<p>布埃纳文图拉公司（Compania de Minas Buenaventura SAA）已召开 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>布埃纳文图拉公司在财报电话会议中表现出色，管理层强调了收入、盈利能力和现金生成的显著反弹。尽管承认成本压力上升、铜产量下降以及圣加布里埃尔的运营问题，管理层仍然保持自信，强调强大的资产负债表灵活性和支持未来增长的许可胜利。</p>
<h2>收入因运营改善而翻倍</h2>
<p>2026 年第一季度，总收入激增至 6.25 亿美元，比去年同期翻了一番，矿山交付了更高的产量，并受益于有利的价格环境。管理层将此视为运营举措和更好市场条件最终转化为显著更强的收入的证据。</p>
<h2>EBITDA 增长三倍，利润率超过 60%</h2>
<p>盈利能力的改善速度甚至超过了销售，直接运营的 EBITDA 达到 3.86 亿美元，是去年水平的三倍多。EBITDA 利润率从 41% 扩大至 62%，净收入增长 142% 至 3.55 亿美元，表明公司在通胀压力下仍能获得更大的运营杠杆和改善的成本控制。</p>
<h2>黄金和白银产量稳步增长</h2>
<p>黄金产量攀升至 3 万盎司，同比增长 80%，主要得益于圣加布里埃尔的产量提升。白银产量增长 6%，达到 390 万盎司，得益于埃尔布罗卡尔、乌丘丘卡和坦博马约的强劲表现，帮助抵消了公司整体金属组合中铜的较弱表现。</p>
<h2>许可突破释放未来产能</h2>
<p>管理层强调了一系列许可里程碑，这些里程碑降低了未来增长的风险，并扩大了整个投资组合的运营灵活性。新批准的项目包括圣加布里埃尔的第一阶段运营许可证和水许可证、尤姆帕格和埃尔布罗卡尔的产能增加，以及对特拉皮切的环境绿灯，这些都改善了中期生产的可见性。</p>
<h2>现金储备增加，支持投资计划</h2>
<p>布埃纳文图拉在本季度结束时现金储备达到 7.6 亿美元，净现金为正，给予其强大的财务实力。资本支出达到 8100 万美元，而截至目前的股息约为 1.57 亿美元，增强了自由现金流，使公司更好地定位于资助增长和解决运营瓶颈。</p>
<h2>塞罗维德的股息推动关联公司现金流</h2>
<p>关联公司塞罗维德预计将在 2026 年成为主要的现金引擎，管理层预计 EBITDA 超过 25 亿美元，自由现金流约为 12 亿至 13 亿美元。布埃纳文图拉预计今年将收到约 2 亿美元的股息，其中约 1.6 亿美元已在 1 月至 4 月之间分配。</p>
<h2>铜产量下降，重心转向白银</h2>
<p>第一季度铜产量同比下降 11%，降至 1.09 万吨，因为埃尔布罗卡尔优先处理富银矿石而非铜。尽管这对铜的产量造成了压力，管理层表示这种转变支持了更高的白银产量，并在当前市场环境中带来了更好的经济效益。</p>
<h2>利润分享激增推高人事成本</h2>
<p>由于工人利润分享大幅增加至约 1900 万美元，较去年 250 万美元大幅上升，人员相关费用急剧上升。公司指出，这一近七倍的增长显著影响了企业现金成本，并导致销售成本和管理费用上升。</p>
<h2>水泥、外汇和柴油推高成本通胀</h2>
<p>额外的成本压力来自于水泥消费增加、外汇波动和各项运营中试剂成本上升。柴油价格上涨约 50%，管理层估计这使整体运营费用增加了约 2% 至 2.5%，而某些矿山的商业扣除增加也推高了白银现金成本。</p>
<h2>圣加布里埃尔的提升因粘土和尾矿限制而放缓</h2>
<p>圣加布里埃尔的提升正在进行中，但受到高湿度、富含粘土的矿石阻碍，这导致破碎和输送系统堵塞，以及尾矿设施受限。只有一半的过滤机已交付，当前的运营压力低于设计水平，这与狭窄的山谷尾矿设置一起，延迟了快速达到全面产能的进程。</p>
<h2>关键矿山的黄金现金成本上升</h2>
<p>在奥尔科帕姆帕和坦博马约等运营中，黄金现金成本上升，反映出工资上涨、运营投入增加和产量降低导致规模经济下降。管理层承认，这些因素在某些资产上暂时稀释了利润率，即使合并盈利能力依然强劲。</p>
<h2>针对粘土相关干扰的定向资本支出</h2>
<p>为了解决圣加布里埃尔的粘土问题，布埃纳文图拉计划安装额外的筛分和洗涤设备，预计投资约为 100 万美元。公司预计增量运营成本约为每吨 0.10 美元，称这是稳定工厂性能，特别是在雨季期间的合理支出。</p>
<h2>指导：圣加布里埃尔销售即将开始，增长由现金支持</h2>
<p>展望未来，管理层指导圣加布里埃尔已进入提升阶段，并应在 2026 年第二季度开始记录销售，目标是到 12 月达到每日 2000 吨，2027 年达到每日 3000 吨。公司重申强劲的财务势头，预计将继续从塞罗维德获得股息流入，并强调近期的许可证是未来生产的关键推动因素，同时指出尽管成本通胀，仍保持未对冲状态。</p>
<p>布埃纳文图拉最新的财报电话会议描绘了一家正在转型的矿业公司，平衡着强劲的财务复苏和更强的贵金属产出与运营中的成长烦恼。凭借强化的资产负债表、可观的关联公司分红和关键许可证，该公司似乎处于良好位置，尽管投资者将密切关注圣加布里埃尔项目和成本压力的控制速度。</p>

