全球顶级黄金生产商之一的巴里克黄金（Barrick Mining）第一季度业绩超预期，主要归功于黄金价格的强劲上涨。 公司调整后净利润同比增长81.08%，黄金产量同比减少19.36%。当季平均实现的黄金价格为每盎司2898美元，较上年同期上涨40%。公司维持全年黄金 和铜产量指引，并积极推进Reko Diq和Lumwana等关键增长项目。 | | Q1 2025 | Q4 2024 | Q1 2024 | | --- | --- | --- | --- | | Financial Results ($ millions) | | | | | Net earnings9 | 474 | 996 | 295 | | Adjusted net earnings3 | 603 | 794 | 333 | | Attributable EBITDA10 | 1,361 | 1,697 | 907 | | Net cash provided by operating activities | 1,212 | 1,392 | 760 | | Free cash flow4 | 375 | 501 | 32 | | Net ...

巴里克旗下位于马里的最大金矿——Loulo-Gounkoto矿区的运营自1月以来一直处于暂停状态。此前， 马里政府指控该公司存在税务违规问题，并扣押了约3吨黄金。 巴里克在2025年的黄金产量预期仍维持在315万至350万盎司之间，但这一预测未包含Loulo-Gounkoto矿 区的产量。 智通财经APP获悉，巴里克黄金(GOLD.US)第一季度黄金产量达到75.8万盎司，达到预期上限。财报显 示，巴里克黄金一季度营收31.3 亿美元，同比增长 13.8%，复合市场预期；调整后每股收益为0.35美 元，高于市场预期的0.30美元。 巴里克黄金第一季度利润超过分析师预期，原因是金价飙升抵消了产量下降的影响。金价在 2024 年上 涨逾 27% 之后，今年迄今已上涨约 29%。 2025 年第一季度，黄金价格飙升至每盎司 3100 美元以上，原因是关税不确定性加剧，导致通胀加剧， 影响全球经济增长，导致避险需求上升。 该公司自与专注于非洲业务的兰德黄金资源公司(Randgold Resources)合并以来，一直在精简业务。目 前，巴里克正推进出售科特迪瓦Tongon金矿和加拿大Hemlo矿区的计划。 第一季度， ...

1. 5月7日(周三)美股盘前，美股三大股指期货齐涨。截至发稿，道指期货涨0.68%，标普500指数期货涨0.60%，纳指期货涨0.61%。 | 2. 截至发稿，德国DAX指数跌0.01%，英国富时100指数跌0.38%，法国CAC40指数跌0.59%，欧洲斯托克50指数跌0.25%。 | | --- | 3. 截至发稿，WTI原油涨0.85%，报59.59美元/桶。布伦特原油涨0.63%，报62.54美元/桶。 | 틀 WTI原油 | 2025年6月 | 59.59 | 60.25 | | --- | --- | --- | --- | | 謡 倫敦布倫特原油 | 2025年7月 | 62.54 | 63.21 | 巴菲特放话"将长期持有"后，日本五大商社股价上涨。在巴菲特表示他预计伯克希尔哈撒韦公司(BRK.A.US)将持有日本贸易公司的投资50年或更长时间 后，日本商社的股价上涨。三菱公司、丸红公司、三井物产公司、伊藤忠商事株式会社和住友商事株式会社周三在东京股市的涨幅均至少为3.1%。一项衡 量批发贸易行业的指标是东证指数上涨的最大贡献者，该指数上涨2.5%。当在股东大会上被问及日本央行加息的愿望是否 ...

Core Viewpoint - Zijin Mining is increasingly focusing on its market value performance, planning to spin off its overseas gold mining assets to enhance overall company value and shareholder value amid a rising gold price cycle [1][7]. Group 1: Spin-off and Market Strategy - The company plans to restructure its overseas gold mining assets into a wholly-owned subsidiary, Zijin Gold International Co., Ltd., and apply for a listing on the Hong Kong Stock Exchange [1]. - The spin-off is expected to significantly improve Zijin Mining's overall value and asset securitization level, as the company aims to attract more international investors [2][6]. - The current valuation of Zijin Mining is lagging behind its peers in A-shares, H-shares, and US stocks, with a P/E ratio of approximately 13.58 times compared to an average of 17.31 times for 14 gold and precious metal companies listed on the Hong Kong Stock Exchange [1][8]. Group 2: Growth Potential and Asset Quality - Zijin Mining's gold production is projected to increase from 68 tons in 2023 to 73 tons in 2024, positioning the company among the top ten globally [3][4]. - Key overseas projects, such as the Rosebel Gold Mine in Suriname and the Akyem Gold Mine in Ghana, are expected to contribute significantly to future earnings, with the Rosebel mine's production potentially reaching 10 tons annually post-expansion [5][6]. - The company’s overseas operations have a gross profit margin of 27.52%, significantly higher than the 9% margin for domestic operations, indicating a comparative advantage in asset quality [5][6]. Group 3: Valuation Comparison - The company’s current P/E ratio of 14.73 times in A-shares is below the average of 31.74 times for 11 gold companies, highlighting the undervaluation issue [7][8]. - In the global context, major competitors like Newmont and Barrick Gold have P/E ratios ranging from 15 to 31 times, further emphasizing the low valuation of Zijin Mining [9]. - The spin-off plan aligns with the favorable conditions of high international gold prices and the need for better market valuation management [9].

