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

UpdatedAug 28, 2026
DataAggregated Company Financials
Companies121
  • 7D3.7%
  • 3M0.2%
  • 1Y78.8%
  • YTD28.8%

In the last week, the Metals and Mining industry is up 3.7%, with Antofagasta leading the way with a 9.0% gain. During this same period, the Empire Metals underperformed, falling 17%. This means that the industry has gained 79% over the past year. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 28 Aug 2026UK£327.8bUK£300.2bUK£15.0b15.5x21.8x1.1x
Sun, 26 Jul 2026UK£289.6bUK£258.3bUK£8.7b15.9x33.3x1.1x
Tue, 23 Jun 2026UK£313.0bUK£259.7bUK£8.8b18x35.7x1.2x
Thu, 21 May 2026UK£315.8bUK£256.0bUK£8.6b18.5x36.8x1.2x
Sat, 18 Apr 2026UK£316.1bUK£254.4bUK£8.5b20.4x37.2x1.2x
Mon, 16 Mar 2026UK£284.7bUK£259.9bUK£9.0b20.2x31.6x1.1x
Wed, 11 Feb 2026UK£299.3bUK£241.4bUK£5.9b21.6x51.1x1.2x
Fri, 09 Jan 2026UK£263.5bUK£245.5bUK£6.0b20.2x44.2x1.1x
Sun, 07 Dec 2025UK£235.4bUK£247.5bUK£6.1b17.2x38.9x1x
Tue, 04 Nov 2025UK£219.8bUK£250.9bUK£6.1b14.8x35.8x0.9x
Thu, 02 Oct 2025UK£210.6bUK£244.9bUK£6.0b14.9x35.2x0.9x
Sat, 30 Aug 2025UK£183.8bUK£244.1bUK£6.0b10.7x30.8x0.8x
Mon, 28 Jul 2025UK£183.2bUK£244.6bUK£5.9b8.8x30.9x0.7x
Wed, 25 Jun 2025UK£162.6bUK£241.3bUK£5.9b7.2x27.7x0.7x
Fri, 23 May 2025UK£172.3bUK£244.9bUK£6.0b8.7x28.6x0.7x
Sun, 20 Apr 2025UK£163.8bUK£247.2bUK£6.1b8.6x27x0.7x
Tue, 18 Mar 2025UK£185.7bUK£252.7bUK£6.2b8.9x29.9x0.7x
Thu, 13 Feb 2025UK£188.9bUK£262.4bUK£7.8b9.6x24.1x0.7x
Sat, 11 Jan 2025UK£186.1bUK£267.4bUK£8.0b9x23.3x0.7x
Mon, 09 Dec 2024UK£191.0bUK£256.4bUK£7.6b9.5x25x0.7x
Wed, 06 Nov 2024UK£198.2bUK£251.5bUK£7.5b10.8x26.3x0.8x
Fri, 04 Oct 2024UK£206.4bUK£249.7bUK£7.5b10.8x27.6x0.8x
Sun, 01 Sep 2024UK£188.6bUK£249.4bUK£7.4b11.6x25.4x0.8x
Tue, 30 Jul 2024UK£198.1bUK£246.6bUK£10.8b12.1x18.4x0.8x
Thu, 27 Jun 2024UK£210.3bUK£252.3bUK£12.5b12.5x16.8x0.8x
Sat, 25 May 2024UK£224.5bUK£250.1bUK£12.3b16.1x18.2x0.9x
Mon, 22 Apr 2024UK£212.6bUK£257.6bUK£12.7b13.9x16.7x0.8x
Wed, 20 Mar 2024UK£188.6bUK£250.7bUK£12.6b12.4x15x0.8x
Fri, 16 Feb 2024UK£188.7bUK£262.1bUK£18.0b11.4x10.5x0.7x
Sun, 14 Jan 2024UK£210.7bUK£303.6bUK£27.5b9.7x7.7x0.7x
Tue, 12 Dec 2023UK£208.2bUK£307.6bUK£27.8b9.1x7.5x0.7x
Thu, 09 Nov 2023UK£202.4bUK£312.9bUK£28.2b9.9x7.2x0.6x
Sat, 07 Oct 2023UK£202.3bUK£313.9bUK£28.2b9.6x7.2x0.6x
Mon, 04 Sep 2023UK£201.7bUK£307.0bUK£28.0b7.4x7.2x0.7x
Price to Earnings Ratio

