<p>當沃倫·巴菲特（Warren Buffett）的旗艦投資公司在 2020 年投資巴里克黃金時，許多投資者感到驚訝。巴菲特和芒格（Munger）長期以來一直批評黃金是一種無生產力的資產。這項投資並不像看起來那麼矛盾。</p>
<p>巴里克並不是黃金。投資黃金的人購買的是這種商品；而巴里克則是銷售它。二者之間存在差異。該公司通過開採、加工和運營來產生收益。這就是事情變得清晰的地方。巴菲特一直偏愛商品領域的低成本生產商，而巴里克正符合這一標準。它被納入伯克希爾的投資組合不僅反映了對黃金市場的信心，也表明了對巴里克經營方式的更廣泛認可。</p>
<p>伯克希爾深刻理解能源基礎設施，這一點也很有幫助。NV Energy 是其關鍵子公司之一，為內華達州的大部分地區供電，包括礦業運營。這種洞察力可能使伯克希爾在評估巴里克的成本結構及其高效利用基礎設施以提高回報方面佔據了優勢。</p>
<p><strong>競爭優勢</strong></p>
<p>黃金開採是一項艱難的業務，但巴里克在最重要的成本方面表現出色。其全面維持成本（AISC）遠低於同行。</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>這種成本優勢源於巴里克的棕地開發，利用現有基礎設施。巴里克的許多運營使用壓力氧化（POX），這是一種高能耗但高產出的方法，每噸濃縮物可消耗高達 800 千瓦時的電力，遠高於標準的氰化浸出。POX 過程需要大量的能源和技術基礎設施，但它每噸礦石提取的價值更高，尤其是在複雜的礦牀中。</p>
<p>巴里克根據當地條件調整其加工方法。例如，在馬裏，由於政治不穩定和基礎設施限制，它依賴傳統的勞動密集型浸出。在贊比亞，條件更為穩定，它進行大量資本投資，包括能源基礎設施，以支持更高產量和長期資產。</p>
<p><strong>盧姆瓦納：戰略銅礦</strong></p>
<p>巴里克在贊比亞的盧姆瓦納礦山説明了這一點。該公司正在大力投資，將年銅產量從 120,000 噸翻倍至 240,000 噸。在當前銅價約為每噸 8,500 美元的情況下，這意味着盧姆瓦納的收入可能從 10.2 億美元增加到超過 20 億美元。這一擴張將使贊比亞成為巴里克的主要收入貢獻者之一。</p>
<p>為了支持這一增長，巴里克承諾加強當地電力基礎設施。與第一量子礦業（First Quantum Minerals）相比，後者為贊比亞的運營進口了大量電力，巴里克則優先考慮當地能源解決方案。自 2024 年底以來，它已啓動聯合發電項目，並與國家公用事業公司 ZESCO 合作，通過大型太陽能電力項目來升級國家電網，以補充現有的水電發電。</p>
<p>這些努力不僅降低了盧姆瓦納的能源風險，還促進了區域發展。穩定的電力不僅對礦山有利，還支持社區服務、當地企業和未來的工業投資。</p>
<p><strong>圍繞基礎設施構建的業務</strong></p>
<p>太陽能和水電是互補的：太陽能隨陽光波動，而水電則提供穩定性。巴里克利用兩者來平衡成本並保持正常運行，將其能源需求整合到支持其運營所在國家發展的更廣泛戰略中。</p>
<p>內華達州是這一模式的全球展示。巴里克與紐蒙特（Newmont）在內華達州黃金礦業的合作，利用高品位礦牀和世界級物流。NV Energy 由伯克希爾·哈撒韋（Berkshire Hathaway）擁有，為該州的礦業部門提供電力，包括巴里克的運營。伯克希爾在基礎設施和可再生能源方面的經驗可能影響了其對巴里克的投資。</p>
<p>當資本、礦石和電力在內華達州和贊比亞等地相互協調時，結果就是一種難以複製的競爭優勢。</p>
<p><strong>長期價值</strong></p>
<p>巴里克擁有約 7700 萬盎司的已探明和可能的黃金儲備。以每年生產 400 萬盎司計算，這意味着大約還有 19 年的未來產量。巴里克的戰略不僅僅是最大化當前利潤。它確保即使在經濟低迷時，公司仍能保持盈利。作為低成本生產商，巴里克在黃金價格下跌時更具韌性，而在價格上漲時則更具盈利能力。這正是價值投資者所尋找的非對稱性。通貨膨脹可能導致所有礦山的成本上升，但巴里克的沉沒基礎設施成本應該能夠在未來幾十年為股東提供超越通脹的回報。</p>
<p><strong>管理層</strong></p>
<p>首席執行官馬克·布里斯托（Mark Bristow）自 2019 年與蘭德戈德（Randgold）合併以來，帶領巴里克經歷了一段整合和重新聚焦的時期。他帶來了運營紀律和地緣政治意識。公司根據當地條件調整資本強度，在穩定地區進行大量支出，而在動盪地區保持成本精簡。</p>
<p>這種平衡顯示了戰略成熟度：在風險不值得的地方不要過度支出，在長期基礎設施能夠帶來回報的地方不要投資不足。</p>
<p><strong>風險</strong></p>
<p>每個商品業務都存在風險。<strong>黃金價格波動</strong>。運營面臨中斷。監管框架發生變化。但巴里克作為低成本生產商的定位為其提供了緩衝。它可能會在高成本同行陷入困境時保持盈利。</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>地緣政治風險</strong> 是可管理的，而不是消除的。在馬裏，巴里克限制資本支出，並依賴更簡單的方法。曼薩·穆薩（Mansa Musa）曾是地球上最富有的人，這並非沒有原因。馬裏以非常低的成本生產黃金。即使沒有其在馬裏的運營，巴里克仍然是明顯的領導者。而且由於黃金是全球可互換的，它面臨的 <strong>關税或物流風險</strong> 與許多其他原材料不同。</p>
