<p>矿业并购正成为股市中的一个重要因素。曾经涌向高增长科技股的投资者现在正将资金投入矿业和金属，意识到原材料在人工智能、电气化和国防基础设施中的重要性。</p>
<p>与高飞的科技股相比，矿业并购并非可选项。大型运营商不断寻找机会，因为他们正在与资源枯竭赛跑。即使是最好的矿山最终也会耗尽，而数十亿美元的资本支出保证了扩张，通常通过相关的并购实现。</p>
<p>资本流动显示了投资者兴趣的巨大程度。到 2026 年第一季度末，矿业交易所交易基金的管理资产激增至 874 亿美元，比一年前的 370 亿美元翻了一番。这是一个巨大的转变，因为在 2025 年初，由于美国关税的不确定性，基金遭遇了资金流出。</p>
<p>基金经理，如黑石集团的 <strong>Evy Hambro</strong>，称其为 “商品超级周期的早期阶段”。</p>
<p>“GDP 的物质密集度正在上升，” Hambro 在接受路透社采访时指出，强调基础设施投资。人工智能数据中心、电网、电动车和国防系统都需要大量的铜、铝、钢和稀土矿物。</p>
<h2>掌握可重复的操作手册</h2>
<p>资本激增正在推动一波激进的矿业并购浪潮。根据 <strong>White &amp; Case</strong> 的数据显示，2026 年第一季度的矿业并购交易达到了 216 亿美元，较一年前的 161 亿美元大幅上升。</p>
<p>矿工们不再追求在偏远地区进行高风险的绿地开发，而是依靠收购和合作伙伴关系来确保增长。像 <strong>Agnico Eagle Mines Limited (AEM)</strong> 这样的主要运营商收购整个地区，而曾经的初级勘探者在邻近地区定义矿产资源并降低风险。</p>
<p>这种策略是有纪律的并购，正如 <strong>Bain &amp; Company</strong> 所指出的，旨在建立 “可重复的成功”，而不是冒险进行投机性扩张。</p>
<p>Bain 将并购描述为许多矿工的 “未开发肌肉”，但随着矿体变得更加难以开发和成本更高，这一肌肉正在迅速变得不可或缺。</p>
<p>这种方法有利于 Agnico 的区域模型——大型运营商在一个有前景的地区建立强大的基础设施基础。然后，随着扩张，它收购去风险化的卫星资源，以确保数十年的生产并多次支付资本支出。</p>
<p>供应链安全已成为交易的另一个主要驱动因素。<strong>White &amp; Case</strong> 和 <strong>Mining Technology</strong> 都指出，政府和企业在地缘政治分裂的背景下优先考虑对关键矿物的可靠获取。</p>
<p>对于美国来说，加拿大和拉丁美洲的资源因其接近性、潜力和友好的采矿政策而受到关注。</p>
<p>“鉴于在活跃的采矿管辖区内有大量的勘探和开发项目，拉丁美洲可能会成为一个高度活跃的地区，”<strong>Astra Exploration Inc. (ATEPF)</strong> 的首席执行官 <strong>Brian Miller</strong> 告诉 Benzinga。</p>
<p>“随着并购活动的增加，高质量的预生产资产的价值可能会大幅上升，” 他补充道。</p>
<h2>工业倾斜与黄金 IPO 冻结</h2>
<p>投资者流动也揭示了商品领域内的等级变化。尽管黄金历史上表现强劲，但工业金属正越来越受到关注。即使在投资者在 1 月份创纪录的上涨后从黄金矿业中获利，3 月份铜基金仍吸引了新的资金流入。</p>
<p>对工业金属的偏好反映了对长期短缺的预期。Bain 预计到 2035 年，几种过渡矿物将出现结构性赤字，包括铜、锂和镍。</p>
<p>特别是铜被视为人工智能基础设施、可再生能源系统和国防制造的不可或缺之物。对于近岸外包的兴趣，资本可能会密切关注 <strong>McEwen Inc. (MUX)</strong> 即将进行的 McEwen Copper 的 IPO 分拆，以及 <strong>Lundin Mining Corp. (LUNMF)</strong> 与 <strong>BHP Group Limited (BHP)</strong> 的 <strong>Vicuña</strong> 合资企业的进展。</p>
<p>尽管价格创下纪录，但并非所有 IPO 都顺利。乌兹别克斯坦已暂停 <strong>Navoi Mining &amp; Metallurgical Co</strong> 的 IPO。</p>
<p>根据 Mining.com 的报道，官员们担心公开上市可能会稀释流入国家财政的可观股息流。该公司是全球第四大黄金生产商，去年创造了 108 亿美元的收入。</p>
<p><em>图片来源于 Shutterstock</em></p>

<p>矿业并购（M&A）在 2026 年第一季度激增至 216 亿美元，因为投资者将关注点从科技转向金属，预示着潜在的新商品超级周期。流入矿业交易所交易基金的资本达到 874 亿美元，是去年同期的两倍。主要运营商优先考虑收购而非高风险开发，以确保在资源枯竭的情况下实现增长。供应链安全推动了交易，特别是在拉丁美洲。工业金属，尤其是铜，因预期长期短缺而受到关注，而黄金首次公开募股面临挑战，乌兹别克斯坦暂停了 Navoi Mining 的上市</p>

<p>Mining M&amp;A is becoming a prominent factor in the equity market. Investors who once crowded into high-growth technology stocks are now pouring money into mining and metals, recognizing the importance of raw materials powering AI, electrification, and defense infrastructure.</p>
<div class="lb-trans"><p>矿业并购正成为股市中的一个重要因素。曾经涌向高增长科技股的投资者现在正将资金投入矿业和金属，意识到原材料在人工智能、电气化和国防基础设施中的重要性。</p>
</div><p>In contrast to high-flying tech, mining M&amp;A isn't optional. Large operators are constantly on the lookout, as they're racing against resource depletion. Even the best mines eventually run out, and multi-billion-dollar capex guarantees expansions, often through relevant M&amp;A.</p>
<div class="lb-trans"><p>与高飞的科技股相比，矿业并购并非可选项。大型运营商不断寻找机会，因为他们正在与资源枯竭赛跑。即使是最好的矿山最终也会耗尽，而数十亿美元的资本支出保证了扩张，通常通过相关的并购实现。</p>
</div><p>Capital flows show the magnitude of investors' interest. Assets under management in mining exchange-traded funds surged to $87.4 billion by the end of the first quarter of 2026, more than doubling from $37 billion a year earlier. It is a big turnaround, given that funds suffered outflows in early 2025 following U.S. tariff uncertainty.</p>