7.2x


Total Market Cap: UK£201.7bTotal Earnings: UK£28.0bTotal Revenue: UK£307.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 25.3x202420252026
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 21.8x which is lower than its 3-year average PE of 25.3x.
  • The 3-year average PS ratio of 0.85x 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 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 Market0.65%
Materials3.58%
Metals and Mining3.72%
Copper9.34%
Gold8.36%
Precious Metals and Minerals4.43%
Diversified Metals and Mining3.05%
Steel2.77%
Aluminum0%0
Silver0%0
Industry PE
  • Investors are most optimistic about the Steel industry even though it's trading below its 3-year average PE ratio of 65.3x.
    • Analysts are expecting annual earnings growth of 17.9%, which is higher than its past year's earnings decline of 10.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 41% over the next 5 years.
  • However this is lower than its past earnings growth rate of 228% per year.
  • In contrast, the Diversified Metals and Mining industry is expected to see its earnings grow by 12% 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
AAL Anglo AmericanUK£42.695.0%
+UK£2.2b		87.4%PS3.2x
ANTO AntofagastaUK£40.393.4%
+UK£1.3b		88.3%PE32.7x
RIO Rio Tinto GroupUK£76.740.3%
+UK£422.8m		65.3%PE14x
ATYM Atalaya Mining CopperUK£11.0910.9%
+UK£167.6m		106.1%PE18.2x
HOC Hochschild MiningUK£6.684.3%
+UK£141.5m		137.5%PE15.5x

Latest News

KEFI
UK£0.012
KEFI Gold and Copper
7D
-3.6%
1Y
63.2%
CAML
UK£1.78
Central Asia Metals
7D
14.1%
1Y
5.0%
EEE
UK£0.42
Empire Metals
7D
-12.1%
1Y
-20.5%
HOC
UK£6.68
Hochschild Mining
7D
4.3%
1Y
137.5%
ATYM
UK£11.09
Atalaya Mining Copper
7D
10.9%
1Y
106.1%
CAPD
UK£1.13
Capital
7D
-4.2%
1Y
23.1%
FRES
UK£31.70
Fresnillo
7D
-1.5%
1Y
77.3%
Narrative Update • Aug 26

FRES: Lower Profitability Expectations Will Pressure Returns Despite Dividend Support

The updated analyst price target for Fresnillo moves to £21.82 from £20.86, as analysts factor in mixed expectations for margins, growth and valuation across recent Hold, Sector Perform, Equal Weight, Overweight, Buy and Underweight views. Analyst Commentary Recent research on Fresnillo shows a split in opinion, with some firms highlighting improving fundamentals while others flag valuation and execution risks.
AAL
UK£42.69
Anglo American
7D
5.0%
1Y
87.4%
Narrative Update • Aug 26

AAL: Elevated Freight And Iron Ore Pressures Will Cap Future Upside

Analysts have lifted the fair value estimate for Anglo American from £21.89 to £24.11, reflecting higher price targets that balance expectations for improved revenue trends with concerns about cost risks in key iron ore operations and mixed views on valuation. Analyst Commentary Recent Street research on Anglo American points to a split backdrop, with several price target lifts offset by more cautious views on costs, earnings mix and valuation.
KMR
UK£1.90
Kenmare Resources
7D
-9.5%
1Y
-41.5%
GLEN
UK£5.96
Glencore
7D
-0.2%
1Y
103.8%
Narrative Update • Aug 21

GLEN: Copper Shift And Iron Ore Headwinds Will Pressure Future Returns

Glencore's updated analyst price target edges higher to £6.30 from a range centered near £6.10, as analysts balance softer revenue growth assumptions and slightly lower profit margins with higher expected future P/E multiples and the supportive stream of recent Buy and Overweight ratings. Analyst Commentary Recent research on Glencore reflects a split in opinion.
RIO
UK£76.74
Rio Tinto Group
7D
0.3%
1Y
65.3%
ANTO
UK£40.39
Antofagasta
7D
3.4%
1Y
88.3%
Narrative Update • Aug 19

ANTO: Copper Output Resilience And 2028 Free Cash Flow Timing Will Shape Returns

Antofagasta's analyst fair value has been trimmed from £38.80 to £37.87 as analysts factor in slightly lower revenue growth expectations, a modestly higher discount rate, and updated Street price targets that have recently shifted both up and down between roughly £33.40 and £44.00 per share. Analyst Commentary Recent Street research on Antofagasta shows a wide spread of views on both valuation and execution.
HILS
UK£29.95
Hill & Smith
7D
3.3%
1Y
41.6%
Narrative Update • Aug 18

HILS: Fiscal 2026 Delivery And Peer Discount Will Guide Fair Value

Hill & Smith's analyst fair value estimate has moved from £29.69 to £31.46, reflecting higher Street price targets in the £3,180 to £3,450 range as analysts point to stronger organic growth expectations, improved margins, and scope for further M&A contribution. Analyst Commentary Recent Street research around Hill & Smith has focused on higher price targets and what that implies for growth, execution and valuation.
1SN
UK£0.12
First Tin
7D
-6.2%
1Y
100.0%
EUA
UK£0.022
Eurasia Mining
7D
-5.4%
1Y
-50.0%
TUN
UK£0.51
Tungsten West
7D
17.2%
1Y
363.6%