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

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies123
  • 7D5.1%
  • 3M11.6%
  • 1Y93.5%
  • YTD22.6%

In the last week, the Metals and Mining industry is up 5.1%, with Antofagasta up 13%. In the same time, Pensana was down 6.2%. This takes the industry's 12 month performance to a gain of 93%. 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
Wed, 15 Apr 2026UK£312.5bUK£253.6bUK£8.5b21.9x36.8x1.2x
Fri, 13 Mar 2026UK£293.4bUK£257.6bUK£8.9b21x32.9x1.1x
Sun, 08 Feb 2026UK£289.5bUK£242.2bUK£5.9b22.4x49.2x1.2x
Tue, 06 Jan 2026UK£264.0bUK£243.8bUK£5.9b20.5x44.6x1.1x
Thu, 04 Dec 2025UK£233.5bUK£247.5bUK£6.1b17.3x38.6x0.9x
Sat, 01 Nov 2025UK£223.9bUK£251.2bUK£6.2b14.9x36.4x0.9x
Mon, 29 Sep 2025UK£207.6bUK£246.2bUK£6.0b13.7x34.6x0.8x
Wed, 27 Aug 2025UK£182.1bUK£244.6bUK£5.9b10.4x30.6x0.7x
Fri, 25 Jul 2025UK£184.9bUK£243.3bUK£5.9b9x31.4x0.8x
Sun, 22 Jun 2025UK£164.2bUK£244.4bUK£6.0b7.6x27.5x0.7x
Tue, 20 May 2025UK£172.1bUK£245.9bUK£6.1b8.7x28.4x0.7x
Thu, 17 Apr 2025UK£163.8bUK£248.2bUK£6.1b9x26.9x0.7x
Sat, 15 Mar 2025UK£183.4bUK£253.8bUK£6.2b8.8x29.4x0.7x
Mon, 10 Feb 2025UK£191.9bUK£263.2bUK£7.8b9.6x24.5x0.7x
Wed, 08 Jan 2025UK£182.1bUK£261.3bUK£7.8b9.1x23.4x0.7x
Fri, 06 Dec 2024UK£191.3bUK£256.1bUK£7.6b9.6x25x0.7x
Sun, 03 Nov 2024UK£197.9bUK£253.5bUK£7.6b10.7x26x0.8x
Tue, 01 Oct 2024UK£206.9bUK£245.1bUK£7.4b10.8x28.1x0.8x
Thu, 29 Aug 2024UK£188.5bUK£248.4bUK£7.3b11.4x25.7x0.8x
Sat, 27 Jul 2024UK£200.3bUK£246.4bUK£10.8b12.8x18.6x0.8x
Mon, 24 Jun 2024UK£208.5bUK£251.9bUK£12.4b12.8x16.7x0.8x
Wed, 22 May 2024UK£231.1bUK£250.6bUK£12.3b16.4x18.7x0.9x
Fri, 19 Apr 2024UK£213.0bUK£256.3bUK£12.6b14x16.9x0.8x
Sun, 17 Mar 2024UK£188.9bUK£250.4bUK£12.5b12.6x15.1x0.8x
Tue, 13 Feb 2024UK£189.7bUK£261.5bUK£17.9b11.2x10.6x0.7x
Thu, 11 Jan 2024UK£210.1bUK£303.8bUK£27.5b9.9x7.6x0.7x
Sat, 09 Dec 2023UK£211.8bUK£307.9bUK£27.8b9.1x7.6x0.7x
Mon, 06 Nov 2023UK£208.5bUK£311.3bUK£28.0b10.2x7.4x0.7x
Wed, 04 Oct 2023UK£208.4bUK£317.4bUK£28.5b9.6x7.3x0.7x
Fri, 01 Sep 2023UK£198.9bUK£305.4bUK£27.9b7.1x7.1x0.7x
Sun, 30 Jul 2023UK£214.5bUK£322.5bUK£33.5b8.1x6.4x0.7x
Tue, 27 Jun 2023UK£206.1bUK£330.0bUK£38.6b7.3x5.3x0.6x
Thu, 25 May 2023UK£199.9bUK£338.0bUK£39.4b7.6x5.1x0.6x
Sat, 22 Apr 2023UK£222.9bUK£336.7bUK£39.4b8.5x5.7x0.7x
Price to Earnings Ratio

