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

UpdatedSep 01, 2026
DataAggregated Company Financials
Companies121
  • 7D0.9%
  • 3M-4.5%
  • 1Y79.2%
  • YTD28.8%

The Metals and Mining industry has stayed flat over the last week. The past year has been better, since the industry has gained 79% in that time. Looking forward, earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 01 Sep 2026UK£327.8bUK£301.4bUK£15.1b15.4x21.7x1.1x
Thu, 30 Jul 2026UK£286.9bUK£260.9bUK£10.3b16x27.9x1.1x
Sat, 27 Jun 2026UK£297.5bUK£260.6bUK£8.8b16.8x33.8x1.1x
Mon, 25 May 2026UK£320.5bUK£255.9bUK£8.6b18.9x37.2x1.3x
Wed, 22 Apr 2026UK£308.3bUK£255.1bUK£8.5b19.3x36.2x1.2x
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
Price to Earnings Ratio

7.1x


Total Market Cap: UK£197.9bTotal Earnings: UK£28.0bTotal Revenue: UK£309.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 25.4x202420252026
Current Industry PE
  • Investors are pessimistic on the British Metals and Mining industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 21.7x which is lower than its 3-year average PE of 25.4x.
  • The 3-year average PS ratio of 0.85x 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 19% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the U.K. Materials industry?

GB Market-0.20%
Materials0.85%
Metals and Mining0.91%
Steel3.76%
Gold2.50%
Copper2.07%
Diversified Metals and Mining0.81%
Precious Metals and Minerals0.43%
Aluminum0%0
Silver0%0
Industry PE
  • Investors are most optimistic about the Steel industry even though it's trading below its 3-year average PE ratio of 65.4x.
    • Analysts are expecting annual earnings growth of 17.9%, which is higher than its past year's earnings decline of 10.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 41% over the next 5 years.
  • However this is lower than its past earnings growth rate of 228% per year.
  • In contrast, the Diversified Metals and Mining industry is expected to see its earnings grow by 12% 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
AAL Anglo AmericanUK£42.691.6%
+UK£707.2m		90.9%PS3.2x
ANTO AntofagastaUK£40.390.7%
+UK£295.8m		89.5%PE32.6x
HOC Hochschild MiningUK£6.686.7%
+UK£216.1m		117.3%PE15.5x
ATYM Atalaya Mining CopperUK£11.097.7%
+UK£121.5m		113.7%PE18.2x
HILS Hill & SmithUK£29.952.7%
+UK£62.5m		44.7%PE33.1x

Latest News

EEE
UK£0.42
Empire Metals
7D
-8.2%
1Y
-31.6%
Analysis Article • Aug 29

Here's Why We're Watching Empire Metals' (LON:EEE) Cash Burn Situation

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...
CAML
UK£1.78
Central Asia Metals
7D
6.2%
1Y
3.5%
HOC
UK£6.68
Hochschild Mining
7D
6.7%
1Y
117.3%
ATYM
UK£11.09
Atalaya Mining Copper
7D
7.7%
1Y
113.7%
FRES
UK£31.70
Fresnillo
7D
-0.2%
1Y
65.2%
Narrative Update • Aug 26

FRES: Lower Profitability Expectations Will Pressure Returns Despite Dividend Support

The updated analyst price target for Fresnillo moves to £21.82 from £20.86, as analysts factor in mixed expectations for margins, growth and valuation across recent Hold, Sector Perform, Equal Weight, Overweight, Buy and Underweight views. Analyst Commentary Recent research on Fresnillo shows a split in opinion, with some firms highlighting improving fundamentals while others flag valuation and execution risks.
AAL
UK£42.69
Anglo American
7D
1.6%
1Y
90.9%
Narrative Update • Aug 26

AAL: Elevated Freight And Iron Ore Pressures Will Cap Future Upside

Analysts have lifted the fair value estimate for Anglo American from £21.89 to £24.11, reflecting higher price targets that balance expectations for improved revenue trends with concerns about cost risks in key iron ore operations and mixed views on valuation. Analyst Commentary Recent Street research on Anglo American points to a split backdrop, with several price target lifts offset by more cautious views on costs, earnings mix and valuation.
KMR
UK£1.90
Kenmare Resources
7D
-6.9%
1Y
-41.0%
PAF
UK£1.36
Pan African Resources
7D
-1.3%
1Y
103.4%
Narrative Update • Aug 24

PAF: Production Outlook And Hold Rating Will Shape A Fairer Near-Term View

Analysts have trimmed their price target on Pan African Resources from £1.53 to £1.30, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E, along with recent Street research that highlights both opportunities and risks following the pullback in precious metal mining stocks. What’s in the News for Pan African Resources Pan African Resources issued new production guidance for the second half of the 2026 financial year, indicating a material increase in gold production compared to the first half of 2026, to 147,000oz versus 128,296oz in the first half.
GLEN
UK£5.96
Glencore
7D
-1.1%
1Y
109.5%
Narrative Update • Aug 21

GLEN: Copper Shift And Iron Ore Headwinds Will Pressure Future Returns

Glencore's updated analyst price target edges higher to £6.30 from a range centered near £6.10, as analysts balance softer revenue growth assumptions and slightly lower profit margins with higher expected future P/E multiples and the supportive stream of recent Buy and Overweight ratings. Analyst Commentary Recent research on Glencore reflects a split in opinion.
RIO
UK£76.74
Rio Tinto Group
7D
-0.7%
1Y
67.5%
ANTO
UK£40.39
Antofagasta
7D
0.7%
1Y
89.5%
Narrative Update • Aug 19

ANTO: Copper Output Resilience And 2028 Free Cash Flow Timing Will Shape Returns

Antofagasta's analyst fair value has been trimmed from £38.80 to £37.87 as analysts factor in slightly lower revenue growth expectations, a modestly higher discount rate, and updated Street price targets that have recently shifted both up and down between roughly £33.40 and £44.00 per share. Analyst Commentary Recent Street research on Antofagasta shows a wide spread of views on both valuation and execution.
HILS
UK£29.95
Hill & Smith
7D
2.7%
1Y
44.7%
Narrative Update • Aug 18

HILS: Fiscal 2026 Delivery And Peer Discount Will Guide Fair Value

Hill & Smith's analyst fair value estimate has moved from £29.69 to £31.46, reflecting higher Street price targets in the £3,180 to £3,450 range as analysts point to stronger organic growth expectations, improved margins, and scope for further M&A contribution. Analyst Commentary Recent Street research around Hill & Smith has focused on higher price targets and what that implies for growth, execution and valuation.
AAZ
UK£4.25
Anglo Asian Mining
7D
6.0%
1Y
124.9%
PRE
UK£0.76
Pensana
7D
-3.4%
1Y
-30.0%
GMET
UK£1.85
Guardian Metal Resources
7D
5.7%
1Y
144.0%
TUN
UK£0.51
Tungsten West
7D
-1.2%
1Y
400.0%