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

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies123
  • 7D1.4%
  • 3M39.7%
  • 1Y66.2%
  • YTD20.3%

In the last week, the Metals and Mining industry is up 1.4%, with Antofagasta up 7.6%. In the last 12 months, the industry was up 66%. As for the next few years, earnings are expected to grow by 17% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 23 Feb 2026UK£306.5bUK£260.5bUK£7.8b20.9x39.5x1.2x
Wed, 21 Jan 2026UK£281.0bUK£244.8bUK£5.9b20.4x47.3x1.1x
Fri, 19 Dec 2025UK£243.9bUK£246.3bUK£6.0b17.1x40.7x1x
Sun, 16 Nov 2025UK£223.7bUK£250.6bUK£6.1b14.6x36.4x0.9x
Tue, 14 Oct 2025UK£221.6bUK£247.6bUK£6.1b16.3x36.6x0.9x
Thu, 11 Sep 2025UK£190.4bUK£243.7bUK£5.9b11.5x32.3x0.8x
Sat, 09 Aug 2025UK£178.7bUK£244.5bUK£5.8b9.7x30.6x0.7x
Mon, 07 Jul 2025UK£171.9bUK£240.8bUK£5.8b8.2x29.5x0.7x
Wed, 04 Jun 2025UK£168.7bUK£243.2bUK£5.9b9.4x28.4x0.7x
Fri, 02 May 2025UK£165.4bUK£247.5bUK£6.1b8.3x27.2x0.7x
Sun, 30 Mar 2025UK£178.1bUK£253.7bUK£6.2b8.6x28.7x0.7x
Tue, 25 Feb 2025UK£185.0bUK£259.2bUK£6.4b9x29.1x0.7x
Thu, 23 Jan 2025UK£194.6bUK£265.0bUK£7.9b9.4x24.6x0.7x
Sat, 21 Dec 2024UK£180.5bUK£259.5bUK£7.7b9.4x23.3x0.7x
Mon, 18 Nov 2024UK£186.9bUK£259.8bUK£7.8b9.9x24x0.7x
Wed, 16 Oct 2024UK£195.3bUK£250.7bUK£7.5b10.7x26x0.8x
Fri, 13 Sep 2024UK£181.1bUK£249.7bUK£7.5b10.4x24.1x0.7x
Sun, 11 Aug 2024UK£191.7bUK£256.6bUK£7.7b11.1x25x0.7x
Tue, 09 Jul 2024UK£212.1bUK£248.6bUK£12.3b13.2x17.2x0.9x
Thu, 06 Jun 2024UK£212.1bUK£249.1bUK£12.3b15.2x17.3x0.9x
Sat, 04 May 2024UK£217.1bUK£254.0bUK£12.5b14.4x17.3x0.9x
Mon, 01 Apr 2024UK£195.4bUK£252.7bUK£12.6b12.5x15.5x0.8x
Wed, 28 Feb 2024UK£183.8bUK£251.3bUK£12.6b11.1x14.6x0.7x
Fri, 26 Jan 2024UK£206.8bUK£304.4bUK£27.6b8.8x7.5x0.7x
Sun, 24 Dec 2023UK£221.3bUK£304.4bUK£27.6b10.4x8x0.7x
Tue, 21 Nov 2023UK£215.5bUK£308.5bUK£27.9b10.2x7.7x0.7x
Thu, 19 Oct 2023UK£206.0bUK£316.2bUK£28.4b9.9x7.3x0.7x
Sat, 16 Sep 2023UK£210.0bUK£310.6bUK£28.1b7.2x7.5x0.7x
Mon, 14 Aug 2023UK£200.5bUK£304.3bUK£27.8b7.1x7.2x0.7x
Wed, 12 Jul 2023UK£203.6bUK£325.8bUK£38.2b6.8x5.3x0.6x
Fri, 09 Jun 2023UK£211.5bUK£333.8bUK£39.0b7.6x5.4x0.6x
Sun, 07 May 2023UK£211.3bUK£331.7bUK£38.8b8.4x5.4x0.6x
Tue, 04 Apr 2023UK£223.5bUK£337.1bUK£39.5b8.9x5.7x0.7x
Thu, 02 Mar 2023UK£244.3bUK£346.7bUK£40.9b8.3x6x0.7x
Price to Earnings Ratio

