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

UpdatedMar 30, 2026
DataAggregated Company Financials
Companies123
  • 7D4.3%
  • 3M11.3%
  • 1Y58.8%
  • YTD9.4%

In the last week, the Metals and Mining industry is up 4.3%, with Rio Tinto Group up 6.2%. During this same period, the Antofagasta underperformed, falling 6.3%. In the last 12 months, the industry was up 59%. 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
Mon, 30 Mar 2026UK£277.9bUK£259.1bUK£8.7b19.4x31.9x1.1x
Wed, 25 Feb 2026UK£313.3bUK£253.8bUK£7.9b21.9x39.6x1.2x
Fri, 23 Jan 2026UK£286.1bUK£244.5bUK£5.9b20.3x48.2x1.2x
Sun, 21 Dec 2025UK£245.9bUK£246.6bUK£6.0b17.1x41x1x
Tue, 18 Nov 2025UK£222.1bUK£250.4bUK£6.1b14.2x36.3x0.9x
Thu, 16 Oct 2025UK£221.8bUK£246.5bUK£6.0b15.7x36.8x0.9x
Sat, 13 Sep 2025UK£192.0bUK£243.3bUK£5.9b11.6x32.5x0.8x
Mon, 11 Aug 2025UK£178.7bUK£244.5bUK£5.8b10.7x30.6x0.7x
Wed, 09 Jul 2025UK£173.2bUK£241.8bUK£5.9b8.2x29.6x0.7x
Fri, 06 Jun 2025UK£176.9bUK£242.2bUK£5.9b9.9x29.9x0.7x
Sun, 04 May 2025UK£167.9bUK£247.5bUK£6.1b8.4x27.6x0.7x
Tue, 01 Apr 2025UK£171.4bUK£254.3bUK£6.2b8.3x27.5x0.7x
Thu, 27 Feb 2025UK£183.2bUK£258.1bUK£6.3b8.9x29x0.7x
Sat, 25 Jan 2025UK£192.5bUK£261.4bUK£7.8b9.4x24.7x0.7x
Mon, 23 Dec 2024UK£180.5bUK£259.7bUK£7.7b9.4x23.3x0.7x
Wed, 20 Nov 2024UK£189.3bUK£258.3bUK£7.7b10.5x24.5x0.7x
Fri, 18 Oct 2024UK£195.6bUK£251.7bUK£7.5b10.6x25.9x0.8x
Sun, 15 Sep 2024UK£183.4bUK£249.6bUK£7.5b10.6x24.4x0.7x
Tue, 13 Aug 2024UK£192.9bUK£256.4bUK£7.7b11.2x25.2x0.8x
Thu, 11 Jul 2024UK£212.4bUK£247.9bUK£12.3b13.1x17.3x0.9x
Sat, 08 Jun 2024UK£212.4bUK£250.4bUK£12.4b14.7x17.2x0.8x
Mon, 06 May 2024UK£217.1bUK£254.0bUK£12.5b14.4x17.3x0.9x
Wed, 03 Apr 2024UK£200.2bUK£253.5bUK£12.7b13.2x15.8x0.8x
Fri, 01 Mar 2024UK£183.0bUK£252.5bUK£12.6b10.8x14.5x0.7x
Sun, 28 Jan 2024UK£209.5bUK£304.5bUK£27.6b9.6x7.6x0.7x
Tue, 26 Dec 2023UK£221.4bUK£304.6bUK£27.6b10.4x8x0.7x
Thu, 23 Nov 2023UK£213.8bUK£309.3bUK£27.9b10.3x7.7x0.7x
Sat, 21 Oct 2023UK£198.8bUK£316.1bUK£28.4b9.9x7x0.6x
Mon, 18 Sep 2023UK£213.1bUK£310.9bUK£28.1b7x7.6x0.7x
Wed, 16 Aug 2023UK£192.6bUK£304.2bUK£27.8b7.4x6.9x0.6x
Fri, 14 Jul 2023UK£215.7bUK£320.8bUK£37.7b7.2x5.7x0.7x
Sun, 11 Jun 2023UK£211.4bUK£333.0bUK£38.9b7.6x5.4x0.6x
Tue, 09 May 2023UK£211.3bUK£331.7bUK£38.8b8.4x5.4x0.6x
Thu, 06 Apr 2023UK£220.3bUK£335.6bUK£39.3b8.7x5.6x0.7x
Price to Earnings Ratio

