<p>当沃伦·巴菲特（Warren Buffett）的旗舰投资公司在 2020 年投资巴里克黄金时，许多投资者感到惊讶。巴菲特和芒格（Munger）长期以来一直批评黄金是一种无生产力的资产。这项投资并不像看起来那么矛盾。</p>
<p>巴里克并不是黄金。投资黄金的人购买的是这种商品；而巴里克则是销售它。二者之间存在差异。该公司通过开采、加工和运营来产生收益。这就是事情变得清晰的地方。巴菲特一直偏爱商品领域的低成本生产商，而巴里克正符合这一标准。它被纳入伯克希尔的投资组合不仅反映了对黄金市场的信心，也表明了对巴里克经营方式的更广泛认可。</p>
<p>伯克希尔深刻理解能源基础设施，这一点也很有帮助。NV Energy 是其关键子公司之一，为内华达州的大部分地区供电，包括矿业运营。这种洞察力可能使伯克希尔在评估巴里克的成本结构及其高效利用基础设施以提高回报方面占据了优势。</p>
<p><strong>竞争优势</strong></p>
<p>黄金开采是一项艰难的业务，但巴里克在最重要的成本方面表现出色。其全面维持成本（AISC）远低于同行。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-ba8fa573de2572291da3c455f332ea18-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-ba8fa573de2572291da3c455f332ea18-resized.jpeg"/></p>
<p>这种成本优势源于巴里克的棕地开发，利用现有基础设施。巴里克的许多运营使用压力氧化（POX），这是一种高能耗但高产出的方法，每吨浓缩物可消耗高达 800 千瓦时的电力，远高于标准的氰化浸出。POX 过程需要大量的能源和技术基础设施，但它每吨矿石提取的价值更高，尤其是在复杂的矿床中。</p>
<p>巴里克根据当地条件调整其加工方法。例如，在马里，由于政治不稳定和基础设施限制，它依赖传统的劳动密集型浸出。在赞比亚，条件更为稳定，它进行大量资本投资，包括能源基础设施，以支持更高产量和长期资产。</p>
<p><strong>卢姆瓦纳：战略铜矿</strong></p>
<p>巴里克在赞比亚的卢姆瓦纳矿山说明了这一点。该公司正在大力投资，将年铜产量从 120,000 吨翻倍至 240,000 吨。在当前铜价约为每吨 8,500 美元的情况下，这意味着卢姆瓦纳的收入可能从 10.2 亿美元增加到超过 20 亿美元。这一扩张将使赞比亚成为巴里克的主要收入贡献者之一。</p>
<p>为了支持这一增长，巴里克承诺加强当地电力基础设施。与第一量子矿业（First Quantum Minerals）相比，后者为赞比亚的运营进口了大量电力，巴里克则优先考虑当地能源解决方案。自 2024 年底以来，它已启动联合发电项目，并与国家公用事业公司 ZESCO 合作，通过大型太阳能电力项目来升级国家电网，以补充现有的水电发电。</p>
<p>这些努力不仅降低了卢姆瓦纳的能源风险，还促进了区域发展。稳定的电力不仅对矿山有利，还支持社区服务、当地企业和未来的工业投资。</p>
<p><strong>围绕基础设施构建的业务</strong></p>
<p>太阳能和水电是互补的：太阳能随阳光波动，而水电则提供稳定性。巴里克利用两者来平衡成本并保持正常运行，将其能源需求整合到支持其运营所在国家发展的更广泛战略中。</p>
<p>内华达州是这一模式的全球展示。巴里克与纽蒙特（Newmont）在内华达州黄金矿业的合作，利用高品位矿床和世界级物流。NV Energy 由伯克希尔·哈撒韦（Berkshire Hathaway）拥有，为该州的矿业部门提供电力，包括巴里克的运营。伯克希尔在基础设施和可再生能源方面的经验可能影响了其对巴里克的投资。</p>
<p>当资本、矿石和电力在内华达州和赞比亚等地相互协调时，结果就是一种难以复制的竞争优势。</p>
<p><strong>长期价值</strong></p>
<p>巴里克拥有约 7700 万盎司的已探明和可能的黄金储备。以每年生产 400 万盎司计算，这意味着大约还有 19 年的未来产量。巴里克的战略不仅仅是最大化当前利润。它确保即使在经济低迷时，公司仍能保持盈利。作为低成本生产商，巴里克在黄金价格下跌时更具韧性，而在价格上涨时则更具盈利能力。这正是价值投资者所寻找的非对称性。通货膨胀可能导致所有矿山的成本上升，但巴里克的沉没基础设施成本应该能够在未来几十年为股东提供超越通胀的回报。</p>
<p><strong>管理层</strong></p>
<p>首席执行官马克·布里斯托（Mark Bristow）自 2019 年与兰德戈德（Randgold）合并以来，带领巴里克经历了一段整合和重新聚焦的时期。他带来了运营纪律和地缘政治意识。公司根据当地条件调整资本强度，在稳定地区进行大量支出，而在动荡地区保持成本精简。</p>
<p>这种平衡显示了战略成熟度：在风险不值得的地方不要过度支出，在长期基础设施能够带来回报的地方不要投资不足。</p>
<p><strong>风险</strong></p>
<p>每个商品业务都存在风险。<strong>黄金价格波动</strong>。运营面临中断。监管框架发生变化。但巴里克作为低成本生产商的定位为其提供了缓冲。它可能会在高成本同行陷入困境时保持盈利。</p>
<p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-2e74e4e3b3b9350ca9451634bee02e29-resized.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-2e74e4e3b3b9350ca9451634bee02e29-resized.jpeg"/></p>
<p><strong>地缘政治风险</strong> 是可管理的，而不是消除的。在马里，巴里克限制资本支出，并依赖更简单的方法。曼萨·穆萨（Mansa Musa）曾是地球上最富有的人，这并非没有原因。马里以非常低的成本生产黄金。即使没有其在马里的运营，巴里克仍然是明显的领导者。而且由于黄金是全球可互换的，它面临的 <strong>关税或物流风险</strong> 与许多其他原材料不同。</p>
<p><strong>ESG</strong> 的重要性也在上升。巴里克黄金在可再生能源和地方发展的持续投资是对监管压力和投资者期望的回应。这些是对运营许可的长期押注。</p>
<p><strong>最后思考</strong></p>
