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

UpdatedSep 23, 2025
DataAggregated Company Financials
Companies121
  • 7D2.6%
  • 3M21.8%
  • 1Y7.6%
  • YTD8.8%

Over the last 7 days, the Metals and Mining industry has risen 2.6%, driven by gains in Glencore and Fresnillo of 4.0% and 8.4%, respectively. In the last 12 months, the industry was up 7.6%. Earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Sep 2025UK£198.5bUK£244.2bUK£5.9b12.1x33.4x0.8x
Thu, 21 Aug 2025UK£178.0bUK£245.1bUK£6.0b10x29.5x0.7x
Sat, 19 Jul 2025UK£175.8bUK£245.0bUK£5.9b8.7x29.6x0.7x
Mon, 16 Jun 2025UK£169.8bUK£242.2bUK£5.9b8.2x28.8x0.7x
Wed, 14 May 2025UK£176.3bUK£246.9bUK£6.1b8.8x29.1x0.7x
Fri, 11 Apr 2025UK£155.8bUK£253.3bUK£6.2b7.7x25.1x0.6x
Sun, 09 Mar 2025UK£182.5bUK£253.9bUK£6.2b9.7x29.5x0.7x
Tue, 04 Feb 2025UK£185.4bUK£263.7bUK£7.9b9.2x23.6x0.7x
Thu, 02 Jan 2025UK£181.5bUK£260.8bUK£7.8b9.1x23.3x0.7x
Sat, 30 Nov 2024UK£191.4bUK£257.2bUK£7.7b9.5x25x0.7x
Mon, 28 Oct 2024UK£198.2bUK£252.8bUK£7.6b10.3x26.2x0.8x
Wed, 25 Sep 2024UK£195.0bUK£244.3bUK£7.3b11.1x26.6x0.8x
Fri, 23 Aug 2024UK£189.6bUK£250.3bUK£7.4b11.6x25.6x0.8x
Sun, 21 Jul 2024UK£198.1bUK£246.6bUK£12.2b14.2x16.2x0.8x
Tue, 18 Jun 2024UK£204.8bUK£250.8bUK£12.4b13.9x16.5x0.8x
Thu, 16 May 2024UK£222.5bUK£251.2bUK£12.4b17.5x18x0.9x
Sat, 13 Apr 2024UK£214.5bUK£256.1bUK£12.8b14.1x16.7x0.8x
Mon, 11 Mar 2024UK£184.7bUK£248.2bUK£12.4b12.4x14.8x0.7x
Wed, 07 Feb 2024UK£194.0bUK£262.1bUK£18.0b11.1x10.8x0.7x
Fri, 05 Jan 2024UK£217.0bUK£304.7bUK£27.6b10x7.9x0.7x
Sun, 03 Dec 2023UK£217.7bUK£304.3bUK£27.6b9.1x7.9x0.7x
Tue, 31 Oct 2023UK£206.4bUK£315.6bUK£28.4b10.1x7.3x0.7x
Thu, 28 Sep 2023UK£205.5bUK£316.5bUK£28.4b7.3x7.2x0.6x
Sat, 26 Aug 2023UK£195.2bUK£307.3bUK£28.0b6.9x7x0.6x
Mon, 24 Jul 2023UK£214.8bUK£326.8bUK£38.3b6.9x5.6x0.7x
Wed, 21 Jun 2023UK£212.7bUK£328.8bUK£38.5b7.6x5.5x0.6x
Fri, 19 May 2023UK£206.3bUK£336.6bUK£39.3b7.9x5.2x0.6x
Sun, 16 Apr 2023UK£230.6bUK£336.8bUK£39.4b8.9x5.9x0.7x
Tue, 14 Mar 2023UK£226.1bUK£342.8bUK£40.5b7.4x5.6x0.7x
Thu, 09 Feb 2023UK£256.9bUK£342.9bUK£45.5b6.7x5.6x0.7x
Sat, 07 Jan 2023UK£256.4bUK£343.0bUK£45.5b7.2x5.6x0.7x
Mon, 05 Dec 2022UK£246.3bUK£338.4bUK£45.0b6.7x5.5x0.7x
Wed, 02 Nov 2022UK£216.4bUK£358.6bUK£47.4b5.2x4.6x0.6x
Fri, 30 Sep 2022UK£213.2bUK£370.9bUK£48.9b5.2x4.4x0.6x
Price to Earnings Ratio

