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

UpdatedApr 30, 2026
DataAggregated Company Financials
Companies123
  • 7D-4.7%
  • 3M0.2%
  • 1Y84.4%
  • YTD17.5%

In the last week, the Metals and Mining industry is down 1.8% with Fresnillo down the most at 15%. In the past year, the industry has gained 80%. 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
Thu, 30 Apr 2026UK£299.4bUK£255.2bUK£8.5b18.1x35.2x1.2x
Sat, 28 Mar 2026UK£277.9bUK£259.1bUK£8.7b19.4x31.9x1.1x
Mon, 23 Feb 2026UK£306.5bUK£260.5bUK£7.8b20.9x39.5x1.2x
Wed, 21 Jan 2026UK£281.0bUK£244.8bUK£5.9b20.4x47.3x1.1x
Fri, 19 Dec 2025UK£243.9bUK£246.3bUK£6.0b17.1x40.7x1x
Sun, 16 Nov 2025UK£223.7bUK£250.6bUK£6.1b14.6x36.4x0.9x
Tue, 14 Oct 2025UK£221.6bUK£247.6bUK£6.1b16.3x36.6x0.9x
Thu, 11 Sep 2025UK£190.4bUK£243.7bUK£5.9b11.5x32.3x0.8x
Sat, 09 Aug 2025UK£178.7bUK£244.5bUK£5.8b9.7x30.6x0.7x
Mon, 07 Jul 2025UK£171.9bUK£240.8bUK£5.8b8.2x29.5x0.7x
Wed, 04 Jun 2025UK£168.7bUK£243.2bUK£5.9b9.4x28.4x0.7x
Fri, 02 May 2025UK£165.4bUK£247.5bUK£6.1b8.3x27.2x0.7x
Sun, 30 Mar 2025UK£178.1bUK£253.7bUK£6.2b8.6x28.7x0.7x
Tue, 25 Feb 2025UK£185.0bUK£259.2bUK£6.4b9x29.1x0.7x
Thu, 23 Jan 2025UK£194.6bUK£265.0bUK£7.9b9.4x24.6x0.7x
Sat, 21 Dec 2024UK£180.5bUK£259.5bUK£7.7b9.4x23.3x0.7x
Mon, 18 Nov 2024UK£186.9bUK£259.8bUK£7.8b9.9x24x0.7x
Wed, 16 Oct 2024UK£195.3bUK£250.7bUK£7.5b10.7x26x0.8x
Fri, 13 Sep 2024UK£181.1bUK£249.7bUK£7.5b10.4x24.1x0.7x
Sun, 11 Aug 2024UK£191.7bUK£256.6bUK£7.7b11.1x25x0.7x
Tue, 09 Jul 2024UK£212.1bUK£248.6bUK£12.3b13.2x17.2x0.9x
Thu, 06 Jun 2024UK£212.1bUK£249.1bUK£12.3b15.2x17.3x0.9x
Sat, 04 May 2024UK£217.1bUK£254.0bUK£12.5b14.4x17.3x0.9x
Mon, 01 Apr 2024UK£195.4bUK£252.7bUK£12.6b12.5x15.5x0.8x
Wed, 28 Feb 2024UK£183.8bUK£251.3bUK£12.6b11.1x14.6x0.7x
Fri, 26 Jan 2024UK£206.8bUK£304.4bUK£27.6b8.8x7.5x0.7x
Sun, 24 Dec 2023UK£221.3bUK£304.4bUK£27.6b10.4x8x0.7x
Tue, 21 Nov 2023UK£215.5bUK£308.5bUK£27.9b10.2x7.7x0.7x
Thu, 19 Oct 2023UK£206.0bUK£316.2bUK£28.4b9.9x7.3x0.7x
Sat, 16 Sep 2023UK£210.0bUK£310.6bUK£28.1b7.2x7.5x0.7x
Mon, 14 Aug 2023UK£200.5bUK£304.3bUK£27.8b7.1x7.2x0.7x
Wed, 12 Jul 2023UK£203.6bUK£325.8bUK£38.2b6.8x5.3x0.6x
Fri, 09 Jun 2023UK£211.5bUK£333.8bUK£39.0b7.6x5.4x0.6x
Sun, 07 May 2023UK£211.3bUK£331.7bUK£38.8b8.4x5.4x0.6x
Price to Earnings Ratio

