Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

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

UpdatedMar 06, 2026
DataAggregated Company Financials
Companies121
  • 7D-7.1%
  • 3M26.0%
  • 1Y60.8%
  • YTD15.8%

Over the last 7 days, the Metals and Mining industry has dropped 5.2%, driven by a pullback from Rio Tinto Group of 6.8%. On the other hand Rainbow Rare Earths is actually up 15%. Over the past 12 months, the industry was up 69%. 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, 06 Mar 2026UK£295.5bUK£258.1bUK£8.9b21.5x33.2x1.1x
Sun, 01 Feb 2026UK£289.9bUK£241.0bUK£5.9b21x49.5x1.2x
Tue, 30 Dec 2025UK£252.0bUK£244.4bUK£5.9b19.4x42.5x1x
Thu, 27 Nov 2025UK£224.4bUK£249.5bUK£6.1b15.9x36.8x0.9x
Sat, 25 Oct 2025UK£217.8bUK£247.9bUK£6.1b14.4x35.9x0.9x
Mon, 22 Sep 2025UK£194.7bUK£245.0bUK£6.0b11.8x32.7x0.8x
Wed, 20 Aug 2025UK£178.1bUK£244.4bUK£6.0b10.1x29.6x0.7x
Fri, 18 Jul 2025UK£173.8bUK£244.9bUK£5.9b8.4x29.3x0.7x
Sun, 15 Jun 2025UK£169.8bUK£242.2bUK£5.9b8.2x28.8x0.7x
Tue, 13 May 2025UK£173.9bUK£249.3bUK£6.1b8.6x28.4x0.7x
Thu, 10 Apr 2025UK£149.3bUK£256.6bUK£6.3b7.4x23.8x0.6x
Sat, 08 Mar 2025UK£182.5bUK£254.1bUK£6.2b9.7x29.5x0.7x
Mon, 03 Feb 2025UK£185.9bUK£263.3bUK£7.8b9.4x23.7x0.7x
Wed, 01 Jan 2025UK£181.6bUK£260.5bUK£7.8b9.2x23.4x0.7x
Fri, 29 Nov 2024UK£188.0bUK£257.4bUK£7.7b9.4x24.5x0.7x
Sun, 27 Oct 2024UK£198.2bUK£252.8bUK£7.6b10.3x26.2x0.8x
Tue, 24 Sep 2024UK£125.1bUK£246.0bUK£7.4b11x16.9x0.5x
Thu, 22 Aug 2024UK£192.1bUK£250.2bUK£7.4b11.9x26x0.8x
Sat, 20 Jul 2024UK£200.7bUK£246.6bUK£12.2b14.2x16.4x0.8x
Mon, 17 Jun 2024UK£206.7bUK£251.0bUK£12.4b13.8x16.7x0.8x
Wed, 15 May 2024UK£222.8bUK£253.1bUK£12.5b17x17.8x0.9x
Fri, 12 Apr 2024UK£207.9bUK£253.8bUK£12.7b13.9x16.4x0.8x
Sun, 10 Mar 2024UK£184.7bUK£248.2bUK£12.4b12.4x14.8x0.7x
Tue, 06 Feb 2024UK£193.0bUK£263.3bUK£18.0b11x10.7x0.7x
Thu, 04 Jan 2024UK£217.4bUK£305.7bUK£27.7b9.8x7.9x0.7x
Sat, 02 Dec 2023UK£217.7bUK£304.9bUK£27.6b9.1x7.9x0.7x
Mon, 30 Oct 2023UK£204.9bUK£316.8bUK£28.4b10x7.2x0.6x
Wed, 27 Sep 2023UK£205.4bUK£315.7bUK£28.4b7.3x7.2x0.7x
Fri, 25 Aug 2023UK£196.0bUK£306.0bUK£27.9b6.9x7x0.6x
Sun, 23 Jul 2023UK£214.8bUK£326.8bUK£38.3b6.9x5.6x0.7x
Tue, 20 Jun 2023UK£216.3bUK£328.1bUK£38.4b7.8x5.6x0.7x
Thu, 18 May 2023UK£207.4bUK£335.4bUK£39.2b8x5.3x0.6x
Sat, 15 Apr 2023UK£230.6bUK£336.8bUK£39.4b8.9x5.9x0.7x
Mon, 13 Mar 2023UK£230.0bUK£346.8bUK£40.9b7.1x5.6x0.7x
Price to Earnings Ratio

