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

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies121
  • 7D-6.4%
  • 3M6.4%
  • 1Y48.5%
  • YTD4.9%

Over the last 7 days, the Metals and Mining industry has dropped 6.4%, driven by Rio Tinto Group declining 4.8%. In contrast, Strategic Minerals has gained 38%. In the past year, the industry has gained 48%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 24 Mar 2026UK£267.1bUK£257.9bUK£8.8b16.5x30.2x1x
Thu, 19 Feb 2026UK£310.9bUK£244.5bUK£6.1b22.2x51x1.3x
Sat, 17 Jan 2026UK£279.5bUK£246.4bUK£6.0b20.3x46.7x1.1x
Mon, 15 Dec 2025UK£235.9bUK£246.9bUK£6.0b17.4x39.2x1x
Wed, 12 Nov 2025UK£222.0bUK£250.5bUK£6.1b14.9x36.2x0.9x
Fri, 10 Oct 2025UK£218.8bUK£248.2bUK£6.1b15.9x36.1x0.9x
Sun, 07 Sep 2025UK£186.9bUK£244.3bUK£5.9b11.6x31.7x0.8x
Tue, 05 Aug 2025UK£174.2bUK£247.1bUK£6.2b9.4x28.2x0.7x
Thu, 03 Jul 2025UK£174.1bUK£241.1bUK£5.8b8.4x29.8x0.7x
Sat, 31 May 2025UK£172.7bUK£244.0bUK£6.0b9.7x29x0.7x
Mon, 28 Apr 2025UK£170.2bUK£246.7bUK£6.0b8.5x28.1x0.7x
Wed, 26 Mar 2025UK£184.3bUK£253.7bUK£6.3b8.8x29.5x0.7x
Fri, 21 Feb 2025UK£188.2bUK£260.8bUK£7.5b9x25.2x0.7x
Sun, 19 Jan 2025UK£194.1bUK£268.3bUK£8.0b9.3x24.3x0.7x
Tue, 17 Dec 2024UK£187.3bUK£257.4bUK£7.7b9.3x24.4x0.7x
Thu, 14 Nov 2024UK£184.8bUK£257.8bUK£7.7b9.8x23.9x0.7x
Sat, 12 Oct 2024UK£200.4bUK£250.8bUK£7.5b10.9x26.7x0.8x
Mon, 09 Sep 2024UK£175.0bUK£249.4bUK£7.5b9.9x23.4x0.7x
Wed, 07 Aug 2024UK£189.8bUK£250.3bUK£11.5b11.2x16.5x0.8x
Fri, 05 Jul 2024UK£215.0bUK£249.5bUK£12.4b13.1x17.4x0.9x
Sun, 02 Jun 2024UK£219.0bUK£250.0bUK£12.3b15.8x17.8x0.9x
Tue, 30 Apr 2024UK£221.5bUK£253.8bUK£12.5b14.7x17.7x0.9x
Thu, 28 Mar 2024UK£192.9bUK£252.3bUK£12.6b12.2x15.3x0.8x
Sat, 24 Feb 2024UK£185.9bUK£251.5bUK£12.6b11x14.7x0.7x
Mon, 22 Jan 2024UK£202.4bUK£304.5bUK£27.6b9.5x7.3x0.7x
Wed, 20 Dec 2023UK£219.8bUK£303.5bUK£27.5b10.2x8x0.7x
Fri, 17 Nov 2023UK£213.6bUK£310.8bUK£28.0b10.2x7.6x0.7x
Sun, 15 Oct 2023UK£206.1bUK£316.4bUK£28.4b9.8x7.3x0.7x
Tue, 12 Sep 2023UK£202.5bUK£308.1bUK£27.9b7.4x7.3x0.7x
Thu, 10 Aug 2023UK£206.4bUK£304.0bUK£27.7b7.3x7.4x0.7x
Sat, 08 Jul 2023UK£202.7bUK£327.2bUK£38.4b7.2x5.3x0.6x
Mon, 05 Jun 2023UK£209.0bUK£336.0bUK£39.2b8.2x5.3x0.6x
Wed, 03 May 2023UK£211.3bUK£335.4bUK£39.2b8.7x5.4x0.6x
Fri, 31 Mar 2023UK£225.5bUK£337.9bUK£39.5b8.9x5.7x0.7x
Price to Earnings Ratio

