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

UpdatedJun 19, 2026
DataAggregated Company Financials
Companies125
  • 7D2.3%
  • 3M19.5%
  • 1Y96.5%
  • YTD25.3%

Over the last 7 days, the Metals and Mining industry has risen 2.3%, driven by gains from Antofagasta of 8.1%. This means that the industry has gained 97% over the past year. 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
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
Mon, 26 Jun 2023UK£204.7bUK£329.8bUK£38.6b7.3x5.3x0.6x
Price to Earnings Ratio

5.3x


Total Market Cap: UK£204.7bTotal Earnings: UK£38.6bTotal Revenue: UK£329.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 23.9x202420252026
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 36.5x which is higher than its 3-year average PE of 23.9x.
  • The 3-year average PS ratio of 0.82x 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 39% per year over the last three years,
  • Revenues have also declined 7.5% 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 Market0.86%
Materials2.38%
Metals and Mining2.25%
Gold10.59%
Copper8.28%
Precious Metals and Minerals6.68%
Steel4.20%
Diversified Metals and Mining0.49%
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 28.2x.
    • Analysts are expecting annual earnings growth of 16.0%, 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 39% 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
ANTO AntofagastaUK£41.698.1%
+UK£3.1b		145.2%PE40.9x
AAL Anglo AmericanUK£39.955.0%
+UK£2.0b		97.9%PS3.1x
FRES FresnilloUK£31.178.5%
+UK£1.8b		118.6%PE22x
HOC Hochschild MiningUK£5.7314.8%
+UK£379.2m		132.5%PE19.3x
PAF Pan African ResourcesUK£1.139.6%
+UK£200.7m		128.5%PE12.6x

Latest News

PAF
UK£1.13
Pan African Resources
7D
9.6%
1Y
128.5%
AAL
UK£39.95
Anglo American
7D
5.0%
1Y
97.9%
Narrative Update • Jun 16

AAL: Copper Shift And Iron Ore Risks Will Shape Fairly Balanced Outlook

Anglo American's fair value estimate has moved from £36.80 to £38.39 as analysts adjust price targets higher by several hundred pence and highlight a shift in growth focus toward copper over iron ore, while also reflecting updated assumptions for revenue growth, profit margins and future P/E. Analyst Commentary Recent research on Anglo American highlights a split view, with several bullish analysts lifting price targets while more cautious voices flag earnings pressure in iron ore and execution risks around the shift toward copper.
FRES
UK£31.17
Fresnillo
7D
8.5%
1Y
118.6%
Narrative Update • Jun 16

FRES: Higher Revenue Assumptions And Cost Discipline Will Support Re Rating Potential

The analyst price target for Fresnillo has shifted to reflect a modest fair value adjustment to £54.36, as analysts reassessed assumptions for revenue growth, profit margins and future P/E following a series of mixed target changes from Citi, Morgan Stanley, JPMorgan and Berenberg. Analyst Commentary Recent research on Fresnillo highlights a split in opinion, but there are clear areas where bullish analysts see room for the stock to better reflect their reassessed fair value assumptions.
ATYM
UK£8.80
Atalaya Mining Copper
7D
15.3%
1Y
92.6%
HOC
UK£5.73
Hochschild Mining
7D
14.8%
1Y
132.5%
RIO
UK£75.89
Rio Tinto Group
7D
-0.07%
1Y
83.4%
GLEN
UK£5.66
Glencore
7D
-1.4%
1Y
99.6%
Narrative Update • Jun 15

GLEN: Future Copper Expansion And Labor Challenges Will Shape Fair Execution Outlook

Glencore's revised analyst price target has edged higher, with recent moves from banks such as Deutsche Bank lifting targets from around £5.50 to £6.10 per share as analysts refresh their models on revenue growth, margins and P/E assumptions. Analyst Commentary Recent research on Glencore points to a cluster of upward revisions to price targets, with key moves coming from major banks such as JPMorgan and Deutsche Bank alongside upgrades and target lifts from other institutions.
CAPD
UK£1.12
Capital
7D
-1.3%
1Y
32.1%
Narrative Update • Jun 12

CAPD: 2026 Revenue Guidance Will Support Future Margin Expansion Profile

Analysts have adjusted their price target slightly higher to reflect updated fair value assumptions, a revised discount rate, refreshed revenue growth and profit margin inputs, and a new future P/E framework. What's in the News Capital Limited confirmed earnings guidance for 2026, with expected revenue in a range of $410 million to $440 million.
KMR
UK£2.07
Kenmare Resources
7D
-4.2%
1Y
-34.1%
Narrative Update • Jun 10

KMR: Recent Caution On Pricing And Dividends Will Shape 2026 Outlook

Analysts have trimmed their price target on Kenmare Resources by a total of £0.30, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E, as reflected in recent Berenberg target reductions of £0.10 and £0.20. Analyst Commentary Recent research indicates that bearish analysts are taking a more cautious stance on Kenmare Resources, reflected in successive reductions to their price targets.
AAZ
UK£3.94
Anglo Asian Mining
7D
28.1%
1Y
138.8%
ANTO
UK£41.69
Antofagasta
7D
8.1%
1Y
145.2%
Narrative Update • Jun 05

ANTO: Copper And Geopolitical Risks Will Restrain Future Share Performance

Narrative Update The analyst price target for Antofagasta is now set slightly higher at about £35.96 per share, up from £35.00, as analysts factor in updated assumptions on revenue, profit margins and future P/E, alongside a series of recent price target revisions across the Street. Analyst Commentary Recent research on Antofagasta shows a wide range of views, with some firms lifting targets and ratings while others trim targets or move to more cautious stances.
GMET
UK£2.45
Guardian Metal Resources
7D
21.0%
1Y
362.3%
PDL
UK£0.065
Petra Diamonds
7D
-16.9%
1Y
-59.4%
RBW
UK£0.21
Rainbow Rare Earths
7D
-9.1%
1Y
91.8%
New Narrative • May 24

Future Rare Earth Demand And Phosphogypsum Recycling Will Support A Stronger Long Term Outlook

Catalysts About Rainbow Rare Earths Rainbow Rare Earths focuses on recovering and separating rare earth elements from phosphogypsum waste at projects in South Africa and Brazil. What are the underlying business or industry changes driving this perspective?
SAV
UK£0.06
Savannah Resources
7D
-3.5%
1Y
62.2%
PRE
UK£0.77
Pensana
7D
-12.6%
1Y
13.2%