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

UpdatedJul 09, 2026
DataAggregated Company Financials
Companies126
  • 7D-7.3%
  • 3M-10.8%
  • 1Y59.9%
  • YTD7.1%

Over the last 7 days, the Metals and Mining industry has dropped 7.3%, driven by Rio Tinto Group declining 5.7%. This takes the industry's 12 month performance to a gain of 60%. Earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Jul 2026UK£274.6bUK£256.7bUK£8.6b15.4x31.8x1.1x
Sun, 07 Jun 2026UK£318.7bUK£257.9bUK£8.7b18.3x36.6x1.2x
Tue, 05 May 2026UK£305.9bUK£254.1bUK£8.5b18.4x36x1.2x
Thu, 02 Apr 2026UK£299.4bUK£258.6bUK£8.7b20.7x34.5x1.2x
Sat, 28 Feb 2026UK£320.8bUK£255.2bUK£8.0b21.6x40.2x1.3x
Mon, 26 Jan 2026UK£290.1bUK£241.8bUK£5.9b21.5x49.4x1.2x
Wed, 24 Dec 2025UK£251.8bUK£244.6bUK£5.9b18.5x42.4x1x
Fri, 21 Nov 2025UK£218.0bUK£252.3bUK£6.2b15.3x35.4x0.9x
Sun, 19 Oct 2025UK£215.2bUK£245.6bUK£6.0b15.3x35.9x0.9x
Tue, 16 Sep 2025UK£193.7bUK£242.5bUK£5.9b11.7x32.9x0.8x
Thu, 14 Aug 2025UK£182.3bUK£242.3bUK£5.8b10.6x31.5x0.8x
Sat, 12 Jul 2025UK£175.6bUK£242.1bUK£5.9b8.5x30x0.7x
Mon, 09 Jun 2025UK£174.4bUK£242.9bUK£5.9b9.6x29.4x0.7x
Wed, 07 May 2025UK£167.4bUK£245.6bUK£6.0b8.4x27.8x0.7x
Fri, 04 Apr 2025UK£164.3bUK£251.1bUK£6.1b8.3x26.7x0.7x
Sun, 02 Mar 2025UK£179.5bUK£260.3bUK£6.4b8.9x28.1x0.7x
Tue, 28 Jan 2025UK£192.5bUK£261.8bUK£7.8b9.4x24.7x0.7x
Thu, 26 Dec 2024UK£181.8bUK£260.2bUK£7.8b9.4x23.4x0.7x
Sat, 23 Nov 2024UK£191.3bUK£261.7bUK£7.8b10.3x24.4x0.7x
Mon, 21 Oct 2024UK£197.7bUK£251.2bUK£7.5b10.7x26.3x0.8x
Wed, 18 Sep 2024UK£184.7bUK£248.9bUK£7.5b10.9x24.7x0.7x
Fri, 16 Aug 2024UK£188.7bUK£254.6bUK£7.6b11.4x24.9x0.7x
Sun, 14 Jul 2024UK£213.1bUK£245.2bUK£12.2b13.4x17.5x0.9x
Tue, 11 Jun 2024UK£212.4bUK£250.3bUK£12.4b14.7x17.2x0.8x
Thu, 09 May 2024UK£218.6bUK£255.1bUK£12.6b15.6x17.4x0.9x
Sat, 06 Apr 2024UK£201.5bUK£252.4bUK£12.6b14.1x16x0.8x
Mon, 04 Mar 2024UK£185.7bUK£251.8bUK£12.6b10.9x14.7x0.7x
Wed, 31 Jan 2024UK£209.4bUK£304.6bUK£27.6b9.2x7.6x0.7x
Fri, 29 Dec 2023UK£223.5bUK£303.7bUK£27.5b10x8.1x0.7x
Sun, 26 Nov 2023UK£212.8bUK£306.4bUK£27.7b10.6x7.7x0.7x
Tue, 24 Oct 2023UK£196.0bUK£314.1bUK£28.2b9.9x6.9x0.6x
Thu, 21 Sep 2023UK£213.3bUK£310.9bUK£28.1b7.5x7.6x0.7x
Sat, 19 Aug 2023UK£190.3bUK£303.5bUK£27.7b7.1x6.9x0.6x
Mon, 17 Jul 2023UK£215.0bUK£321.6bUK£37.8b7.5x5.7x0.7x
Price to Earnings Ratio