5.7x


Total Market Cap: UK£225.5bTotal Earnings: UK£39.5bTotal Revenue: UK£337.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 21.4x202420252026
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 30.2x which is higher than its 3-year average PE of 21.4x.
  • The 3-year average PS ratio of 0.77x is lower than the industry's current PS ratio of 1.0x.
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 8.7% 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-3.88%
Materials-6.27%
Metals and Mining-6.42%
Aluminum0%0
Silver0%0
Steel-2.15%
Diversified Metals and Mining-4.93%
Precious Metals and Minerals-9.55%
Copper-10.95%
Gold-14.48%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 26.1x.
    • Analysts are expecting annual earnings growth of 9.7%, 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 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 9.7% 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
SML Strategic MineralsUK£0.05438.5%
+UK£47.5m		1,561.5%PE217.5x
PRE PensanaUK£0.967.1%
+UK£21.7m		279.5%PB8.7x
ALL Atlantic LithiumUK£0.156.7%
+UK£15.1m		77.3%PS803.9x
CRCL CorcelUK£0.00430%
UK£4.1m		135.1%PB12.6x
ECOR Ecora RoyaltiesUK£1.290.6%
+UK£2.0m		107.4%PS16.6x

Latest News

AAL
UK£30.25
Anglo American
7D
-2.9%
1Y
15.6%
ATYM
UK£7.15
Atalaya Mining Copper
7D
-14.3%
1Y
104.0%
SML
UK£0.054
Strategic Minerals
7D
38.5%
1Y
1,561.5%
PAF
UK£1.26
Pan African Resources
7D
-16.4%
1Y
213.6%

PAF: Production Delivery And Earnings Momentum Will Support Re Rating Potential

Analysts have slightly trimmed their fair value estimate for Pan African Resources, reflecting a modest reduction in the price target to £1.81 from £1.90, as they factor in updated assumptions for discount rate, growth and profitability. Analyst Commentary Bullish Takeaways Bullish analysts still see upside potential to their revised £1.81 fair value, suggesting that, despite a slightly lower target, the shares are not viewed as fully pricing in the company’s execution prospects.
GMET
UK£2.05
Guardian Metal Resources
7D
-19.6%
1Y
371.3%
GLR
UK£0.0085
Galileo Resources
7D
17.2%
1Y
-17.1%
FRES
UK£31.68
Fresnillo
7D
-7.6%
1Y
241.6%
GDP
UK£0.13
Goldplat
7D
6.4%
1Y
68.9%
EGT
UK£0.072
European Green Transition
7D
7.4%
1Y
-11.6%
ALL
UK£0.15
Atlantic Lithium
7D
6.7%
1Y
77.3%
ANTO
UK£33.73
Antofagasta
7D
-4.2%
1Y
80.7%

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£63.75
Rio Tinto Group
7D
-4.8%
1Y
32.1%

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.
HOC
UK£5.57
Hochschild Mining
7D
-12.8%
1Y
113.0%
ECOR
UK£1.29
Ecora Royalties
7D
0.6%
1Y
107.4%

ECOR: Future Upside Will Hinge On Phalaborwa Execution And Portfolio Cash Flows

Analysts have lifted their price target on Ecora Royalties to about £1.68 per share from roughly £1.39, reflecting updated assumptions for revenue growth, margins and future P/E, while recent research opinions remain mixed, with a downgrade to Hold and a separate price target increase. Analyst Commentary Recent research on Ecora Royalties points to a mixed setup, with some analysts turning more cautious at current levels while others are still prepared to lift their valuation assumptions.
PRE
UK£0.96
Pensana
7D
7.1%
1Y
279.5%
CRCL
UK£0.0043
Corcel
7D
0%
1Y
135.1%