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

UpdatedMar 20, 2026
DataAggregated Company Financials
Companies121
  • 7D-8.1%
  • 3M10.3%
  • 1Y48.5%
  • YTD6.3%

Over the last 7 days, the Metals and Mining industry has dropped 3.9%, driven by Antofagasta declining 9.3%. Over the past 12 months, the industry was up 53%. 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
Fri, 20 Mar 2026UK£271.2bUK£256.1bUK£8.7b17.1x31x1.1x
Sun, 15 Feb 2026UK£302.9bUK£241.5bUK£5.9b21.4x51.6x1.3x
Tue, 13 Jan 2026UK£273.7bUK£244.9bUK£5.9b20.3x46x1.1x
Thu, 11 Dec 2025UK£235.0bUK£247.4bUK£6.0b17.4x38.9x0.9x
Sat, 08 Nov 2025UK£216.5bUK£250.7bUK£6.1b14.7x35.3x0.9x
Mon, 06 Oct 2025UK£212.9bUK£244.8bUK£6.0b15.1x35.6x0.9x
Wed, 03 Sep 2025UK£182.7bUK£246.3bUK£6.0b11.3x30.5x0.7x
Fri, 01 Aug 2025UK£175.1bUK£248.9bUK£5.0b9.4x34.7x0.7x
Sun, 29 Jun 2025UK£168.0bUK£239.8bUK£5.8b8.3x28.8x0.7x
Tue, 27 May 2025UK£173.5bUK£242.7bUK£5.9b9.7x29.6x0.7x
Thu, 24 Apr 2025UK£169.6bUK£247.7bUK£6.1b8.6x28x0.7x
Sat, 22 Mar 2025UK£179.3bUK£254.2bUK£6.3b8.6x28.6x0.7x
Mon, 17 Feb 2025UK£192.2bUK£259.5bUK£7.7b9.7x24.8x0.7x
Wed, 15 Jan 2025UK£189.2bUK£267.9bUK£8.0b9.4x23.7x0.7x
Fri, 13 Dec 2024UK£193.4bUK£256.9bUK£7.7b9.6x25.3x0.8x
Sun, 10 Nov 2024UK£194.5bUK£253.5bUK£7.6b10.3x25.6x0.8x
Tue, 08 Oct 2024UK£206.7bUK£250.4bUK£7.5b11x27.6x0.8x
Thu, 05 Sep 2024UK£179.1bUK£249.2bUK£7.5b11x24x0.7x
Sat, 03 Aug 2024UK£193.5bUK£248.0bUK£11.4b11.6x17x0.8x
Mon, 01 Jul 2024UK£208.4bUK£251.9bUK£12.5b12.8x16.7x0.8x
Wed, 29 May 2024UK£223.5bUK£249.6bUK£12.3b16.2x18.2x0.9x
Fri, 26 Apr 2024UK£216.3bUK£254.7bUK£12.6b14.4x17.2x0.8x
Sun, 24 Mar 2024UK£193.3bUK£253.2bUK£12.6b12.5x15.3x0.8x
Tue, 20 Feb 2024UK£192.2bUK£262.1bUK£18.0b11x10.7x0.7x
Thu, 18 Jan 2024UK£202.8bUK£304.8bUK£27.6b9.9x7.3x0.7x
Sat, 16 Dec 2023UK£216.1bUK£305.0bUK£27.6b9.7x7.8x0.7x
Mon, 13 Nov 2023UK£202.1bUK£314.5bUK£28.3b9.8x7.1x0.6x
Wed, 11 Oct 2023UK£207.8bUK£313.2bUK£28.2b9.6x7.4x0.7x
Fri, 08 Sep 2023UK£197.9bUK£309.0bUK£28.0b7.1x7.1x0.6x
Sun, 06 Aug 2023UK£210.0bUK£324.6bUK£33.6b7.5x6.3x0.6x
Tue, 04 Jul 2023UK£211.3bUK£330.4bUK£38.7b7.9x5.5x0.6x
Thu, 01 Jun 2023UK£197.6bUK£337.3bUK£39.4b7.6x5x0.6x
Sat, 29 Apr 2023UK£215.0bUK£332.9bUK£39.0b8.3x5.5x0.6x
Mon, 27 Mar 2023UK£236.2bUK£341.3bUK£40.0b8.3x5.9x0.7x
Price to Earnings Ratio