5.7x


Total Market Cap: UK£215.0bTotal Earnings: UK£37.8bTotal Revenue: UK£321.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 24.4x202420252026
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 31.8x which is higher than its 3-year average PE of 24.4x.
  • 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 7.2% 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-0.23%
Materials-6.97%
Metals and Mining-7.26%
Aluminum0%0
Silver0%0
Steel-0.94%
Precious Metals and Minerals-1.94%
Gold-5.30%
Copper-6.69%
Diversified Metals and Mining-7.43%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 28.7x.
    • Analysts are expecting annual earnings growth of 18.3%, 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 11% 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£5.110.1%
+UK£70.3m		65.0%PE221.3x
HILS Hill & SmithUK£28.852.9%
+UK£62.7m		50.3%PE27.4x
MTL Metals ExplorationUK£0.1410.9%
+UK£40.5m		-10.6%PE19.2x
ACG ACG MetalsUK£18.205.8%
+UK£23.1m		212.4%PS4.2x
KMR Kenmare ResourcesUK£2.036.8%
+UK£11.6m		-38.4%PS0.7x

Latest News

CAML
UK£1.36
Central Asia Metals
7D
4.3%
1Y
-8.0%
EST
UK£0.048
East Star Resources
7D
20.0%
1Y
166.7%
ANTO
UK£37.16
Antofagasta
7D
-3.5%
1Y
97.3%
Narrative Update • Jul 07

ANTO: Copper Delivery Risks And Cash Generation Outlook Will Shape Future Returns

The analyst price target for Antofagasta has been revised higher to an implied fair value of £37.96 from £35.96. This reflects analysts' focus on peer-leading production growth, expected free cash flow inflection and generally supportive revisions to Street targets, despite some differing views on the stock.
HILS
UK£28.85
Hill & Smith
7D
2.9%
1Y
50.3%
Narrative Update • Jul 06

HILS: Elevated 2026 Profit Hopes Will Expose Limited Upside Potential

Analysts have raised the Hill & Smith fair value estimate from £18.00 to £23.00, citing higher expected organic revenue growth and a continued valuation discount versus U.S. peers, as reflected in recent price target increases to £32.50 and £29.75. Analyst Commentary Recent Street research on Hill & Smith highlights a generally constructive stance on the stock, with higher fair value estimates and price targets pointing to optimism around the company’s revenue outlook and valuation gap versus U.S. peers.
RIO
UK£66.75
Rio Tinto Group
7D
-5.7%
1Y
50.1%
Narrative Update • Jul 02

RIO: Copper Projects And Logistics Savings Will Support Future Upside

The analyst price target for Rio Tinto Group is updated modestly higher to reflect a fair value move from £91.63 to £93.88, as analysts factor in slightly stronger revenue growth assumptions, a higher profit margin profile and a lower projected future P/E multiple, while also weighing mixed rating actions and valuation concerns across recent research. Analyst Commentary Recent research on Rio Tinto Group shows a mix of views, but several bullish analysts have lifted their price targets, pointing to what they see as supportive sector conditions and solid project execution.
PAF
UK£0.95
Pan African Resources
7D
-5.8%
1Y
95.6%
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.
ACG
UK£18.20
ACG Metals
7D
5.8%
1Y
212.4%
AAL
UK£35.78
Anglo American
7D
-4.4%
1Y
58.9%
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£26.42
Fresnillo
7D
-8.2%
1Y
80.3%
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£5.11
Glencore
7D
0.1%
1Y
65.0%
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.
KMR
UK£2.03
Kenmare Resources
7D
6.8%
1Y
-38.4%
Narrative Update • Jun 25

KMR: Revised Discount Rate And Earnings Multiple Will Shape 2026 Upside

Kenmare Resources' analyst price target has been revised lower by £0.30, as analysts factor in a slightly higher discount rate along with updated assumptions for revenue growth, profit margins and future P/E estimates. Analyst Commentary Recent research on Kenmare Resources reflects a more cautious tone, with bearish analysts trimming price targets in quick succession.
HOC
UK£4.63
Hochschild Mining
7D
-6.5%
1Y
70.7%
Narrative Update • Jun 25

HOC: Revised Earnings Assumptions Will Support Bullish Repricing Potential

Analysts have modestly reduced their price target on Hochschild Mining to £8.12 from £8.13, reflecting updated assumptions on the discount rate, revenue, profit margins and future P/E after recent cuts to price targets from the Street. Analyst Commentary Street research on Hochschild Mining has focused on how recent target price changes feed into views on valuation, execution risk and growth potential, rather than on a single clear-cut direction for the stock.
GMET
UK£1.83
Guardian Metal Resources
7D
-13.9%
1Y
180.8%
KP2
UK£0.032
Kore Potash
7D
4.9%
1Y
36.2%
MTL
UK£0.14
Metals Exploration
7D
10.9%
1Y
-10.6%
PRE
UK£0.71
Pensana
7D
-18.5%
1Y
-3.4%