Core Viewpoint - The merger discussions between Gold Fields Inc. (GFI.US) and AngloGold Ashanti (AU.US) regarding the integration of their gold mines in Ghana have been suspended, with both companies focusing on improving the operational efficiency of their respective mines [1] Group 1: Merger Status - Gold Fields and AngloGold Ashanti announced the suspension of negotiations to merge their Iduapriem and Tarkwa gold mines in Ghana [1] - The merger was initially proposed two years ago but has faced delays due to the lack of approval from the previous Ghanaian government [1] - The new government, led by President John Mahama, requires a restart of the negotiation process [1] Group 2: Production Data - Tarkwa mine, operated by Gold Fields, produced 537,000 ounces of gold last year [1] - Iduapriem mine, operated by AngloGold, produced 237,000 ounces of gold last year [1] Group 3: Government Policy and Industry Context - The Ghanaian government has recently adopted a tougher stance on mining policies, including the refusal to renew the lease for Gold Fields' smaller Damang mine [1] - Gold Fields secured a temporary 12-month extension for the Damang mine lease after negotiations [1] - The renewal application for Tarkwa mine's mining rights, which expires in 2027, is currently under consideration [1] - Analysts suggest that changes in the government's resource management strategy may impact the merger discussions [1] - In the context of increasing global gold price volatility, both companies have opted to pause large-scale integration and focus on optimizing existing asset operations [1]

Core Viewpoint - Despite the rising gold prices and the corresponding increase in gold mining company stock prices, Gold Road Resources, a mid-sized gold mining company, has decided to sell itself to Gold Fields for AUD 3.7 billion, indicating a strategic move in the current market environment [1][3]. Company Summary - Gold Road Resources holds a 50% non-operating interest in the Gruyere gold mine, which has produced over 1.5 million ounces of gold since its production began in mid-2019 [1]. - The sale to Gold Fields is a cash transaction, meaning Gold Road shareholders will exit the Gruyere project and will not benefit from future profits projected to be AUD 560 million for FY26 and AUD 500 million for FY27 [3][6]. - CEO Duncan Gibbs believes that the gold price will continue to rise, but the decision to sell was influenced by institutional investors who were eager to capitalize on the offered price [6][8]. Industry Summary - The gold market is characterized by a unique dynamic where rising gold prices lead to increased M&A activity, contrary to typical market behavior where buyers are more cautious during high valuations [7]. - The Australian stock market is experiencing a structural issue with a lack of new IPOs, leading to a shrinking number of investment opportunities, particularly in the gold sector [8]. - The primary factor influencing the valuation of gold mining companies is the gold price itself, rather than management or asset quality, which explains why seven out of the top ten performing companies on the ASX this year are gold mining firms [8].

秘鲁将在发生矿工遇害事故的地区实施宵禁。 秘鲁总统Boluarte：秘鲁军方将接管Poderosa金矿地区。 ...

证券研究报告|行业研究报告 [Table_Date] 2025 年 5 月 5 日 [Table_Title] Eldorado 2025Q1 黄金产量环比减少 17.34%至 3.60 吨，调整后净利润环比减少 55.87%至 5640 万美元 [Table_Title2] 有色金属-海外季报 [Table_Summary] 季报重点内容: ► 生产经营情况 1.2025Q1： 产量：2025Q1 黄金产量 115,893 盎司（3.60 吨），环比减少 17.34%，同比减少 1.04%。Olympias 金矿的产量受到与黄铁矿 精矿过滤相关的计划外维护以及影响浮选回路稳定性的问题的 影响，导致工厂产量和回收率受限。 销量：2025Q1 黄金销量 116,263 盎司（3.62 吨），环比减少 17.69%，同比增长 0.22%。 平均实现价格：2025Q1 平均实现价格为每盎司 2,933 美元 （683.66 元/克），环比增长 11.44%，同比增长 40.60%。 调整后净利润：2025Q1 调整后净利润为 5640 万美元，环比减 少 55.87%，同比增长 2.17%。 总资本支出：2025 ...

联合研究丨组合推荐 [Table_Title] 长江研究 2025 年 5 月金股推荐 %% %% %% %% research.95579.com 1 丨证券研究报告丨 丨证券研究报告丨 报告要点 [Table_Summary] 1）以史为鉴，参考 2018 年特朗普实施关税正式落地的市场表现，自主可控+扩内需+稳定红利 类+反制行业表现较好；2）未来市场风险偏好持续提升需等待政策变化，一是美国债券和股市 流动性问题或倒逼美联储释放更多的流动性，二是国内出口数据若出现较大变化，或有更多的 货币政策和财政政策支持，三是贸易关系的变化。策略上，宏观扰动下把握布局产业趋势的窗 口期，同时关注自主可控+扩内需+稳定类红利+景气提升的行业。长江研究 2025 年 5 月重点 推荐行业：金属、化工、电力、军工、非银、银行、零售、社服、汽车、计算机。 分析师及联系人 [Table_Author] 戴清 王鹤涛 马太 SAC：S0490524010002 SAC：S0490512070002 SAC：S0490516100002 SFC：BTR264 SFC：BQT626 SFC：BUT911 张韦华 王贺嘉 吴一凡 SA ...

Vista Gold (VGZ) Q1 2025 Earnings Call May 02, 2025 12:00 PM ET Company Participants Pamela Solly - VP - IRFrederick H. Earnest - President, CEO & DirectorDouglas Tobler - Chief Financial Officer Conference Call Participants Heiko Ihle - MD & Mining AnalystNone - Analyst Operator Good day, ladies and gentlemen. Welcome to Vista Gold's First Quarter twenty twenty five Financial Results and Corporate Update Conference Call. At this time, all participants are in a listen only mode. Following the presentation, ...