<p>从运营效率和基础设施杠杆的角度来看，巴菲特对巴里克的投资更具意义，而不是单纯押注于黄金本身。巴里克并不承诺平稳的回报，但它的构建旨在承受波动。</p>
<p>如果你在寻找一个投机性的动量投资，这里并不适合。但如果你重视一个长期的资产基础、谨慎的管理、对黄金和铜的双重曝光，以及一个尚未反映所有这些因素的价格，巴里克可能值得你更仔细地关注。</p>
<p>感谢 funtrading 提醒我关注巴里克黄金。</p>

GOLD

巴里克矿业

<p>沃伦·巴菲特对巴里克黄金的投资反映了他对该公司低成本生产模式和战略基础设施投资的信心。巴里克在成本管理方面表现出色，利用先进的提取方法和当地能源解决方案来提高盈利能力。赞比亚的卢姆瓦纳矿预计将使铜产量翻倍，显著提升收入。巴里克的长期战略专注于通过高效运营和适应当地条件来维持盈利能力，使其在市场波动中处于有利位置。尽管商品行业固有风险，巴里克的低成本结构提供了竞争优势</p>

<p>When Warren Buffett (Trades, Portfolio)'s flagship investment company took a stake in Barrick Gold in 2020, many investors were surprised. Buffett and Munger have long criticized gold as an unproductive asset. The investment isn't as contradictory as it seems.</p>
<div class="lb-trans"><p>当沃伦·巴菲特（Warren Buffett）的旗舰投资公司在 2020 年投资巴里克黄金时，许多投资者感到惊讶。巴菲特和芒格（Munger）长期以来一直批评黄金是一种无生产力的资产。这项投资并不像看起来那么矛盾。</p>
</div><p>Barrick isn't gold. Investors in gold buy that commodity; Barrick sells it. There is a difference. The company generates earnings through extraction, processing, and operations. That's where things become clearer. Buffett has always favored low-cost producers in commodity sectors, and Barrick fits the mold. Its inclusion in Berkshire's portfolio reflects not just confidence in the gold market, but a broader endorsement of how Barrick runs its business.</p>
<div class="lb-trans"><p>巴里克并不是黄金。投资黄金的人购买的是这种商品；而巴里克则是销售它。二者之间存在差异。该公司通过开采、加工和运营来产生收益。这就是事情变得清晰的地方。巴菲特一直偏爱商品领域的低成本生产商，而巴里克正符合这一标准。它被纳入伯克希尔的投资组合不仅反映了对黄金市场的信心，也表明了对巴里克经营方式的更广泛认可。</p>
</div><p>It helps that Berkshire understands energy infrastructure deeply. NV Energyone of its key subsidiariespowers much of Nevada, including mining operations. That insight likely gave Berkshire an edge in evaluating Barrick's cost structure and its efficient use of infrastructure to enhance returns.</p>
<div class="lb-trans"><p>伯克希尔深刻理解能源基础设施，这一点也很有帮助。NV Energy 是其关键子公司之一，为内华达州的大部分地区供电，包括矿业运营。这种洞察力可能使伯克希尔在评估巴里克的成本结构及其高效利用基础设施以提高回报方面占据了优势。</p>
</div><p><strong>Competitive advantages</strong></p>
<div class="lb-trans"><p><strong>竞争优势</strong></p>
</div><p>Gold mining is a tough business, but Barrick excels where it matters mostcost. Its all-in sustaining cost (AISC) sits well below its peers.</p>
<div class="lb-trans"><p>黄金开采是一项艰难的业务，但巴里克在最重要的成本方面表现出色。其全面维持成本（AISC）远低于同行。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-ba8fa573de2572291da3c455f332ea18-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-ba8fa573de2572291da3c455f332ea18-resized.jpeg"/></p>
<p>This cost advantage stems from Barrick's brownfield developments that leverage existing infrastructure. Many of Barrick's operations use pressure oxidation (POX), a high-energy but high-yield method that can consume up to 800 kWh per tonne of concentratefar more than standard cyanide leaching. The POX process requires substantial energy and technical infrastructure, but it extracts more value per tonne of ore, especially in complex deposits.</p>
