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

UpdatedJun 29, 2026
DataAggregated Company Financials
Companies125
  • 7D-4.2%
  • 3M4.6%
  • 1Y76.5%
  • YTD16.5%

Over the last 7 days, the Metals and Mining industry has dropped 4.2%, driven by declines in Rio Tinto Group and Glencore of 4.6% and 7.9%, respectively. Meanwhile, Empire Metals actually outperformed within the industry, gaining 7.0% in the last week. In the past year, the industry has gained 77%. 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, 29 Jun 2026UK£297.5bUK£260.6bUK£8.8b16.8x33.8x1.1x
Wed, 27 May 2026UK£328.0bUK£255.8bUK£8.6b19.4x38.1x1.3x
Fri, 24 Apr 2026UK£313.1bUK£255.4bUK£8.5b18.7x36.7x1.2x
Sun, 22 Mar 2026UK£267.1bUK£257.9bUK£8.8b16.5x30.2x1x
Tue, 17 Feb 2026UK£300.5bUK£242.0bUK£5.9b21.8x51.1x1.2x
Thu, 15 Jan 2026UK£280.2bUK£245.3bUK£6.0b20.6x47.1x1.1x
Sat, 13 Dec 2025UK£235.9bUK£247.2bUK£6.0b17.4x39.1x1x
Mon, 10 Nov 2025UK£216.5bUK£250.7bUK£6.1b14.8x35.3x0.9x
Wed, 08 Oct 2025UK£213.6bUK£245.9bUK£6.0b15.1x35.5x0.9x
Fri, 05 Sep 2025UK£185.2bUK£245.5bUK£6.0b11.5x31.1x0.8x
Sun, 03 Aug 2025UK£173.7bUK£247.4bUK£6.2b9.4x28.1x0.7x
Tue, 01 Jul 2025UK£166.9bUK£239.5bUK£5.8b7.8x28.6x0.7x
Thu, 29 May 2025UK£171.8bUK£244.1bUK£5.9b9.7x29x0.7x
Sat, 26 Apr 2025UK£170.2bUK£246.7bUK£6.0b8.5x28.2x0.7x
Mon, 24 Mar 2025UK£179.3bUK£254.2bUK£6.3b8.6x28.6x0.7x
Wed, 19 Feb 2025UK£192.1bUK£258.9bUK£7.7b9.4x25x0.7x
Fri, 17 Jan 2025UK£190.3bUK£266.7bUK£8.0b9.3x23.9x0.7x
Sun, 15 Dec 2024UK£189.5bUK£258.8bUK£7.7b9.3x24.6x0.7x
Tue, 12 Nov 2024UK£190.6bUK£254.6bUK£7.6b9.7x25x0.7x
Thu, 10 Oct 2024UK£198.5bUK£250.8bUK£7.5b10.7x26.4x0.8x
Sat, 07 Sep 2024UK£175.0bUK£249.4bUK£7.5b9.9x23.4x0.7x
Mon, 05 Aug 2024UK£193.5bUK£248.0bUK£11.4b11.6x17x0.8x
Wed, 03 Jul 2024UK£209.4bUK£250.9bUK£12.5b12.9x16.8x0.8x
Fri, 31 May 2024UK£219.0bUK£250.1bUK£12.3b15.9x17.8x0.9x
Sun, 28 Apr 2024UK£219.2bUK£255.0bUK£12.6b14.4x17.4x0.9x
Tue, 26 Mar 2024UK£192.8bUK£252.3bUK£12.6b12.2x15.3x0.8x
Thu, 22 Feb 2024UK£185.7bUK£261.5bUK£17.3b10.9x10.7x0.7x
Sat, 20 Jan 2024UK£202.4bUK£304.5bUK£27.6b9.5x7.3x0.7x
Mon, 18 Dec 2023UK£216.1bUK£305.0bUK£27.6b9.7x7.8x0.7x
Wed, 15 Nov 2023UK£208.5bUK£309.0bUK£27.9b10x7.5x0.7x
Fri, 13 Oct 2023UK£206.9bUK£315.6bUK£28.3b9.6x7.3x0.7x
Sun, 10 Sep 2023UK£197.7bUK£309.6bUK£28.0b7.3x7.1x0.6x
Tue, 08 Aug 2023UK£207.5bUK£324.0bUK£33.5b7.5x6.2x0.6x
Thu, 06 Jul 2023UK£208.8bUK£330.2bUK£38.7b7.7x5.4x0.6x
Price to Earnings Ratio