<p><strong>ESG</strong> 的重要性也在上升。巴里克黃金在可再生能源和地方發展的持續投資是對監管壓力和投資者期望的回應。這些是對運營許可的長期押注。</p>
<p><strong>最後思考</strong></p>
<p>從運營效率和基礎設施槓桿的角度來看，巴菲特對巴里克的投資更具意義，而不是單純押注於黃金本身。巴里克並不承諾平穩的回報，但它的構建旨在承受波動。</p>
<p>如果你在尋找一個投機性的動量投資，這裏並不適合。但如果你重視一個長期的資產基礎、謹慎的管理、對黃金和銅的雙重曝光，以及一個尚未反映所有這些因素的價格，巴里克可能值得你更仔細地關注。</p>
<p>感謝 funtrading 提醒我關注巴里克黃金。</p>

GOLD

巴裏克礦業

<p>沃倫·巴菲特對巴里克黃金的投資反映了他對該公司低成本生產模式和戰略基礎設施投資的信心。巴里克在成本管理方面表現出色，利用先進的提取方法和當地能源解決方案來提高盈利能力。贊比亞的盧姆瓦納礦預計將使銅產量翻倍，顯著提升收入。巴里克的長期戰略專注於通過高效運營和適應當地條件來維持盈利能力，使其在市場波動中處於有利位置。儘管商品行業固有風險，巴里克的低成本結構提供了競爭優勢</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>當沃倫·巴菲特（Warren Buffett）的旗艦投資公司在 2020 年投資巴里克黃金時，許多投資者感到驚訝。巴菲特和芒格（Munger）長期以來一直批評黃金是一種無生產力的資產。這項投資並不像看起來那麼矛盾。</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>巴里克並不是黃金。投資黃金的人購買的是這種商品；而巴里克則是銷售它。二者之間存在差異。該公司通過開採、加工和運營來產生收益。這就是事情變得清晰的地方。巴菲特一直偏愛商品領域的低成本生產商，而巴里克正符合這一標準。它被納入伯克希爾的投資組合不僅反映了對黃金市場的信心，也表明了對巴里克經營方式的更廣泛認可。</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>伯克希爾深刻理解能源基礎設施，這一點也很有幫助。NV Energy 是其關鍵子公司之一，為內華達州的大部分地區供電，包括礦業運營。這種洞察力可能使伯克希爾在評估巴里克的成本結構及其高效利用基礎設施以提高回報方面佔據了優勢。</p>
</div><p><strong>Competitive advantages</strong></p>
<div class="lb-trans"><p><strong>競爭優勢</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>黃金開採是一項艱難的業務，但巴里克在最重要的成本方面表現出色。其全面維持成本（AISC）遠低於同行。</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>這種成本優勢源於巴里克的棕地開發，利用現有基礎設施。巴里克的許多運營使用壓力氧化（POX），這是一種高能耗但高產出的方法，每噸濃縮物可消耗高達 800 千瓦時的電力，遠高於標準的氰化浸出。POX 過程需要大量的能源和技術基礎設施，但它每噸礦石提取的價值更高，尤其是在複雜的礦牀中。</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>巴里克根據當地條件調整其加工方法。例如，在馬裏，由於政治不穩定和基礎設施限制，它依賴傳統的勞動密集型浸出。在贊比亞，條件更為穩定，它進行大量資本投資，包括能源基礎設施，以支持更高產量和長期資產。</p>
</div><p><strong>Lumwana: A Strategic Copper Play</strong></p>
<div class="lb-trans"><p><strong>盧姆瓦納：戰略銅礦</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>巴里克在贊比亞的盧姆瓦納礦山説明了這一點。該公司正在大力投資，將年銅產量從 120,000 噸翻倍至 240,000 噸。在當前銅價約為每噸 8,500 美元的情況下，這意味着盧姆瓦納的收入可能從 10.2 億美元增加到超過 20 億美元。這一擴張將使贊比亞成為巴里克的主要收入貢獻者之一。</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>為了支持這一增長，巴里克承諾加強當地電力基礎設施。與第一量子礦業（First Quantum Minerals）相比，後者為贊比亞的運營進口了大量電力，巴里克則優先考慮當地能源解決方案。自 2024 年底以來，它已啓動聯合發電項目，並與國家公用事業公司 ZESCO 合作，通過大型太陽能電力項目來升級國家電網，以補充現有的水電發電。</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>這些努力不僅降低了盧姆瓦納的能源風險，還促進了區域發展。穩定的電力不僅對礦山有利，還支持社區服務、當地企業和未來的工業投資。</p>
