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

UpdatedApr 14, 2026
DataAggregated Company Financials
Companies123
  • 7D3.5%
  • 3M12.5%
  • 1Y92.5%
  • YTD21.3%

In the last week, the Metals and Mining industry is up 4.0%, with Rio Tinto Group leading the way, up 3.0%. During this same period, the Guardian Metal Resources underperformed, falling 7.0%. This takes the industry's 12 month performance to a gain of 95%. 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
Tue, 14 Apr 2026UK£308.8bUK£254.7bUK£8.5b21.7x36.2x1.2x
Thu, 12 Mar 2026UK£294.4bUK£256.2bUK£8.8b21.5x33.4x1.1x
Sat, 07 Feb 2026UK£289.5bUK£242.4bUK£5.9b22.4x49.2x1.2x
Mon, 05 Jan 2026UK£256.5bUK£245.1bUK£5.9b19.5x43.1x1x
Wed, 03 Dec 2025UK£227.8bUK£250.3bUK£6.1b16.8x37.2x0.9x
Fri, 31 Oct 2025UK£224.8bUK£251.0bUK£6.1b14.7x36.6x0.9x
Sun, 28 Sep 2025UK£207.6bUK£246.2bUK£6.0b13.7x34.6x0.8x
Tue, 26 Aug 2025UK£181.3bUK£244.0bUK£5.9b10.5x30.6x0.7x
Thu, 24 Jul 2025UK£185.8bUK£242.0bUK£5.9b9x31.7x0.8x
Sat, 21 Jun 2025UK£164.2bUK£244.4bUK£6.0b7.6x27.5x0.7x
Mon, 19 May 2025UK£172.9bUK£247.5bUK£6.1b8.7x28.4x0.7x
Wed, 16 Apr 2025UK£163.4bUK£248.4bUK£6.1b9x26.9x0.7x
Fri, 14 Mar 2025UK£179.4bUK£253.7bUK£6.2b8.6x28.8x0.7x
Sun, 09 Feb 2025UK£191.9bUK£263.2bUK£7.8b9.6x24.5x0.7x
Tue, 07 Jan 2025UK£184.0bUK£260.7bUK£7.8b9.1x23.7x0.7x
Thu, 05 Dec 2024UK£192.9bUK£257.0bUK£7.7b9.6x25.2x0.8x
Sat, 02 Nov 2024UK£197.9bUK£253.5bUK£7.6b10.7x26x0.8x
Mon, 30 Sep 2024UK£207.2bUK£244.9bUK£7.3b11x28.2x0.8x
Wed, 28 Aug 2024UK£192.0bUK£246.9bUK£7.3b11.4x26.3x0.8x
Fri, 26 Jul 2024UK£196.9bUK£247.7bUK£12.3b13.7x16x0.8x
Sun, 23 Jun 2024UK£208.5bUK£251.9bUK£12.4b12.8x16.7x0.8x
Tue, 21 May 2024UK£231.2bUK£250.7bUK£12.3b16.3x18.7x0.9x
Thu, 18 Apr 2024UK£212.3bUK£255.9bUK£12.8b13.4x16.6x0.8x
Sat, 16 Mar 2024UK£188.9bUK£250.4bUK£12.5b12.6x15.1x0.8x
Mon, 12 Feb 2024UK£187.4bUK£261.4bUK£17.9b11.2x10.5x0.7x
Wed, 10 Jan 2024UK£212.3bUK£304.1bUK£27.6b9.7x7.7x0.7x
Fri, 08 Dec 2023UK£215.5bUK£307.0bUK£27.8b9.1x7.8x0.7x
Sun, 05 Nov 2023UK£208.5bUK£311.3bUK£28.0b10.2x7.4x0.7x
Tue, 03 Oct 2023UK£211.0bUK£316.7bUK£28.4b9.7x7.4x0.7x
Thu, 31 Aug 2023UK£200.5bUK£304.2bUK£27.8b7x7.2x0.7x
Sat, 29 Jul 2023UK£214.4bUK£322.3bUK£33.4b8.1x6.4x0.7x
Mon, 26 Jun 2023UK£204.7bUK£329.8bUK£38.6b7.3x5.3x0.6x
Wed, 24 May 2023UK£204.2bUK£336.6bUK£39.3b7.9x5.2x0.6x
Fri, 21 Apr 2023UK£231.6bUK£336.0bUK£39.3b9.1x5.9x0.7x
Price to Earnings Ratio

