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

UpdatedFeb 27, 2026
DataAggregated Company Financials
Companies122
  • 7D4.2%
  • 3M40.4%
  • 1Y76.9%
  • YTD24.5%

In the last week, the Metals and Mining industry is up 4.2%, with Antofagasta up 9.9%. In the same time, Ferrexpo was down 25%. This takes the industry's 12 month performance to a gain of 77%. As for the next few years, earnings are expected to grow by 20% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 27 Feb 2026UK£317.7bUK£254.3bUK£7.9b21.9x40x1.2x
Sun, 25 Jan 2026UK£290.1bUK£241.8bUK£5.9b21.5x49.4x1.2x
Tue, 23 Dec 2025UK£248.5bUK£245.1bUK£6.0b18.1x41.7x1x
Thu, 20 Nov 2025UK£218.2bUK£252.3bUK£6.2b14.4x35.4x0.9x
Sat, 18 Oct 2025UK£215.2bUK£245.6bUK£6.0b15.3x35.9x0.9x
Mon, 15 Sep 2025UK£192.1bUK£243.3bUK£5.9b11.6x32.5x0.8x
Wed, 13 Aug 2025UK£181.8bUK£243.7bUK£5.8b11x31.3x0.7x
Fri, 11 Jul 2025UK£175.6bUK£242.1bUK£5.9b8.5x30x0.7x
Sun, 08 Jun 2025UK£174.4bUK£242.9bUK£5.9b9.6x29.4x0.7x
Tue, 06 May 2025UK£167.9bUK£247.5bUK£6.1b8.4x27.6x0.7x
Thu, 03 Apr 2025UK£172.3bUK£253.1bUK£6.2b8.4x27.8x0.7x
Sat, 01 Mar 2025UK£180.4bUK£260.2bUK£6.4b8.9x28.3x0.7x
Mon, 27 Jan 2025UK£192.5bUK£261.6bUK£7.8b9.4x24.7x0.7x
Wed, 25 Dec 2024UK£181.9bUK£260.6bUK£7.8b9.4x23.4x0.7x
Fri, 22 Nov 2024UK£190.8bUK£260.0bUK£7.8b10.1x24.5x0.7x
Sun, 20 Oct 2024UK£197.7bUK£251.2bUK£7.5b10.7x26.3x0.8x
Tue, 17 Sep 2024UK£183.7bUK£247.9bUK£7.5b10.6x24.7x0.7x
Thu, 15 Aug 2024UK£189.7bUK£255.2bUK£7.6b11.1x24.8x0.7x
Sat, 13 Jul 2024UK£213.1bUK£245.2bUK£12.2b13.4x17.5x0.9x
Mon, 10 Jun 2024UK£212.4bUK£250.4bUK£12.4b14.7x17.2x0.8x
Wed, 08 May 2024UK£220.9bUK£254.8bUK£12.6b15.1x17.6x0.9x
Fri, 05 Apr 2024UK£204.3bUK£252.3bUK£12.6b14.1x16.2x0.8x
Sun, 03 Mar 2024UK£185.7bUK£251.8bUK£12.6b10.9x14.7x0.7x
Tue, 30 Jan 2024UK£210.6bUK£304.3bUK£27.6b9x7.6x0.7x
Thu, 28 Dec 2023UK£222.8bUK£302.5bUK£27.5b10.4x8.1x0.7x
Sat, 25 Nov 2023UK£212.8bUK£306.6bUK£27.7b10.6x7.7x0.7x
Mon, 23 Oct 2023UK£198.8bUK£315.9bUK£28.4b9.9x7x0.6x
Wed, 20 Sep 2023UK£211.7bUK£310.8bUK£28.0b7.2x7.5x0.7x
Fri, 18 Aug 2023UK£192.6bUK£303.3bUK£27.7b6.8x7x0.6x
Sun, 16 Jul 2023UK£215.0bUK£321.6bUK£37.8b7.5x5.7x0.7x
Tue, 13 Jun 2023UK£210.1bUK£335.1bUK£39.1b7.5x5.4x0.6x
Thu, 11 May 2023UK£210.9bUK£332.2bUK£38.9b8.2x5.4x0.6x
Sat, 08 Apr 2023UK£220.4bUK£336.7bUK£39.4b8.7x5.6x0.7x
Mon, 06 Mar 2023UK£250.3bUK£346.4bUK£40.9b7.6x6.1x0.7x
Price to Earnings Ratio