<div class="lb-trans"><p>这种成本优势源于巴里克的棕地开发，利用现有基础设施。巴里克的许多运营使用压力氧化（POX），这是一种高能耗但高产出的方法，每吨浓缩物可消耗高达 800 千瓦时的电力，远高于标准的氰化浸出。POX 过程需要大量的能源和技术基础设施，但它每吨矿石提取的价值更高，尤其是在复杂的矿床中。</p>
</div><p>Barrick's tailors its processing methods to local conditions. In Mali, for instance, it relies on conventional, labor-intensive leaching due to political instability and infrastructure limitations. In Zambia, where conditions are more stable, it makes significant capital investments, including energy infrastructure, to support higher-volume, long-life assets.</p>
<div class="lb-trans"><p>巴里克根据当地条件调整其加工方法。例如，在马里，由于政治不稳定和基础设施限制，它依赖传统的劳动密集型浸出。在赞比亚，条件更为稳定，它进行大量资本投资，包括能源基础设施，以支持更高产量和长期资产。</p>
</div><p><strong>Lumwana: A Strategic Copper Play</strong></p>
<div class="lb-trans"><p><strong>卢姆瓦纳：战略铜矿</strong></p>
</div><p>Barrick's Lumwana mine in Zambia illustrates this point. The company is investing heavily to double annual copper production from 120,000 to 240,000 tonnes. At current copper prices of around $8,500 per tonne, this means revenue from Lumwana could increase from $1.02 billion to over $2 billion annually. That expansion would elevate Zambia to one of Barrick's top revenue contributors.</p>
<div class="lb-trans"><p>巴里克在赞比亚的卢姆瓦纳矿山说明了这一点。该公司正在大力投资，将年铜产量从 120,000 吨翻倍至 240,000 吨。在当前铜价约为每吨 8,500 美元的情况下，这意味着卢姆瓦纳的收入可能从 10.2 亿美元增加到超过 20 亿美元。这一扩张将使赞比亚成为巴里克的主要收入贡献者之一。</p>
</div><p>To support this growth, Barrick has committed to bolstering local power infrastructure. Unlike First Quantum Mineralswhich imports a significant portion of its electricity for Zambian operationsBarrick prioritizes local energy solutions. Since late 2024, it has launched co-generation projects and is working with ZESCO, the national utility, to upgrade the national electricity grid by complementing existing hydroelectric generation with large-scale solar-electric projects.</p>
<div class="lb-trans"><p>为了支持这一增长，巴里克承诺加强当地电力基础设施。与第一量子矿业（First Quantum Minerals）相比，后者为赞比亚的运营进口了大量电力，巴里克则优先考虑当地能源解决方案。自 2024 年底以来，它已启动联合发电项目，并与国家公用事业公司 ZESCO 合作，通过大型太阳能电力项目来升级国家电网，以补充现有的水电发电。</p>
</div><p>These efforts not only reduce energy risk at Lumwana but also benefit regional development. Stable electricity isn't just good for the mineit supports community services, local businesses, and future industrial investments.</p>
<div class="lb-trans"><p>这些努力不仅降低了卢姆瓦纳的能源风险，还促进了区域发展。稳定的电力不仅对矿山有利，还支持社区服务、当地企业和未来的工业投资。</p>
</div><p><strong>A Business Built Around Infrastructure</strong></p>
<div class="lb-trans"><p><strong>围绕基础设施构建的业务</strong></p>
</div><p>Solar and hydro are complementary: solar fluctuates with the sun, but hydro offers consistency. Barrick uses both to balance costs and maintain uptime, integrating its energy needs into a broader strategy that supports national development where it operates.</p>
