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

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies121
  • 7D-10.1%
  • 3M22.4%
  • 1Y59.7%
  • YTD12.1%

Over the last 7 days, the Metals and Mining industry has dropped 10%, driven by a pullback from Rio Tinto Group of 9.6%. Meanwhile, Rainbow Rare Earths actually outperformed within the industry, gaining 9.5% in the last week. This takes the industry's 12 month performance to a gain of 60%. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026UK£284.7bUK£256.0bUK£8.8b20.6x32.3x1.1x
Thu, 05 Feb 2026UK£298.1bUK£241.5bUK£5.9b21x50.8x1.2x
Sat, 03 Jan 2026UK£256.5bUK£244.7bUK£5.9b19.5x43.2x1x
Mon, 01 Dec 2025UK£226.1bUK£249.2bUK£6.1b16.3x37.1x0.9x
Wed, 29 Oct 2025UK£220.3bUK£248.6bUK£6.1b13.8x36.2x0.9x
Fri, 26 Sep 2025UK£206.8bUK£247.5bUK£6.0b13.9x34.3x0.8x
Sun, 24 Aug 2025UK£181.3bUK£243.9bUK£5.9b10.5x30.6x0.7x
Tue, 22 Jul 2025UK£176.1bUK£243.7bUK£5.9b8.8x29.8x0.7x
Thu, 19 Jun 2025UK£168.4bUK£245.1bUK£6.0b7.7x28.2x0.7x
Sat, 17 May 2025UK£172.9bUK£247.5bUK£6.1b8.7x28.4x0.7x
Mon, 14 Apr 2025UK£159.6bUK£251.3bUK£6.2b8.2x25.9x0.6x
Wed, 12 Mar 2025UK£179.5bUK£253.3bUK£6.2b9.4x29x0.7x
Fri, 07 Feb 2025UK£190.7bUK£262.7bUK£7.8b9.7x24.4x0.7x
Sun, 05 Jan 2025UK£182.5bUK£262.8bUK£7.8b9.1x23.3x0.7x
Tue, 03 Dec 2024UK£192.3bUK£258.5bUK£7.7b9.6x25x0.7x
Thu, 31 Oct 2024UK£198.5bUK£252.6bUK£7.6b10.8x26.2x0.8x
Sat, 28 Sep 2024UK£207.2bUK£244.9bUK£7.3b11x28.2x0.8x
Mon, 26 Aug 2024UK£190.5bUK£247.9bUK£7.3b11.8x26x0.8x
Wed, 24 Jul 2024UK£195.1bUK£246.8bUK£12.2b13.7x15.9x0.8x
Fri, 21 Jun 2024UK£210.9bUK£251.6bUK£12.4b13x16.9x0.8x
Sun, 19 May 2024UK£229.2bUK£250.7bUK£12.4b16.2x18.6x0.9x
Tue, 16 Apr 2024UK£214.7bUK£256.0bUK£12.8b14x16.7x0.8x
Thu, 14 Mar 2024UK£189.4bUK£249.3bUK£12.5b12.6x15.2x0.8x
Sat, 10 Feb 2024UK£187.4bUK£261.4bUK£17.9b11.2x10.5x0.7x
Mon, 08 Jan 2024UK£216.4bUK£304.1bUK£27.6b9.9x7.8x0.7x
Wed, 06 Dec 2023UK£210.0bUK£306.8bUK£27.8b9.1x7.6x0.7x
Fri, 03 Nov 2023UK£208.1bUK£314.9bUK£28.3b10.1x7.4x0.7x
Sun, 01 Oct 2023UK£210.7bUK£315.1bUK£28.3b10x7.4x0.7x
Tue, 29 Aug 2023UK£195.4bUK£306.9bUK£28.0b6.9x7x0.6x
Thu, 27 Jul 2023UK£217.8bUK£325.2bUK£38.2b7.3x5.7x0.7x
Sat, 24 Jun 2023UK£204.7bUK£330.3bUK£38.7b7.2x5.3x0.6x
Mon, 22 May 2023UK£206.6bUK£336.0bUK£39.2b8x5.3x0.6x
Wed, 19 Apr 2023UK£235.4bUK£336.7bUK£39.4b9.3x6x0.7x
Fri, 17 Mar 2023UK£213.2bUK£343.8bUK£40.7b7.1x5.2x0.6x
Price to Earnings Ratio