5.6x


Total Market Cap: UK£230.0bTotal Earnings: UK£40.9bTotal Revenue: UK£346.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 21x202420252026
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 38.1x which is higher than its 3-year average PE of 21.0x.
  • 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 9.5% 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-4.04%
Materials-7.08%
Metals and Mining-7.10%
Aluminum0%0
Silver0%0
Steel-3.98%
Diversified Metals and Mining-5.74%
Precious Metals and Minerals-8.44%
Copper-9.52%
Gold-11.37%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 25.7x.
    • Analysts are expecting annual earnings growth of 9.4%, 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 9.4% 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
RBW Rainbow Rare EarthsUK£0.2315.0%
+UK£19.3m		116.5%PB14.8x
GMET Guardian Metal ResourcesUK£2.663.9%
+UK£16.9m		731.3%PB17.2x
SRB Serabi GoldUK£3.504.5%
+UK£11.4m		134.9%PE7.9x
SML Strategic MineralsUK£0.0369.1%
+UK£8.1m		1,465.2%PE136.9x
ATM Andrada MiningUK£0.044.2%
+UK£3.1m		103.1%PS3x

Latest News

FRES
UK£35.72
Fresnillo
7D
-13.0%
1Y
326.0%
GMET
UK£2.66
Guardian Metal Resources
7D
3.9%
1Y
731.3%
RIO
UK£67.87
Rio Tinto Group
7D
-6.8%
1Y
41.7%

RIO: Post Glencore Talks And Copper Outlook Will Shape Balanced Risk Profile

Analysts have lifted their fair value estimate for Rio Tinto Group to the equivalent of about £69.66 per share, from £63.89. This reflects updated assumptions on discount rate, revenue growth, margins and future P/E, even as recent Street research shows a mix of reduced and raised price targets in the £5,900 to £8,300 range and a shift toward more Neutral and Equal Weight ratings.
ANTO
UK£38.57
Antofagasta
7D
-9.5%
1Y
107.0%

ANTO: High Copper Optimism Will Likely Outrun Centinela Execution And Delivery Risks

Narrative update The analyst price target for Antofagasta has been lifted by £0.49 to £23.49. Analysts point to recalibrated fair value assumptions, a higher future P/E multiple, and updated expectations for revenue growth and profit margins as key drivers of the change.
ACG
UK£14.30
ACG Metals
7D
0.7%
1Y
232.6%
GLEN
UK£5.15
Glencore
7D
-1.9%
1Y
57.3%

GLEN: Fair Outlook Balances Ended Megamerger Talks With Refined Earnings Assumptions

Analysts have lifted their price target on Glencore to £5.50 per share from £5.25, citing updated assumptions around fair value, revenue growth, discount rate and future P/E that together support a modestly higher valuation. Analyst Commentary Recent Street research on Glencore has been active, with several major banks updating their price targets and ratings in quick succession.
SRB
UK£3.50
Serabi Gold
7D
4.5%
1Y
134.9%

SRB: Production Recovery And Guidance Will Underpin Stronger Future Upside Potential

Analysts have slightly reduced their price target for Serabi Gold to reflect a lower forward P/E assumption of 4.77x, while keeping revenue growth, profit margin and fair value estimates broadly unchanged. This has resulted in a modest reduction in their implied £ per share valuation.
PAF
UK£1.60
Pan African Resources
7D
-10.5%
1Y
339.5%
HOC
UK£6.78
Hochschild Mining
7D
-14.6%
1Y
240.7%

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.
AAL
UK£33.79
Anglo American
7D
-8.5%
1Y
20.9%
COBR
UK£0.05
Cobra Resources
7D
5.3%
1Y
426.3%
ATYM
UK£9.26
Atalaya Mining Copper
7D
-8.0%
1Y
143.7%

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.
ATM
UK£0.04
Andrada Mining
7D
4.2%
1Y
103.1%
SML
UK£0.036
Strategic Minerals
7D
9.1%
1Y
1,465.2%
RBW
UK£0.23
Rainbow Rare Earths
7D
15.0%
1Y
116.5%
XTR
UK£0.012
Xtract Resources
7D
25.0%
1Y
118.2%