布埃纳文图拉开采

全球黄金矿业股 MSCI ETF - iShares

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金属采矿 ETF - SPDR

全球金属和采矿生产商 MSCI ETF - iShares

金矿股 ETF - VanEck Vectors

<p>布埃纳文图拉开采公司（Compania de Minas Buenaventura SAA）公布了强劲的第一季度财报，收入翻倍至 6.25 亿美元，息税折旧摊销前利润（EBITDA）增长三倍至 3.86 亿美元。黄金产量增加 80%，达到 30,000 盎司，而银产量上升 6%。尽管成本上升和运营挑战，公司仍保持 760 亿美元的稳健现金储备，支持未来增长。管理层强调了提升运营灵活性和增长潜力的许可里程碑，同时应对来自利润分享和通货膨胀的成本压力</p>

<p>Compania de Minas Buenaventura SAA ((BVN)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>布埃纳文图拉公司（Compania de Minas Buenaventura SAA）已召开 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Compania de Minas Buenaventura delivered a broadly upbeat earnings call, as management highlighted a sharp rebound in revenue, profitability and cash generation. Despite acknowledging rising cost pressures, weaker copper output and operational hiccups at San Gabriel, executives struck a confident tone, stressing strong balance sheet flexibility and permitting wins that underpin future growth.</p>
<div class="lb-trans"><p>布埃纳文图拉公司在财报电话会议中表现出色，管理层强调了收入、盈利能力和现金生成的显著反弹。尽管承认成本压力上升、铜产量下降以及圣加布里埃尔的运营问题，管理层仍然保持自信，强调强大的资产负债表灵活性和支持未来增长的许可胜利。</p>
</div><h2>Revenues More Than Double on Stronger Operations</h2>
<div class="lb-trans"><h2>收入因运营改善而翻倍</h2>
</div><p>Total revenues surged to $625 million in the first quarter of 2026, more than doubling from a year earlier as mines delivered higher volumes and benefited from a supportive price environment. Management framed this as evidence that operational initiatives and better market conditions are finally translating into a materially stronger top line.</p>
<div class="lb-trans"><p>2026 年第一季度，总收入激增至 6.25 亿美元，比去年同期翻了一番，矿山交付了更高的产量，并受益于有利的价格环境。管理层将此视为运营举措和更好市场条件最终转化为显著更强的收入的证据。</p>
</div><h2>EBITDA Triples and Margins Climb Above 60%</h2>
<div class="lb-trans"><h2>EBITDA 增长三倍，利润率超过 60%</h2>
</div><p>Profitability improved even faster than sales, with EBITDA from direct operations reaching $386 million, more than three times last year’s level. EBITDA margins expanded from 41% to 62%, while net income rose 142% to $355 million, signaling that the company is capturing greater operating leverage and improved cost discipline despite inflationary headwinds.</p>
<div class="lb-trans"><p>盈利能力的改善速度甚至超过了销售，直接运营的 EBITDA 达到 3.86 亿美元，是去年水平的三倍多。EBITDA 利润率从 41% 扩大至 62%，净收入增长 142% 至 3.55 亿美元，表明公司在通胀压力下仍能获得更大的运营杠杆和改善的成本控制。</p>
</div><h2>Gold and Silver Output Post Solid Gains</h2>
<div class="lb-trans"><h2>黄金和白银产量稳步增长</h2>
</div><p>Gold production climbed to 30 thousand ounces, an 80% year‑on‑year increase driven largely by the ramp‑up at San Gabriel. Silver output rose 6% to 3.9 million ounces, supported by stronger performance at El Brocal, Uchucchacua and Tambomayo, which helped offset weaker copper volumes in the company’s overall metals mix.</p>
<div class="lb-trans"><p>黄金产量攀升至 3 万盎司，同比增长 80%，主要得益于圣加布里埃尔的产量提升。白银产量增长 6%，达到 390 万盎司，得益于埃尔布罗卡尔、乌丘丘卡和坦博马约的强劲表现，帮助抵消了公司整体金属组合中铜的较弱表现。</p>
</div><h2>Permitting Breakthroughs Unlock Future Capacity</h2>
<div class="lb-trans"><h2>许可突破释放未来产能</h2>
</div><p>Management underscored a series of permitting milestones that de‑risk future growth and expand operating flexibility across the portfolio. New approvals include the stage‑one operating permit and water license for San Gabriel, capacity increases at Yumpag and El Brocal, and the environmental green light for Trapiche, collectively improving visibility on medium‑term production.</p>