5.4x


Total Market Cap: UK£211.3bTotal Earnings: UK£38.8bTotal Revenue: UK£331.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 22.4x202420252026
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 35.6x which is higher than its 3-year average PE of 22.4x.
  • 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 8.5% 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 Market-2.70%
Materials-4.75%
Metals and Mining-4.74%
Steel1.29%
Aluminum0%0
Silver0%0
Diversified Metals and Mining-2.77%
Precious Metals and Minerals-6.42%
Copper-8.96%
Gold-10.64%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 21.8x.
    • Analysts are expecting annual earnings growth of 18.5%, which is lower than the prior year's growth of 159.9% 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
HILS Hill & SmithUK£25.453.5%
+UK£65.1m		42.2%PE24.2x
ALL Atlantic LithiumUK£0.168.0%
+UK£9.6m		137.5%PS849.8x
SAV Savannah ResourcesUK£0.0586.7%
+UK£9.3m		20.5%PB2.9x
RMR Rome ResourcesUK£0.00388.6%
+UK£2.3m		76.7%PB2.3x
MILA Mila ResourcesUK£0.01526.1%
+UK£2.2m		447.2%PB1.5x

Latest News

HOC
UK£5.93
Hochschild Mining
7D
-11.0%
1Y
110.1%
RIO
UK£72.25
Rio Tinto Group
7D
-3.1%
1Y
62.5%

RIO: Cautious Tone Will Persist As Copper And Iron Ore Risks Intensify

Rio Tinto Group’s updated analyst price target reflects a modest uplift of about £0.25 per share, with analysts pointing to refreshed commodity assumptions, slightly higher revenue growth expectations, and updated P/E multiples, partly offset by more conservative margin and discount rate inputs. Analyst Commentary Recent research reflects a split view on Rio Tinto Group, with some firms lifting price targets while several bearish analysts have taken a more cautious stance on valuation, commodity exposure, and near term execution risks.
GLEN
UK£5.53
Glencore
7D
-1.7%
1Y
126.4%

GLEN: Fair Outlook Balances Ended Megamerger Talks With Evolving Earnings Expectations

Glencore's analyst price target has been lifted by £0.13. Analysts point to updated assumptions for slightly higher revenue growth, a modestly higher fair value estimate and a somewhat richer future P/E multiple as key drivers of the change.
HILS
UK£25.45
Hill & Smith
7D
3.5%
1Y
42.2%

HILS: Updated Price Objective And Capital Deployment Will Shape Future Fair Value

Analysts have raised their price target on Hill & Smith to £29.30 from £26.25, citing updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E, which support a higher valuation range. Analyst Commentary Bullish Takeaways Bullish analysts point to the higher price target of 2,930 GBp as support for a wider valuation range that still aligns with their updated fair value work.
PAF
UK£1.36
Pan African Resources
7D
-11.9%
1Y
206.0%
KMR
UK£2.30
Kenmare Resources
7D
0.9%
1Y
-43.3%

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.
RMR
UK£0.0038
Rome Resources
7D
8.6%
1Y
76.7%
FRES
UK£31.12
Fresnillo
7D
-15.0%
1Y
210.6%

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.
MILA
UK£0.015
Mila Resources
7D
26.1%
1Y
447.2%
AAL
UK£35.15
Anglo American
7D
-3.1%
1Y
52.6%

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.
SAV
UK£0.058
Savannah Resources
7D
6.7%
1Y
20.5%
ANTO
UK£34.38
Antofagasta
7D
-9.1%
1Y
110.5%

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.
TUN
UK£0.36
Tungsten West
7D
-13.5%
1Y
925.7%
ALL
UK£0.16
Atlantic Lithium
7D
8.0%
1Y
137.5%
PDL
UK£0.18
Petra Diamonds
7D
2.5%
1Y
-32.8%

Higher Grade Ore And Premium Diamonds Will Support A Stronger Long Term Outlook

Catalysts About Petra Diamonds Petra Diamonds is a South Africa focused diamond producer with two core underground mines, Cullinan and Finsch, that supply higher value rough stones into the global market. What are the underlying business or industry changes driving this perspective?
CGS
UK£2.68
Castings
7D
1.5%
1Y
5.1%