5.4x


Total Market Cap: UK£208.8bTotal Earnings: UK£38.7bTotal Revenue: UK£330.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 24.1x202420252026
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 33.8x which is higher than its 3-year average PE of 24.1x.
  • The 3-year average PS ratio of 0.82x 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 7.6% 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 Market1.14%
Materials-4.09%
Metals and Mining-4.18%
Aluminum0%0
Silver0%0
Copper-2.31%
Steel-3.46%
Diversified Metals and Mining-4.50%
Precious Metals and Minerals-4.55%
Gold-6.38%
Industry PE
  • Investors are most optimistic about the Copper industry which is trading above its 3-year average PE ratio of 28.4x.
    • Analysts are expecting annual earnings growth of 16.0%, which is lower than the prior year's growth of 49.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 39% over the next 5 years.
  • However this is lower than its past earnings growth rate of 228% per year.
  • In contrast, the Steel 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
EEE Empire MetalsUK£0.4517.0%
+UK£46.2m		67.5%PB18.6x
PRE PensanaUK£0.832.2%
+UK£6.1m		37.0%PB4.3x
PAT Panthera ResourcesUK£0.2112.0%
+UK£6.0m		74.7%PB20.3x
BZT Bezant ResourcesUK£0.00157.1%
+UK£2.2m		316.7%PE9x
LEX Lexington GoldUK£0.03216.4%
+UK£2.1m		-14.7%PB1.4x

Latest News

ATYM
UK£7.85
Atalaya Mining Copper
7D
-7.3%
1Y
72.8%
RIO
UK£70.76
Rio Tinto Group
7D
-5.8%
1Y
66.7%
SAV
UK£0.063
Savannah Resources
7D
0.8%
1Y
77.5%
KOD
UK£0.0031
Kodal Minerals
7D
1.7%
1Y
10.9%
HOC
UK£4.76
Hochschild Mining
7D
-13.4%
1Y
86.2%
Narrative Update • Jun 25

HOC: Revised Earnings Assumptions Will Support Bullish Repricing Potential

Analysts have modestly reduced their price target on Hochschild Mining to £8.12 from £8.13, reflecting updated assumptions on the discount rate, revenue, profit margins and future P/E after recent cuts to price targets from the Street. Analyst Commentary Street research on Hochschild Mining has focused on how recent target price changes feed into views on valuation, execution risk and growth potential, rather than on a single clear-cut direction for the stock.
ANTO
UK£37.47
Antofagasta
7D
-5.3%
1Y
107.1%
Narrative Update • Jun 23

ANTO: Rising Execution Risks Will Likely Cap Copper Upside Potential

Antofagasta's updated fair value estimate has risen from £23.50 to £26.50 per share. This reflects analysts' higher price targets and assumptions for stronger top line growth, offset by slightly lower profit margins and a higher future P/E multiple.
EEE
UK£0.45
Empire Metals
7D
17.0%
1Y
67.5%
GLEN
UK£5.11
Glencore
7D
-8.6%
1Y
80.2%
New Narrative • Jun 19

Copper Expansion And Political Risks Will Reshape Long Term Earnings Profile

Catalysts About Glencore Glencore is a diversified natural resources group involved in mining, processing and marketing of metals, energy products and other commodities. What are the underlying business or industry changes driving this perspective?
PAF
UK£0.98
Pan African Resources
7D
-9.9%
1Y
115.1%
Narrative Update • Jun 18

PAF: Future Gold Production Guidance Will Support Premium Re Rating Potential

Analysts have trimmed their price target for Pan African Resources, with the headline cut of £0.16 reflecting updated assumptions around fair value, discount rate, revenue growth, profit margins and future P/E multiples. What's in the News for Pan African Resources Pan African Resources issued new production guidance for the second half of fiscal 2026, indicating gold output of about 147,000oz.
AAL
UK£36.27
Anglo American
7D
-7.1%
1Y
68.7%
Narrative Update • Jun 16

AAL: Copper Shift And Iron Ore Risks Will Shape Fairly Balanced Outlook

Anglo American's fair value estimate has moved from £36.80 to £38.39 as analysts adjust price targets higher by several hundred pence and highlight a shift in growth focus toward copper over iron ore, while also reflecting updated assumptions for revenue growth, profit margins and future P/E. Analyst Commentary Recent research on Anglo American highlights a split view, with several bullish analysts lifting price targets while more cautious voices flag earnings pressure in iron ore and execution risks around the shift toward copper.
FRES
UK£27.81
Fresnillo
7D
-7.5%
1Y
93.1%
Narrative Update • Jun 16

FRES: Higher Revenue Assumptions And Cost Discipline Will Support Re Rating Potential

The analyst price target for Fresnillo has shifted to reflect a modest fair value adjustment to £54.36, as analysts reassessed assumptions for revenue growth, profit margins and future P/E following a series of mixed target changes from Citi, Morgan Stanley, JPMorgan and Berenberg. Analyst Commentary Recent research on Fresnillo highlights a split in opinion, but there are clear areas where bullish analysts see room for the stock to better reflect their reassessed fair value assumptions.
ATM
UK£0.038
Andrada Mining
7D
1.3%
1Y
35.1%
BZT
UK£0.0015
Bezant Resources
7D
7.1%
1Y
316.7%
LEX
UK£0.032
Lexington Gold
7D
16.4%
1Y
-14.7%
PAT
UK£0.21
Panthera Resources
7D
12.0%
1Y
74.7%
Analysis Article • Jan 29

Will Panthera Resources (LON:PAT) Spend Its Cash Wisely?

There's no doubt that money can be made by owning shares of unprofitable businesses. By way of example, Panthera...
PRE
UK£0.83
Pensana
7D
2.2%
1Y
37.0%