<div class="lb-trans"><p>太阳能和水电是互补的：太阳能随阳光波动，而水电则提供稳定性。巴里克利用两者来平衡成本并保持正常运行，将其能源需求整合到支持其运营所在国家发展的更广泛战略中。</p>
</div><p>Nevada is the global showcase for this model. Barrick's partnership in Nevada Gold Mines (with Newmont) taps into high-grade deposits and world-class logistics. It's no coincidence that NV Energyowned by Berkshire Hathawaypowers much of the state's mining sector, including Barrick's operations. Berkshire's experience with infrastructure and renewables likely informed its investment in Barrick.</p>
<div class="lb-trans"><p>内华达州是这一模式的全球展示。巴里克与纽蒙特（Newmont）在内华达州黄金矿业的合作，利用高品位矿床和世界级物流。NV Energy 由伯克希尔·哈撒韦（Berkshire Hathaway）拥有，为该州的矿业部门提供电力，包括巴里克的运营。伯克希尔在基础设施和可再生能源方面的经验可能影响了其对巴里克的投资。</p>
</div><p>When capital, ore and power alignas they do in places like Nevada and Zambiathe result is a competitive advantage that is hard to replicate.</p>
<div class="lb-trans"><p>当资本、矿石和电力在内华达州和赞比亚等地相互协调时，结果就是一种难以复制的竞争优势。</p>
</div><p><strong>Long term value</strong></p>
<div class="lb-trans"><p><strong>长期价值</strong></p>
</div><p>Barrick holds around 77 million ounces of proven and probable gold reserves. With production averaging 4 million ounces per year, that implies roughly 19 years of future output. Barrick's strategy isn't just about maximizing current margins. It's about ensuring that even in downturns, the company remains profitable. As a low-cost producer, Barrick is more resilient when gold prices falland more profitable when they rise. That's the kind of asymmetry value investors look for. Inflation may cause costs to go up for all mines, but Barrick's sunk infrastructure costs should enable inflation-beating returns for shareholders over the coming decades.</p>
<div class="lb-trans"><p>巴里克拥有约 7700 万盎司的已探明和可能的黄金储备。以每年生产 400 万盎司计算，这意味着大约还有 19 年的未来产量。巴里克的战略不仅仅是最大化当前利润。它确保即使在经济低迷时，公司仍能保持盈利。作为低成本生产商，巴里克在黄金价格下跌时更具韧性，而在价格上涨时则更具盈利能力。这正是价值投资者所寻找的非对称性。通货膨胀可能导致所有矿山的成本上升，但巴里克的沉没基础设施成本应该能够在未来几十年为股东提供超越通胀的回报。</p>
</div><p><strong>Management</strong></p>
<div class="lb-trans"><p><strong>管理层</strong></p>
</div><p>CEO Mark Bristow has led Barrick through a period of consolidation and refocus since its 2019 merger with Randgold. He's brought operational discipline and geopolitical awareness. The company adapts its capital intensity to local conditionsspending heavily in stable regions and keeping costs lean in volatile ones.</p>
<div class="lb-trans"><p>首席执行官马克·布里斯托（Mark Bristow）自 2019 年与兰德戈德（Randgold）合并以来，带领巴里克经历了一段整合和重新聚焦的时期。他带来了运营纪律和地缘政治意识。公司根据当地条件调整资本强度，在稳定地区进行大量支出，而在动荡地区保持成本精简。</p>
</div><p>This balance shows strategic maturity: don't overspend where the risk doesn't justify it, and don't underinvest where long-term infrastructure can pay off.</p>
<div class="lb-trans"><p>这种平衡显示了战略成熟度：在风险不值得的地方不要过度支出，在长期基础设施能够带来回报的地方不要投资不足。</p>
