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

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies123
  • 7D2.3%
  • 3M12.9%
  • 1Y95.5%
  • YTD24.2%

In the last week, the Metals and Mining industry is up 2.3%, with Anglo American leading the way, up 3.9%. This takes the industry's 12 month performance to a gain of 95%. Looking forward, 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
Tue, 21 Apr 2026UK£316.1bUK£254.4bUK£8.5b20.4x37.2x1.2x
Thu, 19 Mar 2026UK£283.7bUK£259.0bUK£8.9b17.5x31.8x1.1x
Sat, 14 Feb 2026UK£303.2bUK£241.7bUK£5.9b21.4x51.6x1.3x
Mon, 12 Jan 2026UK£267.0bUK£246.0bUK£6.0b20x44.7x1.1x
Wed, 10 Dec 2025UK£234.5bUK£247.8bUK£6.0b17.6x38.8x0.9x
Fri, 07 Nov 2025UK£218.6bUK£251.8bUK£6.2b14.8x35.5x0.9x
Sun, 05 Oct 2025UK£212.9bUK£244.8bUK£6.0b15.1x35.6x0.9x
Tue, 02 Sep 2025UK£183.1bUK£243.5bUK£5.9b11.7x30.9x0.8x
Thu, 31 Jul 2025UK£179.9bUK£248.1bUK£6.0b8.6x30x0.7x
Sat, 28 Jun 2025UK£168.0bUK£239.8bUK£5.8b7.9x28.8x0.7x
Mon, 26 May 2025UK£173.5bUK£242.8bUK£5.9b9.7x29.4x0.7x
Wed, 23 Apr 2025UK£165.2bUK£246.5bUK£6.0b9x27.4x0.7x
Fri, 21 Mar 2025UK£183.7bUK£253.3bUK£6.2b8.8x29.4x0.7x
Sun, 16 Feb 2025UK£192.2bUK£259.5bUK£7.7b9.7x24.8x0.7x
Tue, 14 Jan 2025UK£187.7bUK£268.6bUK£8.0b9.3x23.5x0.7x
Thu, 12 Dec 2024UK£196.0bUK£255.9bUK£7.6b9.8x25.7x0.8x
Sat, 09 Nov 2024UK£194.5bUK£253.5bUK£7.6b10.3x25.6x0.8x
Mon, 07 Oct 2024UK£206.4bUK£249.6bUK£7.5b11.1x27.6x0.8x
Wed, 04 Sep 2024UK£181.0bUK£249.9bUK£7.5b11x24.2x0.7x
Fri, 02 Aug 2024UK£197.4bUK£249.3bUK£11.4b11.8x17.2x0.8x
Sun, 30 Jun 2024UK£208.4bUK£251.9bUK£12.5b12.8x16.7x0.8x
Tue, 28 May 2024UK£223.2bUK£249.8bUK£12.3b16.2x18.1x0.9x
Thu, 25 Apr 2024UK£213.1bUK£255.7bUK£12.6b13.9x16.9x0.8x
Sat, 23 Mar 2024UK£193.3bUK£253.2bUK£12.6b12.5x15.3x0.8x
Mon, 19 Feb 2024UK£193.9bUK£262.1bUK£18.0b11.1x10.8x0.7x
Wed, 17 Jan 2024UK£207.5bUK£305.9bUK£27.7b9.9x7.5x0.7x
Fri, 15 Dec 2023UK£213.2bUK£303.2bUK£27.5b9.7x7.8x0.7x
Sun, 12 Nov 2023UK£202.1bUK£314.5bUK£28.3b9.8x7.1x0.6x
Tue, 10 Oct 2023UK£202.2bUK£314.1bUK£28.2b9.5x7.2x0.6x
Thu, 07 Sep 2023UK£201.7bUK£308.8bUK£28.0b7.6x7.2x0.7x
Sat, 05 Aug 2023UK£210.0bUK£323.9bUK£33.5b7.5x6.3x0.6x
Mon, 03 Jul 2023UK£206.1bUK£330.3bUK£38.7b7.6x5.3x0.6x
Wed, 31 May 2023UK£200.4bUK£337.1bUK£39.4b7.7x5.1x0.6x
Fri, 28 Apr 2023UK£216.6bUK£335.5bUK£39.3b8.5x5.5x0.6x
Price to Earnings Ratio

5.5x


Total Market Cap: UK£216.6bTotal Earnings: UK£39.3bTotal Revenue: UK£335.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 22.1x202420252026
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 37.2x which is higher than its 3-year average PE of 22.1x.
  • The 3-year average PS ratio of 0.78x is lower than the industry's current PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 40% per year over the last three years,
  • Revenues have also declined 8.8% 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 Market1.21%
Materials2.35%
Metals and Mining2.27%
Gold6.94%
Steel4.97%
Copper4.94%
Precious Metals and Minerals4.06%
Diversified Metals and Mining1.07%
Aluminum0%0
Silver0%0
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 26.6x.
    • Analysts are expecting annual earnings growth of 10.6%, which is lower than the prior year's growth of 114.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 42% over the next 5 years.
  • However this is lower than its past earnings growth rate of 228% per year.
  • In contrast, the Copper 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
AAL Anglo AmericanUK£36.423.9%
+UK£1.5b		58.4%PS2.8x
RIO Rio Tinto GroupUK£73.951.1%
+UK£1.3b		68.1%PE16.3x
FRES FresnilloUK£36.623.9%
+UK£1.0b		258.7%PE26.4x
ANTO AntofagastaUK£37.840.4%
+UK£152.8m		145.9%PE38x
HOC Hochschild MiningUK£6.833.8%
+UK£128.6m		119.7%PE23.5x