<div class="lb-trans"><p>资本流动显示了投资者兴趣的巨大程度。到 2026 年第一季度末，矿业交易所交易基金的管理资产激增至 874 亿美元，比一年前的 370 亿美元翻了一番。这是一个巨大的转变，因为在 2025 年初，由于美国关税的不确定性，基金遭遇了资金流出。</p>
</div><p>Fund managers, like BlackRock's <strong>Evy Hambro</strong>, call it &#34;the early stages of a commodity supercycle.&#34;</p>
<div class="lb-trans"><p>基金经理，如黑石集团的 <strong>Evy Hambro</strong>，称其为 “商品超级周期的早期阶段”。</p>
</div><p>&#34;The material intensity of GDP is rising,&#34; Hambro said for Reuters, pointing to investments in infrastructure. AI data centers, electrical grids, electric vehicles, and defense systems all require enormous quantities of copper, aluminum, steel, and rare earth minerals.</p>
<div class="lb-trans"><p>“GDP 的物质密集度正在上升，” Hambro 在接受路透社采访时指出，强调基础设施投资。人工智能数据中心、电网、电动车和国防系统都需要大量的铜、铝、钢和稀土矿物。</p>
</div><h2>Mastering the Repeatable Playbook</h2>
<div class="lb-trans"><h2>掌握可重复的操作手册</h2>
</div><p>The capital surge is fueling an aggressive wave of mining mergers and acquisitions. According to <strong>White &amp; Case</strong>, mining M&amp;A transactions reached $21.6 billion in the first quarter of 2026, up sharply from $16.1 billion a year earlier.</p>
<div class="lb-trans"><p>资本激增正在推动一波激进的矿业并购浪潮。根据 <strong>White &amp; Case</strong> 的数据显示，2026 年第一季度的矿业并购交易达到了 216 亿美元，较一年前的 161 亿美元大幅上升。</p>
</div><p>Instead of pursuing risky greenfield developments in remote regions, miners rely on acquisitions and partnerships to secure growth. Large operators like <strong>Agnico Eagle Mines Limited( AEM )</strong> acquire entire districts, once junior explorers next door define mineral resources and derisk.</p>
<div class="lb-trans"><p>矿工们不再追求在偏远地区进行高风险的绿地开发，而是依靠收购和合作伙伴关系来确保增长。像 <strong>Agnico Eagle Mines Limited (AEM)</strong> 这样的主要运营商收购整个地区，而曾经的初级勘探者在邻近地区定义矿产资源并降低风险。</p>
</div><p>That strategy is disciplined M&amp;A, as <strong>Bain &amp; Company</strong> notes, required to build &#34;repeatable success&#34; rather than risk speculative expansions.</p>
<div class="lb-trans"><p>这种策略是有纪律的并购，正如 <strong>Bain &amp; Company</strong> 所指出的，旨在建立 “可重复的成功”，而不是冒险进行投机性扩张。</p>
</div><p>Bain describes M&amp;A as an &#34;underdeveloped muscle&#34; for many miners, but one that is rapidly becoming essential as ore bodies become harder and more expensive to develop.</p>
<div class="lb-trans"><p>Bain 将并购描述为许多矿工的 “未开发肌肉”，但随着矿体变得更加难以开发和成本更高，这一肌肉正在迅速变得不可或缺。</p>
</div><p>Such an approach favors Agnico's district model – where a large operator builds a strong infrastructure base in a promising region. Then, as it expands, it acquires de-risked satellite resources to secure decades of production and pay the capex many times over.</p>
<div class="lb-trans"><p>这种方法有利于 Agnico 的区域模型——大型运营商在一个有前景的地区建立强大的基础设施基础。然后，随着扩张，它收购去风险化的卫星资源，以确保数十年的生产并多次支付资本支出。</p>
</div><p>Supply-chain security has become another major driver of dealmaking. White &amp; Case and Mining Technology both note that governments and corporations are prioritizing reliable access to critical minerals amid geopolitical fragmentation.</p>
<div class="lb-trans"><p>供应链安全已成为交易的另一个主要驱动因素。<strong>White &amp; Case</strong> 和 <strong>Mining Technology</strong> 都指出，政府和企业在地缘政治分裂的背景下优先考虑对关键矿物的可靠获取。</p>
