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

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies123
  • 7D3.0%
  • 3M36.7%
  • 1Y64.7%
  • YTD20.8%

In the last week, the Metals and Mining industry is up 3.0%, with Rio Tinto Group up 3.9%. This means that the industry has gained 65% over the past year. Earnings are forecast to grow by 32% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 12 Feb 2026UK£307.6bUK£241.6bUK£5.9b21.5x52.4x1.3x
Sat, 10 Jan 2026UK£266.9bUK£245.9bUK£6.0b20x44.7x1.1x
Mon, 08 Dec 2025UK£235.4bUK£247.5bUK£6.1b17.2x38.9x1x
Wed, 05 Nov 2025UK£215.6bUK£253.0bUK£6.2b14.3x34.8x0.9x
Fri, 03 Oct 2025UK£210.0bUK£245.5bUK£6.0b14.8x35x0.9x
Sun, 31 Aug 2025UK£183.8bUK£244.1bUK£5.9b11.2x31x0.8x
Tue, 29 Jul 2025UK£181.5bUK£246.1bUK£6.0b8.7x30.5x0.7x
Thu, 26 Jun 2025UK£161.0bUK£240.5bUK£5.9b7.2x27.5x0.7x
Sat, 24 May 2025UK£173.5bUK£242.8bUK£6.0b8.7x29x0.7x
Mon, 21 Apr 2025UK£163.8bUK£247.2bUK£6.1b8.6x27x0.7x
Wed, 19 Mar 2025UK£187.1bUK£252.5bUK£6.2b9x30.1x0.7x
Fri, 14 Feb 2025UK£190.9bUK£261.8bUK£7.8b9.7x24.4x0.7x
Sun, 12 Jan 2025UK£186.1bUK£267.5bUK£8.0b9x23.3x0.7x
Tue, 10 Dec 2024UK£197.5bUK£255.6bUK£7.6b9.9x25.9x0.8x
Thu, 07 Nov 2024UK£196.4bUK£254.2bUK£7.6b10.4x25.8x0.8x
Sat, 05 Oct 2024UK£206.4bUK£249.6bUK£7.5b11.1x27.6x0.8x
Mon, 02 Sep 2024UK£188.6bUK£249.4bUK£7.4b11.6x25.4x0.8x
Wed, 31 Jul 2024UK£195.0bUK£247.2bUK£10.8b11.7x18.1x0.8x
Fri, 28 Jun 2024UK£208.4bUK£252.0bUK£12.5b13x16.7x0.8x
Sun, 26 May 2024UK£223.7bUK£250.1bUK£12.3b16.1x18.2x0.9x
Tue, 23 Apr 2024UK£212.6bUK£257.6bUK£12.7b13.9x16.7x0.8x
Thu, 21 Mar 2024UK£188.9bUK£249.4bUK£12.4b12.9x15.2x0.8x
Sat, 17 Feb 2024UK£193.9bUK£262.1bUK£18.0b11.1x10.8x0.7x
Mon, 15 Jan 2024UK£210.7bUK£303.6bUK£27.5b9.7x7.7x0.7x
Wed, 13 Dec 2023UK£206.9bUK£307.6bUK£27.8b8.9x7.4x0.7x
Fri, 10 Nov 2023UK£203.7bUK£313.4bUK£28.2b10x7.2x0.7x
Sun, 08 Oct 2023UK£202.3bUK£314.1bUK£28.2b9.6x7.2x0.6x
Tue, 05 Sep 2023UK£203.5bUK£306.1bUK£27.9b7.1x7.3x0.7x
Thu, 03 Aug 2023UK£209.4bUK£325.7bUK£33.7b7.5x6.2x0.6x
Sat, 01 Jul 2023UK£206.2bUK£330.3bUK£38.7b7.6x5.3x0.6x
Mon, 29 May 2023UK£202.9bUK£338.3bUK£39.5b7.8x5.1x0.6x
Wed, 26 Apr 2023UK£215.0bUK£337.1bUK£39.4b8.4x5.5x0.6x
Fri, 24 Mar 2023UK£219.4bUK£339.8bUK£39.8b8.5x5.5x0.6x
Sun, 19 Feb 2023UK£250.3bUK£353.1bUK£46.9b6.7x5.3x0.7x
Price to Earnings Ratio

5.3x


Total Market Cap: UK£250.3bTotal Earnings: UK£46.9bTotal Revenue: UK£353.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 20.2x202420252026
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 52.4x which is higher than its 3-year average PE of 20.2x.
  • The 3-year average PS ratio of 0.75x is lower than the industry's current PS ratio of 1.3x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 50% per year over the last three years,
  • Revenues have also declined 12% 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 Market0.80%
Materials3.12%
Metals and Mining3.01%
Copper6.30%
Gold5.43%
Steel3.40%
Diversified Metals and Mining2.24%
Aluminum0%0
Silver0%0
Precious Metals and Minerals-1.82%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 19.7x.
    • Analysts are expecting annual earnings growth of 34.3%, which is higher than its past year's earnings decline of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 48% over the next 5 years.
  • However this is lower than its past earnings growth rate of 189% 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
RIO Rio Tinto GroupUK£72.793.9%
+UK£4.5b		45.6%PE15.7x
ANTO AntofagastaUK£38.706.7%
+UK£2.4b		115.1%PE47.7x
AAL Anglo AmericanUK£36.683.0%
+UK£1.2b		32.5%PS2x
FRES FresnilloUK£39.284.0%
+UK£1.1b		396.3%PE86.6x
PAF Pan African ResourcesUK£1.458.7%
+UK£235.2m		300.0%PE28.3x

