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

UpdatedMay 07, 2026
DataAggregated Company Financials
Companies122
  • 7D6.9%
  • 3M11.2%
  • 1Y92.2%
  • YTD25.5%

Over the last 7 days, the Metals and Mining industry has risen 6.9%, driven by gains from Rio Tinto Group of 6.9%. In the same time, Guardian Metal Resources was down 20%. In the last 12 months, the industry was up 92%. Looking forward, earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 07 May 2026UK£318.9bUK£253.1bUK£8.5b19.6x37.7x1.3x
Sat, 04 Apr 2026UK£297.0bUK£260.6bUK£8.7b20.7x34x1.1x
Mon, 02 Mar 2026UK£320.7bUK£254.6bUK£8.1b21.6x39.8x1.3x
Wed, 28 Jan 2026UK£295.5bUK£239.3bUK£5.8b22.3x50.9x1.2x
Fri, 26 Dec 2025UK£251.8bUK£243.9bUK£5.9b18.5x42.5x1x
Sun, 23 Nov 2025UK£213.6bUK£251.8bUK£6.2b14.9x34.7x0.8x
Tue, 21 Oct 2025UK£218.1bUK£246.1bUK£6.0b15.3x36.2x0.9x
Thu, 18 Sep 2025UK£192.7bUK£242.0bUK£5.9b11.8x32.7x0.8x
Sat, 16 Aug 2025UK£180.6bUK£243.2bUK£6.0b10.1x30.1x0.7x
Mon, 14 Jul 2025UK£177.2bUK£243.5bUK£5.9b8.5x30.1x0.7x
Wed, 11 Jun 2025UK£174.3bUK£243.4bUK£5.9b9.8x29.3x0.7x
Fri, 09 May 2025UK£166.9bUK£248.1bUK£6.1b8.3x27.4x0.7x
Sun, 06 Apr 2025UK£152.8bUK£255.2bUK£6.2b7.7x24.5x0.6x
Tue, 04 Mar 2025UK£182.5bUK£257.7bUK£6.3b9x28.9x0.7x
Thu, 30 Jan 2025UK£183.5bUK£262.7bUK£7.8b9.3x23.4x0.7x
Sat, 28 Dec 2024UK£181.2bUK£259.8bUK£7.7b9x23.4x0.7x
Mon, 25 Nov 2024UK£191.3bUK£261.4bUK£7.8b10.3x24.4x0.7x
Wed, 23 Oct 2024UK£198.2bUK£252.3bUK£7.6b10.5x26.2x0.8x
Fri, 20 Sep 2024UK£189.6bUK£246.7bUK£7.4b11.1x25.6x0.8x
Sun, 18 Aug 2024UK£188.2bUK£252.9bUK£7.5b11.5x24.9x0.7x
Tue, 16 Jul 2024UK£210.2bUK£245.5bUK£12.2b13.6x17.3x0.9x
Thu, 13 Jun 2024UK£209.0bUK£249.0bUK£12.3b14.1x17x0.8x
Sat, 11 May 2024UK£223.7bUK£254.4bUK£12.6b15.9x17.8x0.9x
Mon, 08 Apr 2024UK£201.5bUK£252.4bUK£12.6b14.1x16x0.8x
Wed, 06 Mar 2024UK£183.9bUK£251.0bUK£12.6b11.2x14.6x0.7x
Fri, 02 Feb 2024UK£209.6bUK£303.5bUK£27.5b10.1x7.6x0.7x
Sun, 31 Dec 2023UK£222.9bUK£303.5bUK£27.5b9.8x8.1x0.7x
Tue, 28 Nov 2023UK£212.0bUK£306.3bUK£27.7b10.6x7.6x0.7x
Thu, 26 Oct 2023UK£202.7bUK£316.4bUK£28.4b10x7.1x0.6x
Sat, 23 Sep 2023UK£209.5bUK£313.8bUK£28.3b7.3x7.4x0.7x
Mon, 21 Aug 2023UK£190.3bUK£303.6bUK£27.7b7.1x6.9x0.6x
Wed, 19 Jul 2023UK£210.9bUK£322.5bUK£37.9b7.1x5.6x0.7x
Fri, 16 Jun 2023UK£222.1bUK£328.9bUK£38.5b7.9x5.8x0.7x
Sun, 14 May 2023UK£205.8bUK£335.9bUK£39.3b7.9x5.2x0.6x
Price to Earnings Ratio

