0.7x
Fri, 01 Dec 2023UK£210.1bUK£305.8bUK£27.7b10.7x7.6x0.7x
Sun, 29 Oct 2023UK£204.9bUK£316.8bUK£28.4b10x7.2x0.6x
Tue, 26 Sep 2023UK£206.8bUK£314.6bUK£28.3b7.3x7.3x0.7x
Thu, 24 Aug 2023UK£197.2bUK£304.4bUK£27.8b7.1x7.1x0.6x
Sat, 22 Jul 2023UK£214.8bUK£326.9bUK£38.3b6.9x5.6x0.7x
Price to Earnings Ratio

5.6x


Total Market Cap: UK£214.8bTotal Earnings: UK£38.3bTotal Revenue: UK£326.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 24.5x202420252026
Current Industry PE
  • Investors are optimistic on the British Metals and Mining industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 33.8x which is higher than its 3-year average PE of 24.5x.
  • The 3-year average PS ratio of 0.83x is lower than the industry's current PS ratio of 1.1x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 39% per year over the last three years,
  • Revenues have also declined 7.7% 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 U.K. Materials industry?

GB Market-0.95%
Materials1.62%
Metals and Mining1.77%
Diversified Metals and Mining2.43%
Steel2.22%
Copper2.18%
Precious Metals and Minerals1.65%
Aluminum0%0
Silver0%0
Gold-3.43%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 28.8x.
    • Analysts are expecting annual earnings growth of 16.7%, which is lower than the prior year's growth of 49.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 40% over the next 5 years.
  • However this is lower than its past earnings growth rate of 228% per year.
  • In contrast, the Steel industry is expected to see its earnings grow by 10% 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
GLEN GlencoreUK£5.304.3%
+UK£2.5b		71.3%PE229.1x
RIO Rio Tinto GroupUK£69.551.9%
+UK£2.1b		60.0%PE15.2x
ANTO AntofagastaUK£38.432.0%
+UK£739.4m		109.0%PE38.2x
AAL Anglo AmericanUK£36.701.7%
+UK£642.9m		65.2%PS2.8x
ATYM Atalaya Mining CopperUK£8.477.4%
+UK£89.9m		77.2%PE18.2x

Latest News

ANTO
UK£38.43
Antofagasta
7D
2.0%
1Y
109.0%
RIO
UK£69.55
Rio Tinto Group
7D
1.9%
1Y
60.0%
GMET
UK£1.65
Guardian Metal Resources
7D
-15.4%
1Y
147.7%
TUN
UK£0.35
Tungsten West
7D
-4.9%
1Y
221.9%
HILS
UK£29.35
Hill & Smith
7D
3.5%
1Y
52.5%
KMR
UK£1.94
Kenmare Resources
7D
-4.2%
1Y
-40.4%
Narrative Update • Jul 09

KMR: Lower Production And Higher Discount Rate Will Support Future Cash Flows

The analyst price target for Kenmare Resources has been revised in light of updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. The new target is now set at £3.93 compared with the prior £4.50, as analysts factor in a different balance of growth and risk in their models.
HOC
UK£4.62
Hochschild Mining
7D
-3.7%
1Y
68.2%
Narrative Update • Jul 09

HOC: Higher Cash Margins And Output Guidance Will Drive Future Repricing

Analysts have lowered their price target on Hochschild Mining to £7.00 from £7.55, reflecting updated views on fair value, discount rate assumptions, revenue growth, profit margin and future P/E levels. What’s in the News for Hochschild Mining Hochschild Mining reported first quarter 2026 production results, with silver output at 1,912 koz compared with 2,177 koz a year earlier.
CAML
UK£1.36
Central Asia Metals
7D
5.6%
1Y
-4.3%
ATYM
UK£8.47
Atalaya Mining Copper
7D
7.4%
1Y
77.2%
PAF
UK£0.93
Pan African Resources
7D
-5.3%
1Y
82.5%
Narrative Update • Jul 02

PAF: Higher Production Guidance And Richer P/E Multiple Will Drive Upside

Analysts have raised their price target for Pan African Resources from £1.25 to £1.53, citing updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E as the key drivers of the change. What’s in the News for Pan African Resources Pan African Resources issued new production guidance for the second half of the financial year ending 30 June 2026, indicating a material increase in gold production of about 14% compared with the first half of fiscal year 2026, to 147,000oz, based on company guidance.
AAL
UK£36.70
Anglo American
7D
1.7%
1Y
65.2%
Narrative Update • Jun 30

AAL: Copper Shift And Chile Projects Will Support Future Rerating

Anglo American's analyst fair value estimate has moved from £46.07 to £50.29 as analysts factor in revised revenue growth and margin assumptions, alongside a series of higher price targets, even as some ratings shift to Hold on valuation grounds and changing commodity mix views. Analyst Commentary Recent Street research on Anglo American shows a mix of caution on the rating side and optimism on valuation, with several bullish analysts lifting price targets even as some move to Hold.
FRES
UK£25.95
Fresnillo
7D
-4.7%
1Y
76.5%
Narrative Update • Jun 30

FRES: Production Slippage And Mixed Street Views Will Shape Future Returns

The analyst price target for Fresnillo has been revised slightly higher to £25.41 from £24.72. Analysts cite updated assumptions on revenue growth, profit margins and future P/E as key drivers of the change.
GLEN
UK£5.30
Glencore
7D
4.3%
1Y
71.3%
Narrative Update • Jun 29

GLEN: Copper Shift And Rising Fair Value Will Drive Medium Term Rerating

Glencore's analyst price targets have moved in both directions, with several banks raising estimates toward the £5.60 to £6.10 range, while others, citing a shift toward copper and earnings pressure in iron ore, have trimmed targets to around £5.30. Analyst Commentary Recent research on Glencore shows a split in opinion, but the most optimistic commentary highlights higher price targets and confidence in the company’s ability to execute on its portfolio mix, particularly around copper exposure and capital allocation.
SRB
UK£2.85
Serabi Gold
7D
-5.8%
1Y
47.3%
GFM
UK£3.03
Griffin Mining
7D
2.7%
1Y
57.0%
PRE
UK£0.69
Pensana
7D
-7.0%
1Y
-16.7%