4.4x


Total Market Cap: UK£213.2bTotal Earnings: UK£48.9bTotal Revenue: UK£370.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.K. Metals and Mining Industry Price to Earnings3Y Average 16x202320242025
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 33.4x which is higher than its 3-year average PE of 16.0x.
  • The industry is trading close to its 3-year average PS ratio of 0.76x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 50% per year over the last three years,
  • Revenues have also declined 13% 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 Market-0.48%
Materials2.37%
Metals and Mining2.55%
Gold5.90%
Copper3.13%
Diversified Metals and Mining1.77%
Precious Metals and Minerals1.49%
Aluminum0%0
Silver0%0
Steel-0.61%
Industry PE
  • Investors are most optimistic about the Diversified Metals and Mining industry which is trading above its 3-year average PE ratio of 16.0x.
    • Analysts are expecting annual earnings growth of 28.2%, which is higher than its past year's earnings decline of 20.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Precious Metals and Minerals industry, expecting annual earnings growth of 62% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Copper industry is expected to see its earnings grow by 6.0% 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£24.185.9%
+UK£1.3b		24.6%PE29.5x
GLEN GlencoreUK£3.213.3%
+UK£1.2b		-19.8%PS0.2x
FRES FresnilloUK£23.444.5%
+UK£751.6m		291.3%PE51.2x
RIO Rio Tinto GroupUK£46.910.9%
+UK£674.4m		-7.1%PE10x
HOC Hochschild MiningUK£3.468.8%
+UK£144.0m		89.9%PE16.2x

Latest News

PAF
UK£0.90
Pan African Resources
7D
8.3%
1Y
172.3%

Mintails And TCMG Projects Expected To Strengthen Gold Production And Diversify Operations

Despite sharply lower revenue growth forecasts, Pan African Resources’ consensus price target has increased, largely driven by a higher expected valuation multiple (Future P/E rising from 3.76x to 6.58x), resulting in the price target climbing from £0.662 to £0.752. What's in the News Issued FY26 production guidance: H1 between 130,000–137,000oz, H2 between 145,000–155,000oz, and full year 275,000–292,000oz, driven by contributions from new MTR and Tennant Mines operations.
ATYM
UK£5.67
Atalaya Mining Copper
7D
3.3%
1Y
42.6%
ANTO
UK£24.18
Antofagasta
7D
5.9%
1Y
24.6%

Copper Expansion And Water Efficiency Will Secure Future Production

Analysts have modestly raised Antofagasta’s price target to £20.57, citing stronger copper price forecasts, resilient operational performance, and easing input cost pressures, though some caution remains following recent share price gains. Analyst Commentary Bullish analysts are responding to stronger copper price forecasts and anticipated demand growth driven by ongoing electrification and green energy trends.
RIO
UK£46.91
Rio Tinto Group
7D
0.9%
1Y
-7.1%

Energy Transition Will Accelerate Copper And Lithium Expansion Despite Headwinds

Analyst price targets for Rio Tinto Group have increased modestly to £52.27 as bullish analysts cited strong operational performance despite iron ore demand concerns and sector headwinds, though target upgrades remain incremental. Analyst Commentary Rising downside risks to iron ore prices, particularly in the near term, have led to more cautious outlooks and downgrades by bearish analysts.
GLEN
UK£3.21
Glencore
7D
3.3%
1Y
-19.8%

Normalized Copper Production And Argentina Projects Will Shape Future Success

Glencore’s consensus price target has edged lower to £3.66 as analysts react to near-term free cash flow pressure from coal price weakness and commodity market volatility, though confidence in the company’s diversified assets and long-term positioning has limited the downward revision. Analyst Commentary Analysts cite near-term pressure on Glencore's free cash flow due to weakness in coal prices, leading to more cautious stances.
FRES
UK£23.44
Fresnillo
7D
4.5%
1Y
291.3%

Is Fresnillo (LON:FRES) Using Too Much Debt?

Sep 18
Is Fresnillo (LON:FRES) Using Too Much Debt?
SOLG
UK£0.16
SolGold
7D
-9.3%
1Y
56.7%
HOC
UK£3.46
Hochschild Mining
7D
8.8%
1Y
89.9%
SAV
UK£0.042
Savannah Resources
7D
-6.7%
1Y
3.7%
AAL
UK£25.51
Anglo American
7D
-1.0%
1Y
-0.7%

Electrification And Decarbonization Will Boost Copper And Iron Ore Demand

The consensus price target for Anglo American has been raised to £23.13 as analysts cite the transformative merger with Teck Resources—making it a top-five global copper producer—as a catalyst for improved scale, growth prospects, and earnings outlook. Analyst Commentary The merger of equals between Anglo American and Teck Resources transforms the company into the world’s fifth-largest copper producer, significantly improving scale and growth prospects.
EEE
UK£0.56
Empire Metals
7D
58.9%
1Y
578.0%

Companies Like Empire Metals (LON:EEE) Are In A Position To Invest In Growth

Sep 06
Companies Like Empire Metals (LON:EEE) Are In A Position To Invest In Growth
MTL
UK£0.13
Metals Exploration
7D
-4.2%
1Y
140.4%
ALTN
UK£8.02
AltynGold
7D
-1.7%
1Y
239.8%
KOD
UK£0.0029
Kodal Minerals
7D
-9.4%
1Y
-42.6%
GMET
UK£0.85
Guardian Metal Resources
7D
-5.6%
1Y
233.3%
FAR
UK£0.078
Ferro-Alloy Resources
7D
-7.7%
1Y
30.0%