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

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies123
  • 7D-0.8%
  • 3M30.6%
  • 1Y51.9%
  • YTD13.7%

The Metals and Mining industry has been flat over the last week, but Glencore has lost 4.6%. The past year has been better, since the industry has gained 52% in that time. Looking forward, earnings are forecast to grow by 32% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 09 Feb 2026UK£289.5bUK£242.2bUK£5.9b22.4x49.2x1.2x
Wed, 07 Jan 2026UK£271.9bUK£244.4bUK£5.9b20.8x45.8x1.1x
Fri, 05 Dec 2025UK£235.5bUK£247.1bUK£6.0b17.4x39x1x
Sun, 02 Nov 2025UK£223.9bUK£251.2bUK£6.2b14.9x36.4x0.9x
Tue, 30 Sep 2025UK£211.3bUK£245.7bUK£6.0b14.8x35.3x0.9x
Thu, 28 Aug 2025UK£181.8bUK£244.4bUK£6.0b10.3x30.4x0.7x
Sat, 26 Jul 2025UK£183.2bUK£244.6bUK£5.9b8.8x30.9x0.7x
Mon, 23 Jun 2025UK£164.2bUK£244.4bUK£6.0b7.6x27.5x0.7x
Wed, 21 May 2025UK£173.5bUK£245.4bUK£6.0b8.8x28.7x0.7x
Fri, 18 Apr 2025UK£163.8bUK£247.7bUK£6.1b8.6x27x0.7x
Sun, 16 Mar 2025UK£183.4bUK£253.8bUK£6.2b8.8x29.4x0.7x
Tue, 11 Feb 2025UK£192.9bUK£263.8bUK£7.9b9.6x24.5x0.7x
Thu, 09 Jan 2025UK£183.7bUK£264.1bUK£7.9b9x23.3x0.7x
Sat, 07 Dec 2024UK£191.0bUK£256.3bUK£7.6b9.5x25x0.7x
Mon, 04 Nov 2024UK£197.9bUK£253.5bUK£7.6b10.7x26x0.8x
Wed, 02 Oct 2024UK£206.6bUK£246.7bUK£7.4b11x27.9x0.8x
Fri, 30 Aug 2024UK£188.9bUK£248.8bUK£7.4b11.5x25.5x0.8x
Sun, 28 Jul 2024UK£200.3bUK£246.4bUK£10.8b12.8x18.6x0.8x
Tue, 25 Jun 2024UK£209.7bUK£251.2bUK£12.4b12.6x16.9x0.8x
Thu, 23 May 2024UK£226.0bUK£250.5bUK£12.3b16.3x18.3x0.9x
Sat, 20 Apr 2024UK£213.0bUK£256.3bUK£12.6b14x16.9x0.8x
Mon, 18 Mar 2024UK£188.9bUK£250.4bUK£12.5b12.6x15.1x0.8x
Wed, 14 Feb 2024UK£188.1bUK£262.3bUK£18.0b11.4x10.5x0.7x
Fri, 12 Jan 2024UK£209.0bUK£303.3bUK£27.5b9.5x7.6x0.7x
Sun, 10 Dec 2023UK£211.8bUK£307.6bUK£27.8b9.1x7.6x0.7x
Tue, 07 Nov 2023UK£208.6bUK£310.9bUK£28.0b10.1x7.4x0.7x
Thu, 05 Oct 2023UK£208.4bUK£316.3bUK£28.4b9.5x7.3x0.7x
Sat, 02 Sep 2023UK£201.7bUK£306.9bUK£28.0b7.4x7.2x0.7x
Mon, 31 Jul 2023UK£214.5bUK£322.5bUK£33.5b8.1x6.4x0.7x
Wed, 28 Jun 2023UK£206.5bUK£329.5bUK£38.6b7.3x5.4x0.6x
Fri, 26 May 2023UK£199.9bUK£338.0bUK£39.4b7.6x5.1x0.6x
Sun, 23 Apr 2023UK£222.9bUK£336.1bUK£39.3b8.5x5.7x0.7x
Tue, 21 Mar 2023UK£220.0bUK£340.2bUK£39.8b8.6x5.5x0.6x
Thu, 16 Feb 2023UK£249.7bUK£343.8bUK£45.6b6.7x5.5x0.7x
Price to Earnings Ratio