</div><p><strong>Risks</strong></p>
<div class="lb-trans"><p><strong>风险</strong></p>
</div><p>Every commodity business carries risk. <strong>Gold prices fluctuate</strong>. Operations face disruptions. Regulatory frameworks shift. But Barrick's positioning as a low-cost producer gives it a cushion. It's likely to remain profitable where higher-cost peers falter.</p>
<div class="lb-trans"><p>每个商品业务都存在风险。<strong>黄金价格波动</strong>。运营面临中断。监管框架发生变化。但巴里克作为低成本生产商的定位为其提供了缓冲。它可能会在高成本同行陷入困境时保持盈利。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-2e74e4e3b3b9350ca9451634bee02e29-resized.jpeg" alt="" original-src="https://s3.tradingview.com/news/image/gurufocus:c8a87ab47094b-2e74e4e3b3b9350ca9451634bee02e29-resized.jpeg"/></p>
<p><strong>Geopolitical exposure</strong> is managednot eliminated. In Mali, Barrick limits capex and leans on simpler methods. There is a reason Mansa Musa was once the richest man on earth. Mali produces gold at very low cost. Even without its Malian operations, Barrick remains the clear leader. And because gold is globally fungible, it doesn't face the same <strong>tariff or logistics risks</strong> as many other raw materials.</p>
<div class="lb-trans"><p><strong>地缘政治风险</strong> 是可管理的，而不是消除的。在马里，巴里克限制资本支出，并依赖更简单的方法。曼萨·穆萨（Mansa Musa）曾是地球上最富有的人，这并非没有原因。马里以非常低的成本生产黄金。即使没有其在马里的运营，巴里克仍然是明显的领导者。而且由于黄金是全球可互换的，它面临的 <strong>关税或物流风险</strong> 与许多其他原材料不同。</p>
</div><p><strong>ESG</strong> is also rising in importance. Barrick's ongoing investments in renewable energy and local development are responses to both regulatory pressure and investor expectation. These are long-term bets on license to operate.</p>
<div class="lb-trans"><p><strong>ESG</strong> 的重要性也在上升。巴里克黄金在可再生能源和地方发展的持续投资是对监管压力和投资者期望的回应。这些是对运营许可的长期押注。</p>
</div><p><strong>Final Thoughts</strong></p>
<div class="lb-trans"><p><strong>最后思考</strong></p>
</div><p>Buffett's investment in Barrick makes more sense when seen through the lens of operational efficiency and infrastructure leveragenot a bet on gold itself. Barrick doesn't promise smooth returns, but it's built to endure volatility.</p>
<div class="lb-trans"><p>从运营效率和基础设施杠杆的角度来看，巴菲特对巴里克的投资更具意义，而不是单纯押注于黄金本身。巴里克并不承诺平稳的回报，但它的构建旨在承受波动。</p>
</div><p>If you're looking for a speculative momentum play, this isn't it. But if you value a long-lived asset base, prudent management, exposure to both gold and copper, and a price that doesn't yet reflect all of thatBarrick might just be worth a closer look.</p>
<div class="lb-trans"><p>如果你在寻找一个投机性的动量投资，这里并不适合。但如果你重视一个长期的资产基础、谨慎的管理、对黄金和铜的双重曝光，以及一个尚未反映所有这些因素的价格，巴里克可能值得你更仔细地关注。</p>
</div><p>With a hat tip to funtrading for bringing Barrick Gold to my attention.</p>
<div class="lb-trans"><p>感谢 funtrading 提醒我关注巴里克黄金。</p>
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为什么巴菲特持有巴里克黄金