<div class="lb-trans"><p>管理层强调了一系列许可里程碑，这些里程碑降低了未来增长的风险，并扩大了整个投资组合的运营灵活性。新批准的项目包括圣加布里埃尔的第一阶段运营许可证和水许可证、尤姆帕格和埃尔布罗卡尔的产能增加，以及对特拉皮切的环境绿灯，这些都改善了中期生产的可见性。</p>
</div><h2>Cash Pile Grows, Supporting Investment Plans</h2>
<div class="lb-trans"><h2>现金储备增加，支持投资计划</h2>
</div><p>Buenaventura closed the quarter with $760 million in cash and a net cash positive position, giving it substantial financial firepower. Capital expenditure reached $81 million, while year‑to‑date dividends of about $157 million bolstered free cash flow and left the company better positioned to fund growth and address operational bottlenecks.</p>
<div class="lb-trans"><p>布埃纳文图拉在本季度结束时现金储备达到 7.6 亿美元，净现金为正，给予其强大的财务实力。资本支出达到 8100 万美元，而截至目前的股息约为 1.57 亿美元，增强了自由现金流，使公司更好地定位于资助增长和解决运营瓶颈。</p>
</div><h2>Cerro Verde Dividends Power Affiliate Cash Flows</h2>
<div class="lb-trans"><h2>塞罗维德的股息推动关联公司现金流</h2>
</div><p>Affiliate Cerro Verde is expected to be a major cash engine in 2026, with management guiding to EBITDA in excess of $2.5 billion and free cash flow around $1.2–1.3 billion. Buenaventura anticipates receiving roughly $200 million in dividends this year, of which about $160 million has already been distributed between January and April.</p>
<div class="lb-trans"><p>关联公司塞罗维德预计将在 2026 年成为主要的现金引擎，管理层预计 EBITDA 超过 25 亿美元，自由现金流约为 12 亿至 13 亿美元。布埃纳文图拉预计今年将收到约 2 亿美元的股息，其中约 1.6 亿美元已在 1 月至 4 月之间分配。</p>
</div><h2>Copper Output Suffers as Focus Shifts to Silver</h2>
<div class="lb-trans"><h2>铜产量下降，重心转向白银</h2>
</div><p>Copper production slipped 11% year on year to 10.9 thousand tons in the first quarter as El Brocal prioritized processing silver‑rich ore over copper. While this weighed on copper volumes, management suggested that the shift supports higher silver output and better economics in the current market environment.</p>
<div class="lb-trans"><p>第一季度铜产量同比下降 11%，降至 1.09 万吨，因为埃尔布罗卡尔优先处理富银矿石而非铜。尽管这对铜的产量造成了压力，管理层表示这种转变支持了更高的白银产量，并在当前市场环境中带来了更好的经济效益。</p>
</div><h2>Profit Sharing Surge Lifts Personnel Costs</h2>
<div class="lb-trans"><h2>利润分享激增推高人事成本</h2>
</div><p>Personnel‑related expenses climbed sharply, driven by a steep increase in workers’ profit sharing to around $19 million from $2.5 million a year earlier. The company noted that this nearly seven‑fold jump significantly impacted corporate cash costs and contributed to higher cost of sales and administrative expenses.</p>
<div class="lb-trans"><p>由于工人利润分享大幅增加至约 1900 万美元，较去年 250 万美元大幅上升，人员相关费用急剧上升。公司指出，这一近七倍的增长显著影响了企业现金成本，并导致销售成本和管理费用上升。</p>
</div><h2>Cement, FX and Diesel Add to Cost Inflation</h2>
<div class="lb-trans"><h2>水泥、外汇和柴油推高成本通胀</h2>
</div><p>Additional cost pressures came from higher cement consumption, foreign‑exchange effects and rising reagent costs across operations. Diesel prices rose roughly 50%, which management estimated added about 2–2.5% to overall operating expenses, while higher commercial deductions at certain mines pushed up silver cash costs.</p>
<div class="lb-trans"><p>额外的成本压力来自于水泥消费增加、外汇波动和各项运营中试剂成本上升。柴油价格上涨约 50%，管理层估计这使整体运营费用增加了约 2% 至 2.5%，而某些矿山的商业扣除增加也推高了白银现金成本。</p>