5.2x


Total Market Cap: UK£205.8bTotal Earnings: UK£39.3bTotal Revenue: UK£335.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 22.6x202420252026
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 37.7x which is higher than its 3-year average PE of 22.6x.
  • The 3-year average PS ratio of 0.79x is lower than the industry's current PS ratio of 1.3x.
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 9.0% 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 Market2.44%
Materials6.67%
Metals and Mining6.90%
Copper10.94%
Gold7.36%
Diversified Metals and Mining5.90%
Precious Metals and Minerals5.04%
Steel1.79%
Aluminum0%0
Silver0%0
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 27.0x.
    • Analysts are expecting annual earnings growth of 10.9%, 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 32% 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
RIO Rio Tinto GroupUK£77.206.9%
+UK£8.0b		70.1%PE17.1x
ANTO AntofagastaUK£38.1911.1%
+UK£3.8b		125.3%PE38.5x
AAL Anglo AmericanUK£38.288.9%
+UK£3.3b		63.0%PS3x
FRES FresnilloUK£34.6211.2%
+UK£2.6b		228.5%PE25.1x
GLEN GlencoreUK£5.692.8%
+UK£1.8b		125.8%PE249.6x

Latest News

FAR
UK£0.05
Ferro-Alloy Resources
7D
-14.7%
1Y
-24.8%
GLEN
UK£5.69
Glencore
7D
2.8%
1Y
125.8%
FRES
UK£34.62
Fresnillo
7D
11.2%
1Y
228.5%
Narrative Update • May 04

FRES: Production Slippage And Mixed Street Views Will Pressure Future Returns

Fresnillo’s analyst fair value estimate has been adjusted from £23.88 to £24.72. The change reflects recent mixed price target revisions across the Street and updated assumptions on long term revenue growth, profit margins and future P/E expectations.
PAF
UK£1.48
Pan African Resources
7D
9.2%
1Y
198.8%
Narrative Update • May 03

PAF: Future Earnings Delivery And Dividend Plans Will Drive Re Rating Potential

Analysts have nudged their fair value estimate for Pan African Resources higher from £1.71 to £1.81 per share, reflecting updated assumptions on revenue growth, profit margins and future P/E multiples, even as Street price targets, such as Berenberg's, have recently been trimmed to £1.81. Analyst Commentary Recent research updates have focused on recalibrating price targets to £1.81 per share, aligning fair value work with current assumptions on earnings power and P/E multiples while keeping a constructive stance on the shares.
AAL
UK£38.28
Anglo American
7D
8.9%
1Y
63.0%
Narrative Update • May 02

AAL: Geopolitical And Commodity Risks Will Limit Post Teck Merger Upside

Analysts have raised the fair value estimate for Anglo American from £21.07 to £21.89 per share. This reflects a combination of recent price target changes, rating revisions, and updated views on revenue, margins and future P/E assumptions across the Street.
ATYM
UK£7.90
Atalaya Mining Copper
7D
8.1%
1Y
94.2%
Narrative Update • May 01

ATYM: Higher Dividend And 2026 Production Guidance Will Support Future Upside

Analysts have inched their price target for Atalaya Mining Copper higher to £10.72 from £10.67, reflecting small model adjustments to fair value, discount rate, revenue growth, profit margin and future P/E assumptions. What's in the News Reported Q1 2026 operating results with ore mined of 3.4 million tonnes, waste mined of 10.2 million tonnes, ore processed of 4.1 million tonnes and copper production of 9,939 tonnes, compared with ore mined of 3.7 million tonnes, waste mined of 11.3 million tonnes, ore processed of 4.2 million tonnes and copper production of 14,291 tonnes in Q1 2025 (Key Developments).
HOC
UK£6.35
Hochschild Mining
7D
7.1%
1Y
116.6%
ANTO
UK£38.19
Antofagasta
7D
11.1%
1Y
125.3%
Narrative Update • Apr 29

ANTO: Mixed Broker Views Will Shape Outlook As Copper Conditions Steer Expectations

Antofagasta's analyst fair value has shifted from £26.26 to £35.00, as analysts factor in revised assumptions on revenue growth, profit margins and discount rates, alongside a mix of recent target changes, including multiple raises from Citi, Morgan Stanley, JPMorgan and others, set against several downgrades and target cuts. Analyst Commentary Recent research on Antofagasta presents a mixed picture, with both bullish and bearish analysts adjusting ratings and price targets in quick succession.
RIO
UK£77.20
Rio Tinto Group
7D
6.9%
1Y
70.1%
Narrative Update • Apr 29

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.
SML
UK£0.052
Strategic Minerals
7D
-11.9%
1Y
1,500.0%
TUN
UK£0.32
Tungsten West
7D
-10.9%
1Y
814.3%
FXPO
UK£0.29
Ferrexpo
7D
-6.8%
1Y
-53.5%
ALL
UK£0.15
Atlantic Lithium
7D
-7.4%
1Y
93.8%
PDL
UK£0.17
Petra Diamonds
7D
-7.4%
1Y
-32.6%
New Narrative • Mar 29

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?
GMET
UK£2.10
Guardian Metal Resources
7D
-20.5%
1Y
418.5%
PRE
UK£0.98
Pensana
7D
-1.5%
1Y
244.6%