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

UpdatedApr 27, 2026
DataAggregated Company Financials
Companies124
  • 7D-1.1%
  • 3M4.2%
  • 1Y84.4%
  • YTD21.4%

Over the last 7 days, the Metals and Mining industry has dropped 2.2%, driven by pullbacks in Fresnillo and Antofagasta of 11% and 6.9%, respectively. This takes the industry's 12 month performance to a gain of 84%. Looking forward, 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
Mon, 27 Apr 2026UK£308.9bUK£254.1bUK£8.5b18.6x36.4x1.2x
Wed, 25 Mar 2026UK£276.3bUK£257.0bUK£8.8b17x31.4x1.1x
Fri, 20 Feb 2026UK£305.6bUK£258.5bUK£8.0b20.6x38.2x1.2x
Sun, 18 Jan 2026UK£279.5bUK£246.5bUK£6.0b20.3x46.7x1.1x
Tue, 16 Dec 2025UK£237.6bUK£246.6bUK£6.0b17.8x39.5x1x
Thu, 13 Nov 2025UK£225.3bUK£251.3bUK£6.2b15x36.6x0.9x
Sat, 11 Oct 2025UK£214.1bUK£247.2bUK£6.0b15.8x35.4x0.9x
Mon, 08 Sep 2025UK£189.1bUK£244.3bUK£5.9b11.6x32.3x0.8x
Wed, 06 Aug 2025UK£171.5bUK£247.1bUK£6.4b9.4x26.8x0.7x
Fri, 04 Jul 2025UK£173.5bUK£240.8bUK£5.8b8.2x29.7x0.7x
Sun, 01 Jun 2025UK£172.6bUK£244.0bUK£6.0b9.7x29x0.7x
Tue, 29 Apr 2025UK£169.0bUK£244.5bUK£6.0b8.6x28.2x0.7x
Thu, 27 Mar 2025UK£184.3bUK£254.8bUK£6.3b8.8x29.4x0.7x
Sat, 22 Feb 2025UK£188.6bUK£259.0bUK£6.4b9.1x29.7x0.7x
Mon, 20 Jan 2025UK£194.1bUK£268.3bUK£8.0b9.3x24.3x0.7x
Wed, 18 Dec 2024UK£185.7bUK£256.8bUK£7.7b9.4x24.3x0.7x
Fri, 15 Nov 2024UK£184.5bUK£258.7bUK£7.8b9.9x23.8x0.7x
Sun, 13 Oct 2024UK£200.4bUK£250.8bUK£7.5b10.9x26.7x0.8x
Tue, 10 Sep 2024UK£176.4bUK£250.6bUK£7.5b10.2x23.4x0.7x
Thu, 08 Aug 2024UK£191.4bUK£250.4bUK£11.5b11.3x16.6x0.8x
Sat, 06 Jul 2024UK£214.4bUK£248.4bUK£12.3b13x17.4x0.9x
Mon, 03 Jun 2024UK£219.0bUK£250.0bUK£12.3b15.8x17.8x0.9x
Wed, 01 May 2024UK£218.1bUK£255.1bUK£12.6b14.7x17.3x0.9x
Fri, 29 Mar 2024UK£195.4bUK£252.6bUK£12.6b12.3x15.5x0.8x
Sun, 25 Feb 2024UK£185.9bUK£251.5bUK£12.6b11x14.7x0.7x
Tue, 23 Jan 2024UK£199.0bUK£304.3bUK£27.6b9.3x7.2x0.7x
Thu, 21 Dec 2023UK£220.7bUK£305.4bUK£27.7b10.2x8x0.7x
Sat, 18 Nov 2023UK£214.5bUK£310.2bUK£28.0b10.2x7.7x0.7x
Mon, 16 Oct 2023UK£206.1bUK£316.4bUK£28.4b9.8x7.3x0.7x
Wed, 13 Sep 2023UK£202.4bUK£309.2bUK£28.0b6.8x7.2x0.7x
Fri, 11 Aug 2023UK£204.0bUK£303.8bUK£27.7b7.3x7.4x0.7x
Sun, 09 Jul 2023UK£202.7bUK£327.3bUK£38.4b7.2x5.3x0.6x
Tue, 06 Jun 2023UK£208.4bUK£336.2bUK£39.3b8.1x5.3x0.6x
Thu, 04 May 2023UK£212.0bUK£333.7bUK£39.1b8.3x5.4x0.6x
Price to Earnings Ratio

5.4x


Total Market Cap: UK£212.0bTotal Earnings: UK£39.1bTotal Revenue: UK£333.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 22.3x202420252026
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 36.4x which is higher than its 3-year average PE of 22.3x.
  • The 3-year average PS ratio of 0.79x 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 40% per year over the last three years,
  • Revenues have also declined 8.7% 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 Market-2.14%
Materials-1.33%
Metals and Mining-1.11%
Diversified Metals and Mining0.18%
Aluminum0%0
Silver0%0
Copper-2.65%
Steel-3.18%
Gold-7.33%
Precious Metals and Minerals-8.32%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 26.8x.
    • Analysts are expecting annual earnings growth of 10.7%, which is lower than the prior year's growth of 114.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 45% over the next 5 years.
  • However this is lower than its past earnings growth rate of 228% 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
GLEN GlencoreUK£5.581.4%
+UK£913.8m		110.0%PE243.5x
PRE PensanaUK£1.0713.0%
+UK£41.8m		244.5%PB5.7x
GFM Griffin MiningUK£3.117.2%
+UK£37.1m		65.9%PE84.1x
AAZ Anglo Asian MiningUK£2.483.1%
+UK£8.6m		83.3%PS5.7x
KP2 Kore PotashUK£0.0334.1%
+UK£6.7m		42.6%PB1.1x