</div><h2>San Gabriel Ramp‑Up Slowed by Clay and Tailings Limits</h2>
<div class="lb-trans"><h2>圣加布里埃尔的提升因粘土和尾矿限制而放缓</h2>
</div><p>The ramp‑up at San Gabriel is progressing but has been hampered by high‑moisture, clay‑rich ore that clogs crushing and conveyor systems and by a constrained tailings facility. Only half of the filter presses have been delivered and current operating pressure is below design, which, together with the narrow valley tailings setup, is delaying a rapid move to full throughput.</p>
<div class="lb-trans"><p>圣加布里埃尔的提升正在进行中，但受到高湿度、富含粘土的矿石阻碍，这导致破碎和输送系统堵塞，以及尾矿设施受限。只有一半的过滤机已交付，当前的运营压力低于设计水平，这与狭窄的山谷尾矿设置一起，延迟了快速达到全面产能的进程。</p>
</div><h2>Higher Gold Cash Costs at Key Mines</h2>
<div class="lb-trans"><h2>关键矿山的黄金现金成本上升</h2>
</div><p>Gold cash costs increased at operations such as Orcopampa and Tambomayo, reflecting higher wages, rising operating inputs and lower throughput that reduced economies of scale. Management acknowledged that these factors temporarily dilute margins at certain assets even as consolidated profitability remains strong.</p>
<div class="lb-trans"><p>在奥尔科帕姆帕和坦博马约等运营中，黄金现金成本上升，反映出工资上涨、运营投入增加和产量降低导致规模经济下降。管理层承认，这些因素在某些资产上暂时稀释了利润率，即使合并盈利能力依然强劲。</p>
</div><h2>Targeted CapEx to Mitigate Clay‑Related Disruptions</h2>
<div class="lb-trans"><h2>针对粘土相关干扰的定向资本支出</h2>
</div><p>To address the clay issues at San Gabriel, Buenaventura plans to install additional screening and washing equipment, an investment estimated at about $1 million. The company expects the incremental operating cost to be around $0.10 per ton, describing it as a modest price to pay to stabilize plant performance, particularly during the rainy season.</p>
<div class="lb-trans"><p>为了解决圣加布里埃尔的粘土问题，布埃纳文图拉计划安装额外的筛分和洗涤设备，预计投资约为 100 万美元。公司预计增量运营成本约为每吨 0.10 美元，称这是稳定工厂性能，特别是在雨季期间的合理支出。</p>
</div><h2>Guidance: San Gabriel Sales to Start, Growth Backed by Cash</h2>
<div class="lb-trans"><h2>指导：圣加布里埃尔销售即将开始，增长由现金支持</h2>
</div><p>Looking ahead, management guided that San Gabriel has entered its ramp‑up phase and should begin recording sales in the second quarter of 2026, targeting 2,000 tons per day by December and 3,000 tons per day in 2027. The company reiterated strong financial momentum, expects continued dividend inflows from Cerro Verde, and highlighted recent permits as key enablers of future production, while noting that it remains unhedged despite cost inflation.</p>
<div class="lb-trans"><p>展望未来，管理层指导圣加布里埃尔已进入提升阶段，并应在 2026 年第二季度开始记录销售，目标是到 12 月达到每日 2000 吨，2027 年达到每日 3000 吨。公司重申强劲的财务势头，预计将继续从塞罗维德获得股息流入，并强调近期的许可证是未来生产的关键推动因素，同时指出尽管成本通胀，仍保持未对冲状态。</p>
</div><p>Buenaventura’s latest earnings call painted the picture of a miner in transition, balancing strong financial recovery and stronger precious‑metals output against operational growing pains. With a fortified balance sheet, sizeable affiliate dividends and key permits in hand, the company appears well positioned, though investors will watch closely how quickly San Gabriel and cost pressures are brought under tighter control.</p>
<div class="lb-trans"><p>布埃纳文图拉最新的财报电话会议描绘了一家正在转型的矿业公司，平衡着强劲的财务复苏和更强的贵金属产出与运营中的成长烦恼。凭借强化的资产负债表、可观的关联公司分红和关键许可证，该公司似乎处于良好位置，尽管投资者将密切关注圣加布里埃尔项目和成本压力的控制速度。</p>
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布埃纳文图拉财报电话会议重点关注利润和生产扩张