5.5x


Total Market Cap: UK£249.7bTotal Earnings: UK£45.6bTotal Revenue: UK£343.8bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 20.1x202420252026
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 49.2x which is higher than its 3-year average PE of 20.1x.
  • The 3-year average PS ratio of 0.75x 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 49% per year over the last three years,
  • Revenues have also declined 11% 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 Market0.18%
Materials-0.61%
Metals and Mining-0.84%
Gold2.04%
Precious Metals and Minerals1.83%
Steel0.39%
Aluminum0%0
Silver0%0
Diversified Metals and Mining-0.98%
Copper-1.79%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 19.6x.
    • Analysts are expecting annual earnings growth of 34.6%, which is higher than its past year's earnings decline of 12.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 43% 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 11% 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£68.430.6%
+UK£666.3m		36.4%PE14.7x
FRES FresnilloUK£36.940.7%
+UK£191.6m		360.6%PE81.3x
PAF Pan African ResourcesUK£1.374.6%
+UK£121.6m		258.2%PE26.8x
TUN Tungsten WestUK£0.2928.3%
+UK£78.6m		778.8%PE-5.2x
MTL Metals ExplorationUK£0.167.7%
+UK£34.0m		180.9%PS3x

Latest News

KOD
UK£0.0039
Kodal Minerals
7D
-15.0%
1Y
-1.5%
FRES
UK£36.94
Fresnillo
7D
0.7%
1Y
360.6%

FRES: Higher Revenue Hopes Will Likely Mask Growing Execution Risk

Analysts have lifted their fair value estimate for Fresnillo from £16.62 to £21.99 per share, reflecting updated assumptions around higher revenue growth, slightly stronger profit margins, a lower future P/E multiple, and recent mixed but generally higher Street price targets. Analyst Commentary Recent Street research on Fresnillo has sent mixed signals, with several firms adjusting price targets in different directions and one downgrade in the mix.
AAL
UK£34.35
Anglo American
7D
-0.4%
1Y
20.9%
PAF
UK£1.37
Pan African Resources
7D
4.6%
1Y
258.2%
TUN
UK£0.29
Tungsten West
7D
28.3%
1Y
778.8%
GLEN
UK£4.78
Glencore
7D
-4.6%
1Y
33.0%
ATYM
UK£9.18
Atalaya Mining Copper
7D
-7.6%
1Y
132.1%

ATYM: Future Equity Raise Will Support Copper Expansion And Margin Stability

Analysts have lifted their price target for Atalaya Mining Copper from €10.65 to about €11.19, citing updated assumptions around discount rates, revenue trends, profit margins and future P/E multiples. 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.
RIO
UK£68.43
Rio Tinto Group
7D
0.6%
1Y
36.4%

RIO: Potential Glencore Deal And Asset Sales Will Drive Future Upside

The latest Narrative Update on Rio Tinto Group reflects a higher implied fair value of about $83.33 per share, up from roughly $74.17, as analysts adjust their price targets to account for tweaked discount rates, slightly stronger revenue growth and profit margin assumptions, and a higher future P/E multiple. Analyst Commentary Recent Street research on Rio Tinto Group has been mixed, but there are several clear positives that bullish analysts are highlighting when they adjust their models and targets.
ANTO
UK£35.81
Antofagasta
7D
-1.6%
1Y
95.1%

ANTO: Project Execution Risks Likely To Challenge Rich Copper Earnings Expectations

The analyst price target for Antofagasta has been lifted to a new fair value estimate of £21.04 from £18.96 as analysts factor in higher assumed revenue growth, stronger profit margins, and a lower future P/E multiple supported by recent target hikes and rating changes across major banks. Analyst Commentary Recent Street research on Antofagasta points to a mix of optimism on growth projects and caution on how much of that potential is already reflected in the share price.
HOC
UK£6.60
Hochschild Mining
7D
0.6%
1Y
246.0%

Hochschild Mining plc (LON:HOC) Looks Just Right With A 38% Price Jump

Feb 01
Hochschild Mining plc (LON:HOC) Looks Just Right With A 38% Price Jump
SML
UK£0.035
Strategic Minerals
7D
40.0%
1Y
1,455.6%
ALTN
UK£14.40
AltynGold
7D
-2.4%
1Y
363.0%

Market Might Still Lack Some Conviction On AltynGold plc (LON:ALTN) Even After 26% Share Price Boost

Jan 27
Market Might Still Lack Some Conviction On AltynGold plc (LON:ALTN) Even After 26% Share Price Boost
PRE
UK£0.97
Pensana
7D
-5.8%
1Y
277.4%
FXPO
UK£0.71
Ferrexpo
7D
-5.5%
1Y
-24.0%
TIN
UK£1.40
Cornish Metals
7D
15.2%
1Y
68.7%
MTL
UK£0.16
Metals Exploration
7D
7.7%
1Y
180.9%