6.1x


Total Market Cap: UK£250.3bTotal Earnings: UK£40.9bTotal Revenue: UK£346.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 20.8x202420252026
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 40.0x which is higher than its 3-year average PE of 20.8x.
  • The 3-year average PS ratio of 0.76x 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 42% per year over the last three years,
  • Revenues have also declined 9.8% 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 Market1.92%
Materials3.83%
Metals and Mining4.24%
Copper9.43%
Gold8.68%
Precious Metals and Minerals8.56%
Diversified Metals and Mining2.98%
Aluminum0%0
Silver0%0
Steel-3.71%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 25.5x.
    • Analysts are expecting annual earnings growth of 9.3%, 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 9.3% 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£42.609.9%
+UK£3.8b		139.7%PE42.7x
RIO Rio Tinto GroupUK£72.822.3%
+UK£2.7b		51.1%PE16x
GLEN GlencoreUK£5.264.1%
+UK£2.4b		65.9%PE228.6x
FRES FresnilloUK£41.046.2%
+UK£1.8b		446.1%PE89.5x
AAL Anglo AmericanUK£36.933.2%
+UK£1.2b		37.6%PS2.9x

Latest News

GMET
UK£2.56
Guardian Metal Resources
7D
29.3%
1Y
675.8%
HILS
UK£23.70
Hill & Smith
7D
-0.6%
1Y
24.1%

HILS: Stable Pricing Assumptions Will Support Further Share Price Gains

Analysts have kept their Hill & Smith fair value target unchanged at £28.00, citing only modest adjustments to the discount rate, revenue growth, profit margin and future P/E assumptions that, taken together, do not materially alter their overall price view. Valuation Changes Fair Value: unchanged at £28.00 per share.
PAF
UK£1.79
Pan African Resources
7D
10.6%
1Y
412.2%
HOC
UK£7.94
Hochschild Mining
7D
9.1%
1Y
331.5%

HOC: Mixed Broker Views And 2026 Guidance Will Shape Measured Upside

Analysts have nudged their price targets on Hochschild Mining higher, with recent increases of £1.40 at Berenberg and £0.20 at JPMorgan, tied to updated views on fair value, discount rates and future P/E assumptions. Analyst Commentary Recent research has focused on how fair value assumptions, discount rates and forward P/E levels should line up for Hochschild Mining, which is why you are seeing price target changes in quick succession.
ANTO
UK£42.60
Antofagasta
7D
9.9%
1Y
139.7%
AAL
UK£36.93
Anglo American
7D
3.2%
1Y
37.6%
RIO
UK£72.82
Rio Tinto Group
7D
2.3%
1Y
51.1%

Rio Tinto (RIO): Cash Machine with a China Beta Problem — and a Copper Glow-Up

If I had to summarise Rio Tinto in one line, I would describe it as a world-class iron ore franchise that is now being forced to adapt to a changing China and a changing commodity landscape. For years, Rio’s investment case has been built on the strength of its Pilbara iron ore operations.
FRES
UK£41.04
Fresnillo
7D
6.2%
1Y
446.1%

FRES: Mixed Rating Shifts Will Likely Expose Mounting Execution Risk

The Fresnillo analyst price target has been reduced by about £0.17 per share, as analysts factor in slightly higher projected revenue growth and profit margins, together with a modestly lower P/E and discount rate following recent mixed rating and target changes across the Street. Analyst Commentary Recent Street research on Fresnillo shows a split view, with some firms lifting targets while others trim expectations or ratings.
EEE
UK£0.33
Empire Metals
7D
-8.0%
1Y
245.8%
GLEN
UK£5.26
Glencore
7D
4.1%
1Y
65.9%
TIN
UK£1.20
Cornish Metals
7D
-2.0%
1Y
49.7%
KOD
UK£0.0042
Kodal Minerals
7D
-3.4%
1Y
16.7%
FXPO
UK£0.55
Ferrexpo
7D
-24.8%
1Y
-26.4%
MET1
UK£0.018
Metals One
7D
-9.1%
1Y
-55.0%
EUA
UK£0.035
Eurasia Mining
7D
-3.4%
1Y
-43.7%
ALL
UK£0.18
Atlantic Lithium
7D
-3.8%
1Y
105.6%