5.6x


Total Market Cap: UK£220.3bTotal Earnings: UK£39.3bTotal Revenue: UK£335.6bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 21.5x202420252026
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 31.9x which is higher than its 3-year average PE of 21.5x.
  • The 3-year average PS ratio of 0.77x 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 39% per year over the last three years,
  • Revenues have also declined 8.3% 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 Market0.41%
Materials4.32%
Metals and Mining4.31%
Diversified Metals and Mining4.58%
Copper3.78%
Gold3.51%
Precious Metals and Minerals1.14%
Aluminum0%0
Silver0%0
Steel-0.44%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 26.2x.
    • Analysts are expecting annual earnings growth of 10.8%, 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 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£67.726.2%
+UK£6.5b		47.7%PE14.6x
GLEN GlencoreUK£5.547.4%
+UK£4.4b		97.5%PE236.3x
AAL Anglo AmericanUK£30.932.2%
+UK£728.6m		27.0%PS2.4x
PAF Pan African ResourcesUK£1.346.8%
+UK£174.3m		216.1%PE14.9x
GMET Guardian Metal ResourcesUK£2.5825.9%
+UK£109.1m		448.9%PB19.1x

Latest News

RIO
UK£67.72
Rio Tinto Group
7D
6.2%
1Y
47.7%
ANTO
UK£31.61
Antofagasta
7D
-6.3%
1Y
89.5%

Antofagasta plc (LON:ANTO) Full-Year Results: Here's What Analysts Are Forecasting For This Year

Mar 29
Antofagasta plc (LON:ANTO) Full-Year Results: Here's What Analysts Are Forecasting For This Year
GLEN
UK£5.54
Glencore
7D
7.4%
1Y
97.5%

GLEN: Fair Outlook Balances Ended Megamerger Talks And Evolving Earnings Expectations

Glencore's analyst price target has shifted within a relatively tight range, with moves such as JPMorgan trimming its view to £4.60 and Berenberg nudging its target to £6.00. Analysts are reassessing fair value using slightly lower discount rates, modestly different revenue growth assumptions, and small adjustments to expected profit margins and future P/E.
SML
UK£0.041
Strategic Minerals
7D
-24.1%
1Y
951.3%
GMET
UK£2.58
Guardian Metal Resources
7D
25.9%
1Y
448.9%
HILS
UK£20.80
Hill & Smith
7D
-1.4%
1Y
19.1%

HILS: Capital Deployment And Dividend Commitment Will Support Future Upside

Analysts have raised their price target on Hill & Smith shares from £26.25 to £29.30, reflecting updated assumptions for revenue growth, profit margins and expected P/E levels. Analyst Commentary Recent research points to a more optimistic stance on Hill & Smith, with bullish analysts updating their assumptions around revenue, margins and the P/E level they are willing to apply to the shares.
KMR
UK£1.94
Kenmare Resources
7D
-11.8%
1Y
-49.7%
ATYM
UK£6.82
Atalaya Mining Copper
7D
-4.6%
1Y
105.7%

We Think That There Are Issues Underlying Atalaya Mining Copper's (LON:ATYM) Earnings

Mar 26
We Think That There Are Issues Underlying Atalaya Mining Copper's (LON:ATYM) Earnings
HOC
UK£5.66
Hochschild Mining
7D
1.5%
1Y
113.8%

HOC: Higher Margins And 2026 Production Guidance Will Support Bullish Repricing

The updated analyst price target for Hochschild Mining rises by £0.32, supported by analysts citing a higher assumed profit margin and a lower future P/E multiple, while they also apply a slightly higher discount rate and temper revenue growth assumptions. Analyst Commentary Recent Street research on Hochschild Mining shows a series of price target changes and rating shifts that give you a sense of how views are evolving around valuation, growth prospects and execution risk.
AAL
UK£30.93
Anglo American
7D
2.2%
1Y
27.0%
CAPD
UK£1.15
Capital
7D
-9.8%
1Y
93.0%
PAF
UK£1.34
Pan African Resources
7D
6.8%
1Y
216.1%

PAF: Production Delivery And Earnings Momentum Will Support Re Rating Potential

Analysts have slightly trimmed their fair value estimate for Pan African Resources, reflecting a modest reduction in the price target to £1.81 from £1.90, as they factor in updated assumptions for discount rate, growth and profitability. Analyst Commentary Bullish Takeaways Bullish analysts still see upside potential to their revised £1.81 fair value, suggesting that, despite a slightly lower target, the shares are not viewed as fully pricing in the company’s execution prospects.
FRES
UK£31.74
Fresnillo
7D
0.2%
1Y
239.1%
FXPO
UK£0.48
Ferrexpo
7D
-3.6%
1Y
-13.2%
TUN
UK£0.35
Tungsten West
7D
21.2%
1Y
879.3%
PRE
UK£0.89
Pensana
7D
-7.9%
1Y
301.8%