</div><p>For the U.S., resources in Canada and Latin America are in focus due to their proximity, potential, and mining-friendly policies.</p>
<div class="lb-trans"><p>对于美国来说，加拿大和拉丁美洲的资源因其接近性、潜力和友好的采矿政策而受到关注。</p>
</div><p>&#34;Latin America is likely to be a highly active region, given the number and range of exploration and development projects within active mining jurisdictions,&#34; <strong>Brian Miller</strong>, CEO of <strong>Astra Exploration Inc.( ATEPF )</strong> <strong>,</strong> told Benzinga.</p>
<div class="lb-trans"><p>“鉴于在活跃的采矿管辖区内有大量的勘探和开发项目，拉丁美洲可能会成为一个高度活跃的地区，”<strong>Astra Exploration Inc. (ATEPF)</strong> 的首席执行官 <strong>Brian Miller</strong> 告诉 Benzinga。</p>
</div><p>&#34;The high-quality pre-production assets are likely to appreciate drastically in value as M&amp;A activity increases,&#34; he added.</p>
<div class="lb-trans"><p>“随着并购活动的增加，高质量的预生产资产的价值可能会大幅上升，” 他补充道。</p>
</div><h2>The Industrial Tilt and the Gold IPO Freeze</h2>
<div class="lb-trans"><h2>工业倾斜与黄金 IPO 冻结</h2>
</div><p>Investor flows also reveal a changing hierarchy within the commodities sector. While gold remains historically strong, industrial metals are increasingly attracting the spotlight. Copper funds drew fresh inflows in March even as investors took profits from gold miners after a record surge in January.</p>
<div class="lb-trans"><p>投资者流动也揭示了商品领域内的等级变化。尽管黄金历史上表现强劲，但工业金属正越来越受到关注。即使在投资者在 1 月份创纪录的上涨后从黄金矿业中获利，3 月份铜基金仍吸引了新的资金流入。</p>
</div><p>The preference for industrial metals reflects expectations of long-term shortages. Bain projects structural deficits in several transition minerals by 2035, including copper, lithium, and nickel.</p>
<div class="lb-trans"><p>对工业金属的偏好反映了对长期短缺的预期。Bain 预计到 2035 年，几种过渡矿物将出现结构性赤字，包括铜、锂和镍。</p>
</div><p>Copper, in particular, is viewed as indispensable for AI infrastructure, renewable energy systems, and defense manufacturing. For nearshoring interests, the capital might pay close attention to <strong>McEwen Inc.'s( MUX )</strong> upcoming IPO spinoff of McEwen Copper and <strong>Lundin Mining Corp.'s( LUNMF )</strong> progress with the <strong>Vicuña</strong> joint venture with <strong>BHP Group Limited( BHP )</strong>.</p>
<div class="lb-trans"><p>特别是铜被视为人工智能基础设施、可再生能源系统和国防制造的不可或缺之物。对于近岸外包的兴趣，资本可能会密切关注 <strong>McEwen Inc. (MUX)</strong> 即将进行的 McEwen Copper 的 IPO 分拆，以及 <strong>Lundin Mining Corp. (LUNMF)</strong> 与 <strong>BHP Group Limited (BHP)</strong> 的 <strong>Vicuña</strong> 合资企业的进展。</p>
</div><p>Still, not all IPO's are smooth sailing despite record prices. Uzbekistan has paused the IPO of <strong>Navoi Mining &amp; Metallurgical Co</strong>.</p>
<div class="lb-trans"><p>尽管价格创下纪录，但并非所有 IPO 都顺利。乌兹别克斯坦已暂停 <strong>Navoi Mining &amp; Metallurgical Co</strong> 的 IPO。</p>
</div><p>According to Mining.com, officials fear that a public listing could dilute the substantial dividend stream flowing into state coffers. The firm is the fourth-largest global gold producer and has generated $10.8 billion in revenue last year.</p>
<div class="lb-trans"><p>根据 Mining.com 的报道，官员们担心公开上市可能会稀释流入国家财政的可观股息流。该公司是全球第四大黄金生产商，去年创造了 108 亿美元的收入。</p>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源于 Shutterstock</em></p>
</div>

矿业并购成为新的增长交易