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

UpdatedJul 26, 2026
DataAggregated Company Financials
Companies126
  • 7D3.9%
  • 3M-5.3%
  • 1Y58.6%
  • YTD13.7%

In the last week, the Metals and Mining industry is up 3.9%, with Anglo American up 9.4%. In the same time, Pensana was down 14%. This takes the industry's 12 month performance to a gain of 59%. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 26 Jul 2026UK£289.6bUK£258.3bUK£8.7b15.9x33.3x1.1x
Tue, 23 Jun 2026UK£313.0bUK£259.7bUK£8.8b18x35.7x1.2x
Thu, 21 May 2026UK£315.8bUK£256.0bUK£8.6b18.5x36.8x1.2x
Sat, 18 Apr 2026UK£316.1bUK£254.4bUK£8.5b20.4x37.2x1.2x
Mon, 16 Mar 2026UK£284.7bUK£259.9bUK£9.0b20.2x31.6x1.1x
Wed, 11 Feb 2026UK£299.3bUK£241.4bUK£5.9b21.6x51.1x1.2x
Fri, 09 Jan 2026UK£263.5bUK£245.5bUK£6.0b20.2x44.2x1.1x
Sun, 07 Dec 2025UK£235.4bUK£247.5bUK£6.1b17.2x38.9x1x
Tue, 04 Nov 2025UK£219.8bUK£250.9bUK£6.1b14.8x35.8x0.9x
Thu, 02 Oct 2025UK£210.6bUK£244.9bUK£6.0b14.9x35.2x0.9x
Sat, 30 Aug 2025UK£183.8bUK£244.1bUK£6.0b10.7x30.8x0.8x
Mon, 28 Jul 2025UK£183.2bUK£244.6bUK£5.9b8.8x30.9x0.7x
Wed, 25 Jun 2025UK£162.6bUK£241.3bUK£5.9b7.2x27.7x0.7x
Fri, 23 May 2025UK£172.3bUK£244.9bUK£6.0b8.7x28.6x0.7x
Sun, 20 Apr 2025UK£163.8bUK£247.2bUK£6.1b8.6x27x0.7x
Tue, 18 Mar 2025UK£185.7bUK£252.7bUK£6.2b8.9x29.9x0.7x
Thu, 13 Feb 2025UK£188.9bUK£262.4bUK£7.8b9.6x24.1x0.7x
Sat, 11 Jan 2025UK£186.1bUK£267.4bUK£8.0b9x23.3x0.7x
Mon, 09 Dec 2024UK£191.0bUK£256.4bUK£7.6b9.5x25x0.7x
Wed, 06 Nov 2024UK£198.2bUK£251.5bUK£7.5b10.8x26.3x0.8x
Fri, 04 Oct 2024UK£206.4bUK£249.7bUK£7.5b10.8x27.6x0.8x
Sun, 01 Sep 2024UK£188.6bUK£249.4bUK£7.4b11.6x25.4x0.8x
Tue, 30 Jul 2024UK£198.1bUK£246.6bUK£10.8b12.1x18.4x0.8x
Thu, 27 Jun 2024UK£210.3bUK£252.3bUK£12.5b12.5x16.8x0.8x
Sat, 25 May 2024UK£224.5bUK£250.1bUK£12.3b16.1x18.2x0.9x
Mon, 22 Apr 2024UK£212.6bUK£257.6bUK£12.7b13.9x16.7x0.8x
Wed, 20 Mar 2024UK£188.6bUK£250.7bUK£12.6b12.4x15x0.8x
Fri, 16 Feb 2024UK£188.7bUK£262.1bUK£18.0b11.4x10.5x0.7x
Sun, 14 Jan 2024UK£210.7bUK£303.6bUK£27.5b9.7x7.7x0.7x
Tue, 12 Dec 2023UK£208.2bUK£307.6bUK£27.8b9.1x7.5x0.7x
Thu, 09 Nov 2023UK£202.4bUK£312.9bUK£28.2b9.9x7.2x0.6x
Sat, 07 Oct 2023UK£202.3bUK£313.9bUK£28.2b9.6x7.2x0.6x
Mon, 04 Sep 2023UK£201.7bUK£307.0bUK£28.0b7.4x7.2x0.7x
Wed, 02 Aug 2023UK£214.1bUK£324.9bUK£33.7b7.8x6.4x0.7x
Price to Earnings Ratio

6.4x


Total Market Cap: UK£214.1bTotal Earnings: UK£33.7bTotal Revenue: UK£324.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 24.8x202420252026
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 33.3x which is higher than its 3-year average PE of 24.8x.
  • 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 7.4% 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 Market1.20%
Materials3.65%
Metals and Mining3.86%
Copper4.35%
Diversified Metals and Mining3.82%
Gold3.12%
Steel1.23%
Aluminum0%0
Silver0%0
Precious Metals and Minerals-1.57%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 29.0x.
    • Analysts are expecting annual earnings growth of 15.5%, 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
AAL Anglo AmericanUK£37.219.4%
+UK£3.4b		62.1%PS2.9x
GLEN GlencoreUK£5.374.0%
+UK£2.4b		68.8%PE231.1x
RIO Rio Tinto GroupUK£68.692.1%
+UK£2.3b		46.8%PE14.9x
ANTO AntofagastaUK£36.314.0%
+UK£1.4b		80.4%PE35.9x
FRES FresnilloUK£25.464.3%
+UK£766.4m		80.4%PE18.1x

Latest News

EEE
UK£0.38
Empire Metals
7D
-4.9%
1Y
36.9%
ANTO
UK£36.31
Antofagasta
7D
4.0%
1Y
80.4%
RIO
UK£68.69
Rio Tinto Group
7D
2.1%
1Y
46.8%
SRB
UK£2.62
Serabi Gold
7D
-6.4%
1Y
39.4%
AAZ
UK£4.10
Anglo Asian Mining
7D
-3.5%
1Y
137.7%
AAL
UK£37.21
Anglo American
7D
9.4%
1Y
62.1%
HOC
UK£4.45
Hochschild Mining
7D
4.3%
1Y
59.0%
Narrative Update • Jul 23

HOC: Recalibrated Forecasts And Higher Future P/E Will Drive Upward Repricing

The analyst price target for Hochschild Mining has been reduced from around £9.50 to a range of £7.00 to £8.20, as analysts factor in lower fair value estimates, slightly higher discount rates, more cautious revenue growth and profit margin assumptions, and a higher future P/E multiple in their updated models. Analyst Commentary Recent research on Hochschild Mining points to a more cautious set of price targets, but the tone from several bullish analysts remains constructive.
FRES
UK£25.46
Fresnillo
7D
4.3%
1Y
80.4%
ATYM
UK£9.05
Atalaya Mining Copper
7D
13.6%
1Y
87.4%
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.
GLEN
UK£5.37
Glencore
7D
4.0%
1Y
68.8%
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.
TUN
UK£0.34
Tungsten West
7D
-4.7%
1Y
236.6%
PAF
UK£0.95
Pan African Resources
7D
5.4%
1Y
71.2%
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.
SAV
UK£0.059
Savannah Resources
7D
-6.3%
1Y
68.6%
JLP
UK£0.024
Jubilee Metals Group
7D
-9.4%
1Y
-26.2%
MTL
UK£0.13
Metals Exploration
7D
-5.1%
1Y
-1.9%
PRE
UK£0.59
Pensana
7D
-13.8%
1Y
-28.9%