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

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies122
  • 7D2.4%
  • 3M25.5%
  • 1Y31.8%
  • YTD32.0%

Over the last 7 days, the Metals and Mining industry has risen 1.4%, driven by gains from Rio Tinto Group of 2.4%. This takes the industry's 12 month performance to a gain of 29%. As for the next few years, earnings are expected to grow by 28% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 18 Dec 2025UK£240.6bUK£246.5bUK£6.0b17.8x40x1x
Sat, 15 Nov 2025UK£223.7bUK£250.8bUK£6.2b14.6x36.4x0.9x
Mon, 13 Oct 2025UK£214.1bUK£247.2bUK£6.0b15.8x35.4x0.9x
Wed, 10 Sep 2025UK£193.2bUK£244.0bUK£5.8b11.5x33.1x0.8x
Fri, 08 Aug 2025UK£175.3bUK£244.6bUK£5.8b9.6x30x0.7x
Sun, 06 Jul 2025UK£171.9bUK£240.8bUK£5.8b8.2x29.5x0.7x
Tue, 03 Jun 2025UK£170.2bUK£242.7bUK£5.9b9.7x28.7x0.7x
Thu, 01 May 2025UK£164.6bUK£246.5bUK£6.0b8.3x27.2x0.7x
Sat, 29 Mar 2025UK£178.1bUK£253.7bUK£6.2b8.6x28.7x0.7x
Mon, 24 Feb 2025UK£188.6bUK£259.3bUK£6.4b9.1x29.7x0.7x
Wed, 22 Jan 2025UK£194.8bUK£264.8bUK£7.9b9.3x24.7x0.7x
Fri, 20 Dec 2024UK£180.9bUK£260.7bUK£7.8b9.4x23.3x0.7x
Sun, 17 Nov 2024UK£186.9bUK£259.8bUK£7.8b9.9x24x0.7x
Tue, 15 Oct 2024UK£200.4bUK£250.8bUK£7.5b10.9x26.7x0.8x
Thu, 12 Sep 2024UK£176.8bUK£251.1bUK£7.5b9.9x23.4x0.7x
Sat, 10 Aug 2024UK£191.7bUK£256.6bUK£7.7b11.1x25x0.7x
Mon, 08 Jul 2024UK£214.4bUK£248.4bUK£12.3b13x17.4x0.9x
Wed, 05 Jun 2024UK£213.0bUK£249.5bUK£12.3b15.2x17.3x0.9x
Fri, 03 May 2024UK£216.1bUK£254.3bUK£12.6b14.4x17.2x0.9x
Sun, 31 Mar 2024UK£195.4bUK£252.7bUK£12.6b12.5x15.5x0.8x
Tue, 27 Feb 2024UK£182.0bUK£251.3bUK£12.6b11x14.5x0.7x
Thu, 25 Jan 2024UK£206.9bUK£304.2bUK£27.6b9x7.5x0.7x
Sat, 23 Dec 2023UK£221.4bUK£303.8bUK£27.5b10.4x8x0.7x
Mon, 20 Nov 2023UK£214.4bUK£309.5bUK£27.9b10.2x7.7x0.7x
Wed, 18 Oct 2023UK£209.5bUK£315.1bUK£28.3b9.7x7.4x0.7x
Fri, 15 Sep 2023UK£210.0bUK£310.6bUK£28.1b7.2x7.5x0.7x
Sun, 13 Aug 2023UK£200.5bUK£304.3bUK£27.8b7.1x7.2x0.7x
Tue, 11 Jul 2023UK£201.2bUK£327.2bUK£38.4b7.3x5.2x0.6x
Thu, 08 Jun 2023UK£210.5bUK£336.0bUK£39.2b7.5x5.4x0.6x
Sat, 06 May 2023UK£211.3bUK£331.4bUK£38.8b8.4x5.4x0.6x
Mon, 03 Apr 2023UK£226.1bUK£338.7bUK£39.6b8.9x5.7x0.7x
Wed, 01 Mar 2023UK£235.5bUK£345.2bUK£40.7b8.8x5.8x0.7x
Fri, 27 Jan 2023UK£266.0bUK£335.6bUK£44.7b7.2x6x0.8x
Sun, 25 Dec 2022UK£250.4bUK£343.4bUK£45.6b6.8x5.5x0.7x
Price to Earnings Ratio

5.5x


Total Market Cap: UK£250.4bTotal Earnings: UK£45.6bTotal Revenue: UK£343.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 18.1x202320242025
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 39.6x which is higher than its 3-year average PE of 18.1x.
  • The industry is trading close to its 3-year average PS ratio of 0.73x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 49% per year over the last three years,
  • Revenues have also declined 11% 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 Market1.25%
Materials2.50%
Metals and Mining2.45%
Precious Metals and Minerals8.75%
Gold6.96%
Copper5.14%
Diversified Metals and Mining1.39%
Aluminum0%0
Silver0%0
Steel-0.25%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 24.0x.
    • Analysts are expecting annual earnings growth of 10.9%, which is lower than the prior year's growth of 42.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • 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£57.532.6%
+UK£2.4b		20.9%PE12.2x
ANTO AntofagastaUK£30.885.8%
+UK£1.7b		88.5%PE37.3x
FRES FresnilloUK£29.526.4%
+UK£1.3b		355.2%PE63.9x
HOC Hochschild MiningUK£4.7110.4%
+UK£227.4m		117.1%PE21.9x
AAL Anglo AmericanUK£28.900.3%
+UK£107.9m		5.4%PS1.6x