5.9x


Total Market Cap: UK£231.6bTotal Earnings: UK£39.3bTotal Revenue: UK£336.0bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 21.9x202420252026
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 36.2x which is higher than its 3-year average PE of 21.9x.
  • The 3-year average PS ratio of 0.78x 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 40% per year over the last three years,
  • Revenues have also declined 8.7% 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 Market1.71%
Materials3.51%
Metals and Mining3.53%
Copper8.84%
Steel8.77%
Precious Metals and Minerals7.67%
Gold6.20%
Diversified Metals and Mining2.65%
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 26.5x.
    • Analysts are expecting annual earnings growth of 10.3%, 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 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 10% 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£73.163.0%
+UK£3.5b		68.5%PE16.1x
ANTO AntofagastaUK£37.689.0%
+UK£3.1b		148.2%PE37.8x
AAL Anglo AmericanUK£35.066.0%
+UK£2.1b		55.4%PS2.7x
FRES FresnilloUK£35.242.6%
+UK£648.5m		245.5%PE25.3x
HOC Hochschild MiningUK£6.586.6%
+UK£208.4m		116.6%PE22.6x

Latest News

TIN
UK£1.11
Cornish Metals
7D
-3.5%
1Y
44.9%
HILS
UK£23.30
Hill & Smith
7D
7.6%
1Y
39.0%
HOC
UK£6.58
Hochschild Mining
7D
6.6%
1Y
116.6%
CTL
UK£0.075
CleanTech Lithium
7D
-11.8%
1Y
-16.7%
ANTO
UK£37.68
Antofagasta
7D
9.0%
1Y
148.2%
AAL
UK£35.06
Anglo American
7D
6.0%
1Y
55.4%

AAL: Teck Merger And Revised Production Guidance Will Support Future Rerating

The updated analyst work on Anglo American nudges the fair value estimate up by about £0.33 per share to £46.07, as analysts factor in higher projected revenue growth, a slightly lower profit margin, a modestly lower future P/E and a higher discount rate, set against a mixed series of recent price target changes across the Street. Analyst Commentary Recent Street research around Anglo American presents a mixed picture, with some caution from large global banks sitting alongside more optimistic views from bullish analysts who see value support and potential upside tied to execution and corporate actions.
PAF
UK£1.56
Pan African Resources
7D
5.8%
1Y
226.6%

PAF: Production Delivery And Higher Quality Earnings Will Support Re Rating Potential

Analysts have trimmed their fair value estimate for Pan African Resources from about £1.75 to roughly £1.71 per share, reflecting a slightly higher discount rate, modestly softer revenue growth assumptions and a lower projected profit margin, even though the future P/E expectation edges up. Analyst Commentary Recent Street research on Pan African Resources points to a mix of optimism and caution, with price targets adjusted and underlying assumptions refined rather than completely overhauled.
ATYM
UK£8.06
Atalaya Mining Copper
7D
8.3%
1Y
141.9%

ATYM: Equity Raise And Dividend Will Support Future Copper Output

The analyst price target for Atalaya Mining Copper has been reset from £12.56 to £10.75. Analysts attribute this change to updated assumptions on revenue growth, profit margins and future P/E as the key drivers.
CAML
UK£1.53
Central Asia Metals
7D
-7.9%
1Y
-1.0%

CAML: Higher Profit Margins And Cash Returns Will Support Bullish Re Rating Potential

Analysts have trimmed their price target on Central Asia Metals to £2.40 from £2.45, citing updated assumptions that combine a lower revenue growth outlook, higher expected profit margins, and a reduced future P/E multiple. Analyst Commentary Even with a trimmed price target to £2.40, analyst commentary still highlights areas where Central Asia Metals could appeal to investors who are comfortable with the risks of the sector and the company’s specific profile.
RIO
UK£73.16
Rio Tinto Group
7D
3.0%
1Y
68.5%

RIO: Cautious Outlook As Copper And Iron Ore Assumptions Turn More Conservative

Analysts have raised the fair value estimate for Rio Tinto Group to £58.52 from £41.00. This change reflects updated views on revenue growth, profit margins and sector valuation following a series of mixed price target revisions and rating downgrades across the Street.
GMET
UK£2.65
Guardian Metal Resources
7D
-7.0%
1Y
565.8%
KP2
UK£0.032
Kore Potash
7D
-1.6%
1Y
63.6%
FRES
UK£35.24
Fresnillo
7D
2.6%
1Y
245.5%
TMR
UK£0.044
Tamar Minerals
7D
-8.3%
1Y
n/a
IMC
UK£0.016
IMC Exploration Group
7D
-11.1%
1Y
190.9%
80M
UK£0.0098
80 Mile
7D
-5.8%
1Y
284.3%