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

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies123
  • 7D4.4%
  • 3M25.0%
  • 1Y45.4%
  • YTD4.4%

Over the last 7 days, the Metals and Mining industry has risen 4.4%, driven by gains from Glencore of 11%. In the same time, Metals Exploration was down 5.9%. In the last 12 months, the industry was up 45%. Earnings are forecast to grow by 27% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026UK£266.9bUK£245.9bUK£6.0b20x44.7x1.1x
Mon, 08 Dec 2025UK£235.4bUK£247.5bUK£6.1b17.2x38.9x1x
Wed, 05 Nov 2025UK£215.6bUK£253.0bUK£6.2b14.3x34.8x0.9x
Fri, 03 Oct 2025UK£210.0bUK£245.5bUK£6.0b14.8x35x0.9x
Sun, 31 Aug 2025UK£183.8bUK£244.1bUK£5.9b11.2x31x0.8x
Tue, 29 Jul 2025UK£181.5bUK£246.1bUK£6.0b8.7x30.5x0.7x
Thu, 26 Jun 2025UK£161.0bUK£240.5bUK£5.9b7.2x27.5x0.7x
Sat, 24 May 2025UK£173.5bUK£242.8bUK£6.0b8.7x29x0.7x
Mon, 21 Apr 2025UK£163.8bUK£247.2bUK£6.1b8.6x27x0.7x
Wed, 19 Mar 2025UK£187.1bUK£252.5bUK£6.2b9x30.1x0.7x
Fri, 14 Feb 2025UK£190.9bUK£261.8bUK£7.8b9.7x24.4x0.7x
Sun, 12 Jan 2025UK£186.1bUK£267.5bUK£8.0b9x23.3x0.7x
Tue, 10 Dec 2024UK£197.5bUK£255.6bUK£7.6b9.9x25.9x0.8x
Thu, 07 Nov 2024UK£196.4bUK£254.2bUK£7.6b10.4x25.8x0.8x
Sat, 05 Oct 2024UK£206.4bUK£249.6bUK£7.5b11.1x27.6x0.8x
Mon, 02 Sep 2024UK£188.6bUK£249.4bUK£7.4b11.6x25.4x0.8x
Wed, 31 Jul 2024UK£195.0bUK£247.2bUK£10.8b11.7x18.1x0.8x
Fri, 28 Jun 2024UK£208.4bUK£252.0bUK£12.5b13x16.7x0.8x
Sun, 26 May 2024UK£223.7bUK£250.1bUK£12.3b16.1x18.2x0.9x
Tue, 23 Apr 2024UK£212.6bUK£257.6bUK£12.7b13.9x16.7x0.8x
Thu, 21 Mar 2024UK£188.9bUK£249.4bUK£12.4b12.9x15.2x0.8x
Sat, 17 Feb 2024UK£193.9bUK£262.1bUK£18.0b11.1x10.8x0.7x
Mon, 15 Jan 2024UK£210.7bUK£303.6bUK£27.5b9.7x7.7x0.7x
Wed, 13 Dec 2023UK£206.9bUK£307.6bUK£27.8b8.9x7.4x0.7x
Fri, 10 Nov 2023UK£203.7bUK£313.4bUK£28.2b10x7.2x0.7x
Sun, 08 Oct 2023UK£202.3bUK£314.1bUK£28.2b9.6x7.2x0.6x
Tue, 05 Sep 2023UK£203.5bUK£306.1bUK£27.9b7.1x7.3x0.7x
Thu, 03 Aug 2023UK£209.4bUK£325.7bUK£33.7b7.5x6.2x0.6x
Sat, 01 Jul 2023UK£206.2bUK£330.3bUK£38.7b7.6x5.3x0.6x
Mon, 29 May 2023UK£202.9bUK£338.3bUK£39.5b7.8x5.1x0.6x
Wed, 26 Apr 2023UK£215.0bUK£337.1bUK£39.4b8.4x5.5x0.6x
Fri, 24 Mar 2023UK£219.4bUK£339.8bUK£39.8b8.5x5.5x0.6x
Sun, 19 Feb 2023UK£250.3bUK£353.1bUK£46.9b6.7x5.3x0.7x
Tue, 17 Jan 2023UK£262.1bUK£339.4bUK£45.1b7.5x5.8x0.8x
Price to Earnings Ratio