Latest News

HOC
UK£6.43
Hochschild Mining
7D
-5.9%
1Y
135.3%

HOC: Structurally Bullish Gold View Will Drive Repricing Potential

Hochschild Mining’s updated analyst price target has moved to £990 from £890, with analysts pointing to adjustments in fair value estimates, revenue growth, profit margin assumptions and a slightly lower future P/E multiple as key drivers of the change. Analyst Commentary Recent Street research on Hochschild Mining has been mixed, with several price target changes and one rating upgrade helping to frame how analysts view the balance of risk and reward at current levels.
PAF
UK£1.46
Pan African Resources
7D
-10.3%
1Y
230.5%
KMR
UK£2.30
Kenmare Resources
7D
2.9%
1Y
-43.7%

KMR: Revised Risk Outlook Will Support Future Cash Flows

Kenmare Resources' analyst price target has been trimmed by £0.24, with analysts citing revised fair value estimates, a higher discount rate, and updated views on revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent Street research has focused on recalibrating fair value for Kenmare Resources, with two separate trims to the price target in quick succession, first by 20 GBp and then by a further 10 GBp. These moves reflect updated assumptions on risk, earnings power, and how the market might value the shares over time.
GFM
UK£3.11
Griffin Mining
7D
7.2%
1Y
65.9%
RIO
UK£73.81
Rio Tinto Group
7D
-0.2%
1Y
63.1%
FRES
UK£33.70
Fresnillo
7D
-8.0%
1Y
237.7%

FRES: Execution Risks Around Multi Year Production Guidance Will Likely Intensify

The analyst price target for Fresnillo has increased to £23.88 from £21.82, with analysts citing adjusted expectations for revenue growth, profit margins and future P/E, along with mixed recent target changes from major banks, as support for the new fair value. Analyst Commentary Recent research shows a split in sentiment on Fresnillo, with some major banks lifting targets while others have taken a more cautious stance on valuation and execution.
CORA
UK£0.12
Cora Gold
7D
6.5%
1Y
53.1%
AAL
UK£36.95
Anglo American
7D
1.5%
1Y
54.2%

AAL: Teck Merger And Commodity Risks Will Shape Balanced Future Profile

The analyst fair value estimate for Anglo American edges up to £35.09 from £35.05 as analysts weigh slightly higher assumed revenue growth and a modestly higher discount rate against a small trim to projected profit margins and future P/E, informed by a mix of recent target cuts and upgrades following the Teck merger progress and shifting sector risk views. Analyst Commentary Recent Street research around Anglo American is mixed, with several price target changes, rating shifts and comments on the proposed Teck merger feeding into the updated fair value estimate.
ATYM
UK£7.60
Atalaya Mining Copper
7D
-4.8%
1Y
101.1%

ATYM: Equity Raise And Dividend Will Support Higher Future Copper Output

Analysts have reduced their price target on Atalaya Mining Copper slightly to £10.67 from £10.75, reflecting updated views on revenue growth, profit margins and future P/E assumptions. What's in the News Q1 2026 production results reported, with ore mined at 3.4 million tonnes, waste mined at 10.2 million tonnes, ore processed at 4.1 million tonnes and copper production at 9,939 tonnes, alongside prior year Q1 figures for context (Announcement of Operating Results).
ANTO
UK£36.86
Antofagasta
7D
-2.6%
1Y
119.5%

ANTO: Copper Price Strength Will Support Medium Term Earnings Power

Antofagasta's analyst price target has been revised slightly lower to reflect a modest trim in fair value to £46.99 from £47.82, as analysts balance recent target increases and upgrades with more cautious moves around discount rates, profit margins and future P/E assumptions. Analyst Commentary Recent Street research on Antofagasta shows a mix of raised and trimmed price targets, alongside both upgrades and downgrades.
AAZ
UK£2.48
Anglo Asian Mining
7D
3.1%
1Y
83.3%
GLEN
UK£5.58
Glencore
7D
1.4%
1Y
110.0%

GLEN: Fair Outlook Weighs Ended Megamerger Talks And Mixed Earnings Expectations

The analyst price target for Glencore has been revised higher, with recent moves such as Morgan Stanley’s £0.40 increase and several other target lifts pointing to analysts factoring in slightly stronger revenue growth, modestly higher profit margins and a marginally richer future P/E assumption, despite a higher discount rate. Analyst Commentary Recent research on Glencore shows a mix of optimism and caution, with several target changes and rating adjustments reflecting differing views on how execution, commodity exposure and capital allocation might influence the share price over time.
FXPO
UK£0.32
Ferrexpo
7D
-22.8%
1Y
-45.8%
GMET
UK£2.75
Guardian Metal Resources
7D
-8.0%
1Y
643.2%
KP2
UK£0.033
Kore Potash
7D
4.1%
1Y
42.6%
PRE
UK£1.07
Pensana
7D
13.0%
1Y
244.5%