6x


Total Market Cap: UK£244.3bTotal Earnings: UK£40.9bTotal Revenue: UK£346.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 20.6x202420252026
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 39.5x which is higher than its 3-year average PE of 20.6x.
  • 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 43% per year over the last three years,
  • Revenues have also declined 9.1% 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 Market1.88%
Materials1.40%
Metals and Mining1.44%
Gold7.42%
Copper6.31%
Steel1.99%
Precious Metals and Minerals0.97%
Diversified Metals and Mining0.41%
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 25.4x.
    • 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 48% over the next 5 years.
  • However this is lower than its past earnings growth rate of 189% 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£39.927.6%
+UK£2.8b		119.3%PE39.9x
GLEN GlencoreUK£5.072.5%
+UK£1.5b		56.6%PE220.4x
PAF Pan African ResourcesUK£1.6815.5%
+UK£458.2m		380.7%PE19x
AAL Anglo AmericanUK£36.170.9%
+UK£334.5m		30.6%PS2x
HOC Hochschild MiningUK£7.375.7%
+UK£205.8m		287.6%PE34.4x

Latest News

FRES
UK£38.54
Fresnillo
7D
-0.1%
1Y
396.3%

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.
PAF
UK£1.68
Pan African Resources
7D
15.5%
1Y
380.7%
RIO
UK£71.22
Rio Tinto Group
7D
0.2%
1Y
42.2%
AAL
UK£36.17
Anglo American
7D
0.9%
1Y
30.6%

AAL: Teck Merger And Upgraded Outlook Will Drive Future Rerating

Anglo American’s updated analyst price target has risen to about £46 per share from roughly £37, as analysts point to revised fair value estimates, higher projected profit margins and recent target upgrades from several banks. Analyst Commentary Recent research has tilted more positive on Anglo American, with several bullish analysts revisiting their models and outcome ranges.
ANTO
UK£39.92
Antofagasta
7D
7.6%
1Y
119.3%
ATYM
UK£9.87
Atalaya Mining Copper
7D
4.6%
1Y
157.7%

ATYM: Equity Raise Will Support Copper Volume Uplift And Margin Resilience

Analysts have nudged their fair value estimate for Atalaya Mining to £11.64 from £11.19, reflecting updated views on discount rates, revenue growth and margins, while keeping future P/E assumptions broadly similar. What's in the News Completed a follow-on equity offering of £127.3 million, issuing 12,730,000 ordinary shares at £10 under Regulation S with a subsequent direct listing feature.
GLEN
UK£5.07
Glencore
7D
2.5%
1Y
56.6%
ECOR
UK£1.39
Ecora Royalties
7D
-2.7%
1Y
128.2%
TIN
UK£1.26
Cornish Metals
7D
-6.3%
1Y
54.9%
HILS
UK£24.25
Hill & Smith
7D
3.2%
1Y
26.3%

HILS: FY25 Underlying Profit Guidance And Required Return Will Shape Fair Value

Analysts have nudged their price target on Hill & Smith slightly higher to £24.98 from £24.59, citing small adjustments to fair value estimates, discount rate assumptions, revenue growth expectations, profit margin forecasts, and future P/E inputs. What's in the News Hill & Smith kept its earnings guidance for the full year 2025 unchanged, providing a clearer reference point when comparing investor expectations with current forecasts.
HOC
UK£7.37
Hochschild Mining
7D
5.7%
1Y
287.6%

HOC: Mixed Broker Views And 2026 Output Plans Will Shape Measured Upside

Narrative Update The analyst price target for Hochschild Mining has moved higher. Recent Street research cites an updated fair value of about £7.59 per share, adjusted revenue growth assumptions of around 18% with slightly higher profit margin expectations, and a modestly lower future P/E of about 14x as key drivers.
ACG
UK£14.10
ACG Metals
7D
-4.7%
1Y
221.2%
PRE
UK£1.11
Pensana
7D
-6.0%
1Y
397.7%
FXPO
UK£0.71
Ferrexpo
7D
-1.2%
1Y
-7.5%
EUA
UK£0.035
Eurasia Mining
7D
-6.0%
1Y
-28.3%
KP2
UK£0.035
Kore Potash
7D
-7.9%
1Y
34.6%