5.8x


Total Market Cap: UK£262.1bTotal Earnings: UK£45.1bTotal Revenue: UK£339.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 18.9x202420252026
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 44.7x which is higher than its 3-year average PE of 18.9x.
  • The 3-year average PS ratio of 0.74x 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 49% per year over the last three years,
  • Revenues have also declined 10% 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 Market1.88%
Materials4.16%
Metals and Mining4.39%
Copper6.39%
Steel4.91%
Diversified Metals and Mining4.02%
Gold3.69%
Precious Metals and Minerals1.10%
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 24.5x.
    • Analysts are expecting annual earnings growth of 13.8%, which is lower than the prior year's growth of 42.8% per year.
Forecasted Growth
  • Analysts are most optimistic on the Gold industry, expecting annual earnings growth of 35% over the next 5 years.
  • However this is lower than its past earnings growth rate of 149% per year.
  • In contrast, the Copper industry is expected to see its earnings grow by 14% 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
GLEN GlencoreUK£4.5310.7%
+UK£5.1b		26.2%PS0.3x
ANTO AntofagastaUK£34.736.7%
+UK£2.1b		104.7%PE42.1x
AAL Anglo AmericanUK£32.165.8%
+UK£1.9b		16.9%PS1.7x
FRES FresnilloUK£35.064.6%
+UK£1.1b		424.9%PE76x
RIO Rio Tinto GroupUK£60.060.3%
+UK£325.0m		24.7%PE12.7x

Latest News

FRES
UK£35.06
Fresnillo
7D
4.6%
1Y
424.9%

FRES: Elevated Gold Price Forecasts Will Likely Drive Future Multiple Compression

Fresnillo’s updated fair value estimate has moved from £24.12 to £28.64 per share. This reflects analysts’ higher price targets and refreshed assumptions around revenue growth, profit margins and future P/E levels.
GLEN
UK£4.53
Glencore
7D
10.7%
1Y
26.2%
RIO
UK£60.06
Rio Tinto Group
7D
0.3%
1Y
24.7%
HOC
UK£5.23
Hochschild Mining
7D
6.8%
1Y
134.0%

HOC: Higher Long-Term Gold Price Outlook Will Shape Balanced Future Returns

Narrative Update The analyst price target for Hochschild Mining has been raised to £6.10 from £3.70. The change is supported by higher fair value estimates, slightly adjusted discount rates, updated revenue growth and profit margin assumptions, and analysts citing a higher long term gold price outlook and constructive views on European gold miners.
AAL
UK£32.16
Anglo American
7D
5.8%
1Y
16.9%

AAL: Rejected Bid And Teck Merger Plans Will Constrain Upside Potential

Analysts have lifted their fair value estimate for Anglo American from £18.70 to about £21.07 per share. They point to updated price targets in the £30.00 to £31.00 range and a reassessment of discount rates, revenue expectations, profit margins and future P/E assumptions to support the change.
TIN
UK£0.97
Cornish Metals
7D
6.6%
1Y
939.4%
PAF
UK£1.20
Pan African Resources
7D
-0.3%
1Y
231.8%

PAF: Index Inclusions And Tailings Study Will Shape Balanced Forward Prospects

Analysts have increased their price target for Pan African Resources from £1.27 to £1.30, citing updated assumptions around revenue growth, profit margins and a slightly different forward P/E multiple in their models. What's in the News Pan African Resources PLC was added to the FTSE 250 Index, bringing the company into a widely tracked UK mid cap benchmark (Index Constituent Adds).
TUN
UK£0.10
Tungsten West
7D
-9.3%
1Y
216.9%
ANTO
UK£34.73
Antofagasta
7D
6.7%
1Y
104.7%
HILS
UK£22.95
Hill & Smith
7D
6.5%
1Y
28.1%

HILS: Future Profit Margins Are Expected To Support Strong Share Gains

Analysts have modestly raised their price target on Hill & Smith to reflect slightly stronger long term revenue growth and profit margin assumptions, with the updated valuation implying only a minimal change from the prior fair value of £28.00 per share. What's in the News Reaffirmed guidance for full year 2025, with underlying operating profit expected to be in line with current analyst consensus (Key Developments) Valuation Changes Fair Value: Unchanged at £28.00 per share, indicating no material shift in the overall valuation anchor.
KEFI
UK£0.012
KEFI Gold and Copper
7D
-9.8%
1Y
149.0%
CRCL
UK£0.0033
Corcel
7D
-13.2%
1Y
103.7%
ZIOC
UK£0.073
Zanaga Iron Ore
7D
-8.6%
1Y
-8.0%
MTL
UK£0.14
Metals Exploration
7D
-5.9%
1Y
138.3%
EUA
UK£0.035
Eurasia Mining
7D
-10.1%
1Y
73.2%
FXPO
UK£0.72
Ferrexpo
7D
-1.1%
1Y
-21.7%