Latest News

ATYM
UK£7.86
Atalaya Mining Copper
7D
4.5%
1Y
126.8%
PRE
UK£0.89
Pensana
7D
-6.9%
1Y
242.4%
PAF
UK£1.12
Pan African Resources
7D
3.7%
1Y
224.3%

PAF: Future Cash Generation And Tailings Expansion Will Support Upside Prospects

Analysts have lifted their price target on Pan African Resources from 83 GBp to 112 GBp, reflecting greater confidence in the stock's fair value and slightly stronger expected profitability, despite only modest tweaks to growth and discount rate assumptions. Analyst Commentary Analyst sentiment around Pan African Resources is largely constructive, with the higher price target underpinned by improving fundamentals and a more supportive outlook for cash generation.
AAL
UK£28.90
Anglo American
7D
0.3%
1Y
5.4%
ANTO
UK£30.88
Antofagasta
7D
5.8%
1Y
88.5%

ANTO: Copper Cycle Upswing Will Support Medium Term Earnings Power

The analyst price target for Antofagasta has been lifted from about $25.09 to roughly $35.03 as analysts factor in higher forecast revenue growth, improved profit margins, and a richer future earnings multiple, supported by a series of upward target revisions from major brokers, despite some valuation driven downgrades. Analyst Commentary Recent Street research on Antofagasta reflects a broadly constructive stance, with several bullish analysts lifting price targets meaningfully as they reassess the company’s earnings power and leverage to the copper cycle.
GLEN
UK£3.79
Glencore
7D
-0.4%
1Y
4.6%

GLEN: Higher Share Price Is Expected To Follow Clear Operational Delivery

Our Glencore analyst price target has been raised modestly, reflecting incremental fair value and profit margin upside as analysts highlight a series of upward target revisions, including moves to 400 GBp and 440 GBp, despite only slightly higher discount rate assumptions and tempered revenue growth expectations. Analyst Commentary Recent research updates on Glencore point to a broadly constructive stance on the shares, with multiple upward revisions to sterling based price targets partially offset by a more cautious view on near term execution risk.
HOC
UK£4.71
Hochschild Mining
7D
10.4%
1Y
117.1%

HOC: Higher Long-Term Gold Prices Will Drive Upside Amid Execution Risks

Analysts have lifted their price target on Hochschild Mining sharply higher, reflecting upgraded fair value estimates to about $4.70, a modestly higher discount rate, and materially stronger assumptions for revenue growth, profit margins, and long term valuation multiples, amid a more bullish outlook for gold prices. Analyst Commentary Recent research updates highlight a materially more constructive stance on Hochschild Mining, with price targets moving sharply higher and long term gold assumptions reset at significantly elevated levels.
ALTN
UK£12.35
AltynGold
7D
18.8%
1Y
550.0%

Even With A 26% Surge, Cautious Investors Are Not Rewarding AltynGold plc's (LON:ALTN) Performance Completely

Dec 13
Even With A 26% Surge, Cautious Investors Are Not Rewarding AltynGold plc's (LON:ALTN) Performance Completely
HILS
UK£21.45
Hill & Smith
7D
-3.2%
1Y
12.2%

HILS: Higher Margins Are Expected To Drive Stronger Future Share Performance

Analysts have modestly raised their price target on Hill & Smith to £28.00 from £28.00. This reflects slightly higher expected profit margins and valuation multiples that more than offset a somewhat higher discount rate and trimmed revenue growth assumptions.
KMR
UK£2.27
Kenmare Resources
7D
-5.8%
1Y
-29.7%

KMR: Long-Term Ore Zone Shift Will Support Future Cash Generation

The analyst price target for Kenmare Resources has been lowered from approximately £3.30 to £3.00 per share as analysts factor in softer revenue growth assumptions and a slightly higher discount rate, partly offset by a modestly improved profit margin outlook and a stable forward earnings multiple. Analyst Commentary Recent research updates show a pattern of gradual downward adjustments to the Kenmare Resources price target, with the latest move bringing it to 300 GBp from 330 GBp while retaining a neutral stance on the shares.
FRES
UK£29.52
Fresnillo
7D
6.4%
1Y
355.2%

FRES: Elevated Gold Price Assumptions Will Likely Expose Downside If Metals Normalize

Our analyst price target for Fresnillo has been raised in line with the Street, which has lifted targets as high as 4,300 GBp per share. This reflects analysts' increasingly optimistic assumptions for revenue growth, margins, and long term precious metal pricing.
GFM
UK£2.33
Griffin Mining
7D
-0.9%
1Y
57.4%

Griffin Mining Limited's (LON:GFM) P/E Is Still On The Mark Following 32% Share Price Bounce

Dec 06
Griffin Mining Limited's (LON:GFM) P/E Is Still On The Mark Following 32% Share Price Bounce
SML
UK£0.011
Strategic Minerals
7D
-11.5%
1Y
360.0%
RIO
UK£57.53
Rio Tinto Group
7D
2.6%
1Y
20.9%
SOLG
UK£0.24
SolGold
7D
-14.0%
1Y
255.1%
EEE
UK£0.35
Empire Metals
7D
-7.3%
1Y
468.0%