5.7x


Total Market Cap: UK£222.9bTotal Earnings: UK£39.4bTotal Revenue: UK£336.7bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 22x202420252026
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 36.8x which is higher than its 3-year average PE of 22.0x.
  • 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 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 Market2.94%
Materials5.17%
Metals and Mining5.15%
Copper12.52%
Gold11.90%
Steel11.71%
Precious Metals and Minerals8.21%
Diversified Metals and Mining3.22%
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
ANTO AntofagastaUK£38.7512.7%
+UK£4.3b		152.2%PE39x
AAL Anglo AmericanUK£35.759.3%
+UK£3.3b		55.0%PS2.8x
RIO Rio Tinto GroupUK£73.102.7%
+UK£3.1b		67.9%PE16.2x
FRES FresnilloUK£36.919.6%
+UK£2.4b		248.9%PE26.7x
GLEN GlencoreUK£5.630.8%
+UK£538.9m		119.8%PE246.3x

Latest News

CTL
UK£0.07
CleanTech Lithium
7D
-14.6%
1Y
-24.3%
RIO
UK£73.10
Rio Tinto Group
7D
2.7%
1Y
67.9%

RIO: Cautious Tone Will Tighten As Copper And Iron Ore Risks Deepen

Analysts have slightly lowered the fair value estimate for Rio Tinto Group to £57.66 from £58.52, reflecting updated price targets that balance higher revenue and margin assumptions with a modestly higher discount rate and P/E expectations highlighted in recent research. Analyst Commentary Recent Street research on Rio Tinto Group reflects a mix of upgraded and downgraded views, with some firms lifting price targets while others trim expectations or move to more neutral stances.
ANTO
UK£38.75
Antofagasta
7D
12.7%
1Y
152.2%

ANTO: Copper Price Strength Will Support Medium Term Earnings Power

Antofagasta's analyst price target has been revised slightly lower to reflect a modest trim in fair value to £46.99 from £47.82, as analysts balance recent target increases and upgrades with more cautious moves around discount rates, profit margins and future P/E assumptions. Analyst Commentary Recent Street research on Antofagasta shows a mix of raised and trimmed price targets, alongside both upgrades and downgrades.
HILS
UK£23.80
Hill & Smith
7D
11.0%
1Y
39.3%
HOC
UK£6.84
Hochschild Mining
7D
13.7%
1Y
125.3%
GLEN
UK£5.63
Glencore
7D
0.8%
1Y
119.8%

GLEN: Fair Outlook Weighs Ended Megamerger Talks And Mixed Earnings Expectations

The analyst price target for Glencore has been revised higher, with recent moves such as Morgan Stanley’s £0.40 increase and several other target lifts pointing to analysts factoring in slightly stronger revenue growth, modestly higher profit margins and a marginally richer future P/E assumption, despite a higher discount rate. Analyst Commentary Recent research on Glencore shows a mix of optimism and caution, with several target changes and rating adjustments reflecting differing views on how execution, commodity exposure and capital allocation might influence the share price over time.
AAL
UK£35.75
Anglo American
7D
9.3%
1Y
55.0%

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£1.63
Pan African Resources
7D
11.0%
1Y
239.8%

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.
CAML
UK£1.55
Central Asia Metals
7D
-4.1%
1Y
-2.4%

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.
CRCL
UK£0.0047
Corcel
7D
-3.1%
1Y
221.9%

We're Keeping An Eye On Corcel's (LON:CRCL) Cash Burn Rate

Apr 01
We're Keeping An Eye On Corcel's (LON:CRCL) Cash Burn Rate
EML
UK£0.024
Emmerson
7D
-4.1%
1Y
54.1%
FRES
UK£36.91
Fresnillo
7D
9.6%
1Y
248.9%
WSBN
UK£0.32
Wishbone Gold
7D
-11.0%
1Y
122.5%
EMH
UK£0.15
European Metals Holdings
7D
-3.5%
1Y
38.6%
PRE
UK£0.85
Pensana
7D
-6.2%
1Y
136.0%
ZIOC
UK£0.053
Zanaga Iron Ore
7D
-4.0%
1Y
-22.4%