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

UpdatedJul 22, 2026
DataAggregated Company Financials
Companies126
  • 7D-2.5%
  • 3M-9.3%
  • 1Y54.5%
  • YTD11.8%

Over the last 7 days, the Metals and Mining industry has dropped 2.5%, driven by a pullback from Rio Tinto Group of 2.6%. Over the past 12 months, the industry was up 55%. Looking forward, 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
Wed, 22 Jul 2026UK£284.7bUK£257.1bUK£8.6b15.2x32.9x1.1x
Fri, 19 Jun 2026UK£320.4bUK£260.6bUK£8.8b18.6x36.5x1.2x
Sun, 17 May 2026UK£321.4bUK£258.3bUK£8.7b18.9x37.2x1.2x
Tue, 14 Apr 2026UK£308.8bUK£254.7bUK£8.5b21.7x36.2x1.2x
Thu, 12 Mar 2026UK£294.4bUK£256.2bUK£8.8b21.5x33.4x1.1x
Sat, 07 Feb 2026UK£289.5bUK£242.4bUK£5.9b22.4x49.2x1.2x
Mon, 05 Jan 2026UK£256.5bUK£245.1bUK£5.9b19.5x43.1x1x
Wed, 03 Dec 2025UK£227.8bUK£250.3bUK£6.1b16.8x37.2x0.9x
Fri, 31 Oct 2025UK£224.8bUK£251.0bUK£6.1b14.7x36.6x0.9x
Sun, 28 Sep 2025UK£207.6bUK£246.2bUK£6.0b13.7x34.6x0.8x
Tue, 26 Aug 2025UK£181.3bUK£244.0bUK£5.9b10.5x30.6x0.7x
Thu, 24 Jul 2025UK£185.8bUK£242.0bUK£5.9b9x31.7x0.8x
Sat, 21 Jun 2025UK£164.2bUK£244.4bUK£6.0b7.6x27.5x0.7x
Mon, 19 May 2025UK£172.9bUK£247.5bUK£6.1b8.7x28.4x0.7x
Wed, 16 Apr 2025UK£163.4bUK£248.4bUK£6.1b9x26.9x0.7x
Fri, 14 Mar 2025UK£179.4bUK£253.7bUK£6.2b8.6x28.8x0.7x
Sun, 09 Feb 2025UK£191.9bUK£263.2bUK£7.8b9.6x24.5x0.7x
Tue, 07 Jan 2025UK£184.0bUK£260.7bUK£7.8b9.1x23.7x0.7x
Thu, 05 Dec 2024UK£192.9bUK£257.0bUK£7.7b9.6x25.2x0.8x
Sat, 02 Nov 2024UK£197.9bUK£253.5bUK£7.6b10.7x26x0.8x
Mon, 30 Sep 2024UK£207.2bUK£244.9bUK£7.3b11x28.2x0.8x
Wed, 28 Aug 2024UK£192.0bUK£246.9bUK£7.3b11.4x26.3x0.8x
Fri, 26 Jul 2024UK£196.9bUK£247.7bUK£12.3b13.7x16x0.8x
Sun, 23 Jun 2024UK£208.5bUK£251.9bUK£12.4b12.8x16.7x0.8x
Tue, 21 May 2024UK£231.2bUK£250.7bUK£12.3b16.3x18.7x0.9x
Thu, 18 Apr 2024UK£212.3bUK£255.9bUK£12.8b13.4x16.6x0.8x
Sat, 16 Mar 2024UK£188.9bUK£250.4bUK£12.5b12.6x15.1x0.8x
Mon, 12 Feb 2024UK£187.4bUK£261.4bUK£17.9b11.2x10.5x0.7x
Wed, 10 Jan 2024UK£212.3bUK£304.1bUK£27.6b9.7x7.7x0.7x
Fri, 08 Dec 2023UK£215.5bUK£307.0bUK£27.8b9.1x7.8x0.7x
Sun, 05 Nov 2023UK£208.5bUK£311.3bUK£28.0b10.2x7.4x0.7x
Tue, 03 Oct 2023UK£211.0bUK£316.7bUK£28.4b9.7x7.4x0.7x
Thu, 31 Aug 2023UK£200.5bUK£304.2bUK£27.8b7x7.2x0.7x
Sat, 29 Jul 2023UK£214.4bUK£322.3bUK£33.4b8.1x6.4x0.7x
Price to Earnings Ratio

6.4x


Total Market Cap: UK£214.4bTotal Earnings: UK£33.4bTotal Revenue: UK£322.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 24.7x202420252026
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 32.9x which is higher than its 3-year average PE of 24.7x.
  • 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 36% per year over the last three years,
  • Revenues have also declined 7.3% 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 Market0.56%
Materials-2.31%
Metals and Mining-2.55%
Steel2.27%
Aluminum0%0
Silver0%0
Gold-2.42%
Diversified Metals and Mining-2.44%
Copper-4.25%
Precious Metals and Minerals-4.32%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 28.9x.
    • Analysts are expecting annual earnings growth of 14.6%, 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
HILS Hill & SmithUK£30.152.7%
+UK£62.5m		52.9%PE28.6x
ATYM Atalaya Mining CopperUK£8.814.0%
+UK£52.3m		83.9%PE19x
GMET Guardian Metal ResourcesUK£1.766.7%
+UK£21.4m		190.9%PB13.2x
TUN Tungsten WestUK£0.363.5%
+UK£15.0m		225.5%PE-9.2x
CAML Central Asia MetalsUK£1.435.0%
+UK£11.6m		-6.4%PS1.4x