Latest News

CORA
UK£0.08
Cora Gold
7D
-27.3%
1Y
207.7%
GLEN
UK£5.03
Glencore
7D
-1.6%
1Y
47.5%

GLEN: Fair Outlook Weighs Ended Megamerger Talks Against Evolving Earnings Power

Analysts have lifted their Glencore price targets, citing updated assumptions that show fair value at 5.30, slightly higher discount rates at 9.03%, and modest adjustments to revenue growth, profit margin and future P/E expectations. Analyst Commentary Recent research on Glencore shows active debate around where fair value sits, with several price target changes and at least one downgrade shaping a mixed picture.
HILS
UK£23.35
Hill & Smith
7D
3.8%
1Y
20.0%

HILS: FY25 Underlying Profit Guidance And Required Return Will Shape Fair Value

Analysts have nudged their price target on Hill & Smith slightly higher to £24.98 from £24.59, citing small adjustments to fair value estimates, discount rate assumptions, revenue growth expectations, profit margin forecasts, and future P/E inputs. What's in the News Hill & Smith kept its earnings guidance for the full year 2025 unchanged, providing a clearer reference point when comparing investor expectations with current forecasts.
HOC
UK£7.00
Hochschild Mining
7D
5.3%
1Y
258.2%

HOC: Mixed Broker Views And 2026 Output Plans Will Shape Measured Upside

Narrative Update The analyst price target for Hochschild Mining has moved higher. Recent Street research cites an updated fair value of about £7.59 per share, adjusted revenue growth assumptions of around 18% with slightly higher profit margin expectations, and a modestly lower future P/E of about 14x as key drivers.
PAF
UK£1.45
Pan African Resources
7D
8.7%
1Y
300.0%

If EPS Growth Is Important To You, Pan African Resources (LON:PAF) Presents An Opportunity

Feb 10
If EPS Growth Is Important To You, Pan African Resources (LON:PAF) Presents An Opportunity
SLP
UK£1.09
Sylvania Platinum
7D
-3.5%
1Y
129.5%

New Forecasts: Here's What Analysts Think The Future Holds For Sylvania Platinum Limited (LON:SLP)

Feb 10
New Forecasts: Here's What Analysts Think The Future Holds For Sylvania Platinum Limited (LON:SLP)
ACG
UK£14.70
ACG Metals
7D
-8.7%
1Y
228.7%
FRES
UK£39.28
Fresnillo
7D
4.0%
1Y
396.3%

FRES: Higher Revenue Hopes Will Likely Mask Growing Execution Risk

Analysts have lifted their fair value estimate for Fresnillo from £16.62 to £21.99 per share, reflecting updated assumptions around higher revenue growth, slightly stronger profit margins, a lower future P/E multiple, and recent mixed but generally higher Street price targets. Analyst Commentary Recent Street research on Fresnillo has sent mixed signals, with several firms adjusting price targets in different directions and one downgrade in the mix.
AAL
UK£36.68
Anglo American
7D
3.0%
1Y
32.5%
TUN
UK£0.36
Tungsten West
7D
20.1%
1Y
1,004.6%
RIO
UK£72.79
Rio Tinto Group
7D
3.9%
1Y
45.6%

RIO: Potential Glencore Deal And Asset Sales Will Drive Future Upside

The latest Narrative Update on Rio Tinto Group reflects a higher implied fair value of about $83.33 per share, up from roughly $74.17, as analysts adjust their price targets to account for tweaked discount rates, slightly stronger revenue growth and profit margin assumptions, and a higher future P/E multiple. Analyst Commentary Recent Street research on Rio Tinto Group has been mixed, but there are several clear positives that bullish analysts are highlighting when they adjust their models and targets.
ANTO
UK£38.70
Antofagasta
7D
6.7%
1Y
115.1%

ANTO: Project Execution Risks Likely To Challenge Rich Copper Earnings Expectations

The analyst price target for Antofagasta has been lifted to a new fair value estimate of £21.04 from £18.96 as analysts factor in higher assumed revenue growth, stronger profit margins, and a lower future P/E multiple supported by recent target hikes and rating changes across major banks. Analyst Commentary Recent Street research on Antofagasta points to a mix of optimism on growth projects and caution on how much of that potential is already reflected in the share price.
EEE
UK£0.35
Empire Metals
7D
-7.3%
1Y
336.1%
SOLG
UK£0.28
SolGold
7D
-1.1%
1Y
285.0%
AAZ
UK£2.99
Anglo Asian Mining
7D
-3.5%
1Y
157.8%

Investors Appear Satisfied With Anglo Asian Mining PLC's (LON:AAZ) Prospects As Shares Rocket 31%

Dec 18
Investors Appear Satisfied With Anglo Asian Mining PLC's (LON:AAZ) Prospects As Shares Rocket 31%
MTL
UK£0.15
Metals Exploration
7D
-2.8%
1Y
156.7%