5.2x


Total Market Cap: UK£213.2bTotal Earnings: UK£40.7bTotal Revenue: UK£343.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 21.1x202420252026
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 32.3x which is higher than its 3-year average PE of 21.1x.
  • The 3-year average PS ratio of 0.76x 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 40% per year over the last three years,
  • Revenues have also declined 9.4% 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-5.15%
Materials-10.02%
Metals and Mining-10.07%
Aluminum0%0
Silver0%0
Steel-7.78%
Diversified Metals and Mining-8.93%
Copper-12.10%
Precious Metals and Minerals-13.68%
Gold-14.06%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 25.8x.
    • Analysts are expecting annual earnings growth of 9.8%, 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 9.8% 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£0.249.5%
+UK£13.5m		154.7%PB15.7x
KAV Kavango ResourcesUK£0.00920.0%
+UK£11.3m		44.0%PS80.4x
SML Strategic MineralsUK£0.03811.6%
+UK£10.7m		1,300.0%PE147.7x
EEE Empire MetalsUK£0.331.8%
+UK£4.3m		187.8%PB20.7x
PDL Petra DiamondsUK£0.185.9%
+UK£3.4m		-33.6%PS0.4x

Latest News

KAV
UK£0.009
Kavango Resources
7D
20.0%
1Y
44.0%
PAF
UK£1.60
Pan African Resources
7D
-12.5%
1Y
345.6%
RIO
UK£66.35
Rio Tinto Group
7D
-9.6%
1Y
37.4%
HOC
UK£6.65
Hochschild Mining
7D
-16.7%
1Y
249.7%
SML
UK£0.038
Strategic Minerals
7D
11.6%
1Y
1,300.0%
AAL
UK£31.27
Anglo American
7D
-12.9%
1Y
22.0%

AAL: Teck Merger And Production Guidance Will Drive Future Rerating

The analyst fair value estimate for Anglo American has inched up to £45.74 from £45.56, as analysts balance recent target moves between about £36.00 and £43.00 with updated views on revenue growth, profit margin prospects, and a lower future P/E assumption. Analyst Commentary Bullish analysts have been revisiting their views on Anglo American, with several recent price target moves and upgrades pointing to a more constructive stance on the shares.
FRES
UK£35.08
Fresnillo
7D
-14.9%
1Y
318.4%
ATYM
UK£8.84
Atalaya Mining Copper
7D
-12.8%
1Y
146.2%

ATYM: Equity Raise Will Support Copper Expansion And Production Upside

Analysts have nudged their fair value estimate for Atalaya Mining Copper to £11.81 from £11.64, reflecting updated assumptions on the discount rate, profit margin, revenue growth and future P/E that modestly adjust their overall price target framework. What's in the News Atalaya Mining Copper completed a follow-on equity offering of £127.3 million, issuing 12,730,000 ordinary shares at £10 per share under Regulation S with a subsequent direct listing feature.
CGO
UK£0.0097
Contango Holdings
7D
21.9%
1Y
-4.9%
PDL
UK£0.18
Petra Diamonds
7D
5.9%
1Y
-33.6%
ANTO
UK£36.62
Antofagasta
7D
-11.9%
1Y
107.1%

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.
MILA
UK£0.013
Mila Resources
7D
23.8%
1Y
477.8%
GLEN
UK£5.07
Glencore
7D
-5.2%
1Y
60.7%

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.
EEE
UK£0.33
Empire Metals
7D
1.8%
1Y
187.8%
RBW
UK£0.24
Rainbow Rare Earths
7D
9.5%
1Y
154.7%
EML
UK£0.029
Emmerson
7D
3.6%
1Y
70.6%