Latest News

FRES
UK£36.62
Fresnillo
7D
3.9%
1Y
258.7%
CAML
UK£1.51
Central Asia Metals
7D
-1.4%
1Y
-5.6%
PAF
UK£1.62
Pan African Resources
7D
3.8%
1Y
240.7%

PAF: Cautious Repricing And Earnings Quality Will Shape Future Re Rating Potential

Analysts have reduced their price target on Pan African Resources by £0.09 to £1.81, citing updated assumptions that include a slightly higher discount rate and a modestly higher forward P/E multiple, while keeping fair value broadly unchanged. Analyst Commentary Recent research points to a more cautious stance on Pan African Resources, with price targets adjusted to £1.81 while ratings are maintained.
AAL
UK£36.42
Anglo American
7D
3.9%
1Y
58.4%

AAL: Teck Merger And Commodity Risks Will Shape Balanced Future Profile

The analyst fair value estimate for Anglo American edges up to £35.09 from £35.05 as analysts weigh slightly higher assumed revenue growth and a modestly higher discount rate against a small trim to projected profit margins and future P/E, informed by a mix of recent target cuts and upgrades following the Teck merger progress and shifting sector risk views. Analyst Commentary Recent Street research around Anglo American is mixed, with several price target changes, rating shifts and comments on the proposed Teck merger feeding into the updated fair value estimate.
ATYM
UK£7.98
Atalaya Mining Copper
7D
-0.9%
1Y
118.3%

ATYM: Equity Raise And Dividend Will Support Higher Future Copper Output

Analysts have reduced their price target on Atalaya Mining Copper slightly to £10.67 from £10.75, reflecting updated views on revenue growth, profit margins and future P/E assumptions. What's in the News Q1 2026 production results reported, with ore mined at 3.4 million tonnes, waste mined at 10.2 million tonnes, ore processed at 4.1 million tonnes and copper production at 9,939 tonnes, alongside prior year Q1 figures for context (Announcement of Operating Results).
RIO
UK£73.95
Rio Tinto Group
7D
1.1%
1Y
68.1%

RIO: Cautious Tone Will Tighten As Copper And Iron Ore Risks Deepen

Analysts have slightly lowered the fair value estimate for Rio Tinto Group to £57.66 from £58.52, reflecting updated price targets that balance higher revenue and margin assumptions with a modestly higher discount rate and P/E expectations highlighted in recent research. Analyst Commentary Recent Street research on Rio Tinto Group reflects a mix of upgraded and downgraded views, with some firms lifting price targets while others trim expectations or move to more neutral stances.
ANTO
UK£37.84
Antofagasta
7D
0.4%
1Y
145.9%

ANTO: Copper Price Strength Will Support Medium Term Earnings Power

Antofagasta's analyst price target has been revised slightly lower to reflect a modest trim in fair value to £46.99 from £47.82, as analysts balance recent target increases and upgrades with more cautious moves around discount rates, profit margins and future P/E assumptions. Analyst Commentary Recent Street research on Antofagasta shows a mix of raised and trimmed price targets, alongside both upgrades and downgrades.
HILS
UK£24.25
Hill & Smith
7D
4.1%
1Y
42.5%
AAZ
UK£2.40
Anglo Asian Mining
7D
-4.8%
1Y
90.5%
HOC
UK£6.83
Hochschild Mining
7D
3.8%
1Y
119.7%
GLEN
UK£5.50
Glencore
7D
-2.6%
1Y
114.9%

GLEN: Fair Outlook Weighs Ended Megamerger Talks And Mixed Earnings Expectations

The analyst price target for Glencore has been revised higher, with recent moves such as Morgan Stanley’s £0.40 increase and several other target lifts pointing to analysts factoring in slightly stronger revenue growth, modestly higher profit margins and a marginally richer future P/E assumption, despite a higher discount rate. Analyst Commentary Recent research on Glencore shows a mix of optimism and caution, with several target changes and rating adjustments reflecting differing views on how execution, commodity exposure and capital allocation might influence the share price over time.
ECOR
UK£1.40
Ecora Royalties
7D
-2.0%
1Y
174.4%

ECOR: Future Upside Will Depend On Reset Royalty Assumptions And Dividend Framework

Ecora Royalties' updated analyst price target moves to £1.72 from £1.71, with analysts pointing to revised growth and margin assumptions and a slightly lower discount rate as key drivers of the change. Analyst Commentary Recent research on Ecora Royalties shows a mix of optimism and caution as price targets and ratings are adjusted around updated assumptions.
EEE
UK£0.34
Empire Metals
7D
-6.7%
1Y
230.6%

Here's Why We're Not Too Worried About Empire Metals' (LON:EEE) Cash Burn Situation

Apr 09
Here's Why We're Not Too Worried About Empire Metals' (LON:EEE) Cash Burn Situation
JLP
UK£0.032
Jubilee Metals Group
7D
-5.9%
1Y
1.6%
FXPO
UK£0.42
Ferrexpo
7D
-3.8%
1Y
-17.7%
GMET
UK£2.99
Guardian Metal Resources
7D
12.8%
1Y
658.9%