Latest News

HILS
UK£30.15
Hill & Smith
7D
2.7%
1Y
52.9%
Narrative Update • Jul 20

HILS: Fiscal 2026 Execution And Peer Discount Will Shape Future Fair Value

Analysts have lifted the Hill & Smith price target in line with a fair value move from £25.34 to about £29.69, citing updated expectations for fiscal 2026 organic revenue growth and a continued valuation discount to U.S. peers. Analyst Commentary Recent research on Hill & Smith highlights a mix of optimism around growth and valuation, alongside a few areas where cautious investors may want to pause and scrutinise the setup more closely.
ATYM
UK£8.81
Atalaya Mining Copper
7D
4.0%
1Y
83.9%
Narrative Update • Jul 20

ATYM: Future Dividend And Production Guidance Will Support Bullish Repricing

Analysts have revised their price target for Atalaya Mining Copper to £10.00 from £5.05, highlighting updated assumptions for revenue growth, profit margins, and a slightly lower discount rate, alongside a reduced future P/E expectation. What’s in the News for Atalaya Mining Copper Reported second quarter 2026 operating results for Atalaya Mining Copper, with ore mined of 4.0 million tonnes, waste mined of 10.3 million tonnes, ore processed of 4.1 million tonnes, and copper production of 13,493 tonnes, compared with the same quarter in 2025, source: company announcement of operating results.
RIO
UK£67.73
Rio Tinto Group
7D
-2.6%
1Y
43.7%
Narrative Update • Jul 16

RIO: Iron Ore And Copper Project Execution Will Support Future Upside

The analyst price target for Rio Tinto Group has been trimmed by £2.10, as analysts factor in slightly higher discount rates, more cautious revenue growth assumptions, and recent shifts in sentiment around valuation and key commodity fundamentals. Analyst Commentary Recent research on Rio Tinto Group shows a mix of caution and optimism, with price targets adjusted in both directions as analysts reassess valuation, commodity exposure and project execution.
GLEN
UK£5.28
Glencore
7D
-0.4%
1Y
63.7%
Narrative Update • Jul 15

GLEN: Copper Mix And Lithium Offtake Will Support Future Rerating Potential

Glencore's analyst price target has been lowered to around £5.90 to £6.35 per share from prior levels closer to £6.10 to £6.60, as analysts factor in higher required returns, updated views on commodity mix and earnings potential, and a moderation in assumed future P/E multiples, despite slightly stronger revenue growth and margin inputs. Analyst Commentary Recent research on Glencore shows a mix of optimism and caution, with several bullish analysts still highlighting upside potential around earnings power, commodity exposure and current valuation, even as headline price targets edge lower in some cases.
ANTO
UK£36.67
Antofagasta
7D
-4.6%
1Y
84.0%
AAL
UK£34.78
Anglo American
7D
-5.2%
1Y
48.6%
Narrative Update • Jul 15

AAL: Copper Shift And Chile Projects Will Drive Future Rerating

Analysts have nudged the fair value estimate for Anglo American slightly lower to around £48 from about £50, even as external price targets have been raised into the £33.50 to £45.00 range. They cite a mix of higher assumed revenue growth, modestly softer profit margins, and ongoing cost and freight risks in key iron ore markets, balanced against stronger copper driven expectations.
FRES
UK£25.66
Fresnillo
7D
-1.1%
1Y
75.0%
Narrative Update • Jul 14

FRES: Production Slippage And Execution Risks Will Pressure Future Returns

The analyst price target for Fresnillo has been revised lower by £4.55 to £20.86, with analysts citing updated fair value assumptions and valuation multiples as the key drivers of the change. Analyst Commentary on Fresnillo Recent Street research on Fresnillo points to a more cautious tone, with several bearish analysts trimming their price targets and highlighting risks around valuation assumptions and the company’s ability to execute against expectations.
GMET
UK£1.76
Guardian Metal Resources
7D
6.7%
1Y
190.9%
TUN
UK£0.36
Tungsten West
7D
3.5%
1Y
225.5%
HOC
UK£4.46
Hochschild Mining
7D
-3.4%
1Y
65.7%
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£1.43
Central Asia Metals
7D
5.0%
1Y
-6.4%
ECOR
UK£1.31
Ecora Royalties
7D
3.1%
1Y
84.6%
Narrative Update • Jul 08

ECOR: Critical Minerals Royalty Reconfiguration Will Support Future Cash Flow ReRating

Ecora Royalties' analyst price target has been updated from £1.50 to £1.60. Analysts cite the company's critical minerals focused royalty portfolio, its 10 operating royalties and four nearing development, and an ongoing portfolio reconfiguration toward base metals derived revenue as key factors behind their revised fair value assumptions and slightly higher revenue growth outlook.
PAF
UK£0.93
Pan African Resources
7D
-1.0%
1Y
68.2%
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.
ATM
UK£0.042
Andrada Mining
7D
7.7%
1Y
50.0%
KP2
UK£0.033
Kore Potash
7D
3.1%
1Y
53.5%
MTL
UK£0.13
Metals Exploration
7D
-6.9%
1Y
-1.2%