5.9x


Total Market Cap: UK£236.2bTotal Earnings: UK£40.0bTotal Revenue: UK£341.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 21.3x202420252026
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 31.8x which is higher than its 3-year average PE of 21.3x.
  • The 3-year average PS ratio of 0.77x 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 39% per year over the last three years,
  • Revenues have also declined 8.8% 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-8.12%
Metals and Mining-8.14%
Aluminum0%0
Silver0%0
Diversified Metals and Mining-6.31%
Steel-6.35%
Copper-12.02%
Precious Metals and Minerals-15.97%
Gold-16.51%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 26.0x.
    • Analysts are expecting annual earnings growth of 10.6%, which is lower than the prior year's growth of 60.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 42% 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
ALL Atlantic LithiumUK£0.1916.6%
+UK£30.2m		117.9%PS997.7x
SML Strategic MineralsUK£0.04928.9%
+UK£29.5m		1,407.7%PE187.9x
KP2 Kore PotashUK£0.03510.5%
+UK£17.1m		54.7%PB1.2x
80M 80 MileUK£0.01323.9%
+UK£12.0m		429.4%PB1.5x
EGT European Green TransitionUK£0.07613.0%
+UK£2.4m		-7.0%PB4.2x

Latest News

ATYM
UK£7.12
Atalaya Mining Copper
7D
-20.1%
1Y
89.6%
PAF
UK£1.27
Pan African Resources
7D
-15.3%
1Y
206.1%
FRES
UK£30.76
Fresnillo
7D
-15.3%
1Y
228.6%
SML
UK£0.049
Strategic Minerals
7D
28.9%
1Y
1,407.7%
EGT
UK£0.076
European Green Transition
7D
13.0%
1Y
-7.0%
ALL
UK£0.19
Atlantic Lithium
7D
16.6%
1Y
117.9%
ANTO
UK£32.73
Antofagasta
7D
-11.7%
1Y
71.4%

ANTO: Copper Optimism Will Likely Underestimate Geopolitical And Project Execution Risks

Antofagasta's analyst fair value estimate has edged up from £23.49 to £23.72, as analysts weigh higher revenue growth assumptions, a slightly lower profit margin outlook, and a higher discount rate against a mixed set of recent price target changes that reflect both upgraded and downgraded views on the shares. Analyst Commentary Recent Street research on Antofagasta shows a split in opinion, with upbeat price target moves and upgrades offset by a cluster of downgrades and more conservative assumptions on copper and iron ore.
RIO
UK£63.38
Rio Tinto Group
7D
-7.4%
1Y
30.9%

RIO: Ended Glencore Talks Will Refocus On Copper And Asset Sales

Analysts have trimmed the blended price target for Rio Tinto Group by roughly £400 to around £7,200, reflecting updated views on commodity risk, iron ore seasonality and valuation after recent share gains. Analyst Commentary Recent research shows a mixed but generally cautious stance on Rio Tinto, with several firms trimming price targets and shifting ratings toward more neutral positions after a strong share price run.
KEN
UK£0.028
Kendrick Resources
7D
30.2%
1Y
1,091.5%
PDL
UK£0.18
Petra Diamonds
7D
3.1%
1Y
-39.5%

Higher Value Diamonds And New Mine Areas Will Reshape This Producer’s Long Term Earnings Profile

Catalysts About Petra Diamonds Petra Diamonds is a South Africa focused diamond mining group that operates the Cullinan and Finsch mines and sells rough diamonds into global markets. What are the underlying business or industry changes driving this perspective?
HOC
UK£5.46
Hochschild Mining
7D
-17.9%
1Y
110.2%
GLEN
UK£5.18
Glencore
7D
-2.4%
1Y
67.2%

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

Glencore's updated analyst price target edges lower to £4.60, reflecting a mix of recent target cuts and raises as analysts factor in slightly higher discount rates, modestly softer revenue growth and profit margin assumptions, and a higher assumed future P/E multiple. Analyst Commentary Recent research on Glencore shows a split in views, with some high profile firms lifting their targets and others turning more cautious.
KP2
UK£0.035
Kore Potash
7D
10.5%
1Y
54.7%
AAL
UK£29.57
Anglo American
7D
-9.1%
1Y
11.9%

AAL: Teck Merger And Production Guidance Will Drive Future Rerating

The analyst fair value estimate for Anglo American has inched up to £45.74 from £45.56, as analysts balance recent target moves between about £36.00 and £43.00 with updated views on revenue growth, profit margin prospects, and a lower future P/E assumption. Analyst Commentary Bullish analysts have been revisiting their views on Anglo American, with several recent price target moves and upgrades pointing to a more constructive stance on the shares.
FCM
UK£0.019
First Class Metals
7D
59.2%
1Y
44.4%
80M
UK£0.013
80 Mile
7D
23.9%
1Y
429.4%