</div><p><strong>A Business Built Around Infrastructure</strong></p>
<div class="lb-trans"><p><strong>圍繞基礎設施構建的業務</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>太陽能和水電是互補的：太陽能隨陽光波動，而水電則提供穩定性。巴里克利用兩者來平衡成本並保持正常運行，將其能源需求整合到支持其運營所在國家發展的更廣泛戰略中。</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>內華達州是這一模式的全球展示。巴里克與紐蒙特（Newmont）在內華達州黃金礦業的合作，利用高品位礦牀和世界級物流。NV Energy 由伯克希爾·哈撒韋（Berkshire Hathaway）擁有，為該州的礦業部門提供電力，包括巴里克的運營。伯克希爾在基礎設施和可再生能源方面的經驗可能影響了其對巴里克的投資。</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>當資本、礦石和電力在內華達州和贊比亞等地相互協調時，結果就是一種難以複製的競爭優勢。</p>
</div><p><strong>Long term value</strong></p>
<div class="lb-trans"><p><strong>長期價值</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>巴里克擁有約 7700 萬盎司的已探明和可能的黃金儲備。以每年生產 400 萬盎司計算，這意味着大約還有 19 年的未來產量。巴里克的戰略不僅僅是最大化當前利潤。它確保即使在經濟低迷時，公司仍能保持盈利。作為低成本生產商，巴里克在黃金價格下跌時更具韌性，而在價格上漲時則更具盈利能力。這正是價值投資者所尋找的非對稱性。通貨膨脹可能導致所有礦山的成本上升，但巴里克的沉沒基礎設施成本應該能夠在未來幾十年為股東提供超越通脹的回報。</p>
</div><p><strong>Management</strong></p>
<div class="lb-trans"><p><strong>管理層</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>首席執行官馬克·布里斯托（Mark Bristow）自 2019 年與蘭德戈德（Randgold）合併以來，帶領巴里克經歷了一段整合和重新聚焦的時期。他帶來了運營紀律和地緣政治意識。公司根據當地條件調整資本強度，在穩定地區進行大量支出，而在動盪地區保持成本精簡。</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>這種平衡顯示了戰略成熟度：在風險不值得的地方不要過度支出，在長期基礎設施能夠帶來回報的地方不要投資不足。</p>
</div><p><strong>Risks</strong></p>
<div class="lb-trans"><p><strong>風險</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>每個商品業務都存在風險。<strong>黃金價格波動</strong>。運營面臨中斷。監管框架發生變化。但巴里克作為低成本生產商的定位為其提供了緩衝。它可能會在高成本同行陷入困境時保持盈利。</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>地緣政治風險</strong> 是可管理的，而不是消除的。在馬裏，巴里克限制資本支出，並依賴更簡單的方法。曼薩·穆薩（Mansa Musa）曾是地球上最富有的人，這並非沒有原因。馬裏以非常低的成本生產黃金。即使沒有其在馬裏的運營，巴里克仍然是明顯的領導者。而且由於黃金是全球可互換的，它面臨的 <strong>關税或物流風險</strong> 與許多其他原材料不同。</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。巴里克黃金在可再生能源和地方發展的持續投資是對監管壓力和投資者期望的回應。這些是對運營許可的長期押注。</p>
</div><p><strong>Final Thoughts</strong></p>
<div class="lb-trans"><p><strong>最後思考</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>從運營效率和基礎設施槓桿的角度來看，巴菲特對巴里克的投資更具意義，而不是單純押注於黃金本身。巴里克並不承諾平穩的回報，但它的構建旨在承受波動。</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>如果你在尋找一個投機性的動量投資，這裏並不適合。但如果你重視一個長期的資產基礎、謹慎的管理、對黃金和銅的雙重曝光，以及一個尚未反映所有這些因素的價格，巴里克可能值得你更仔細地關注。</p>
</div><p>With a hat tip to funtrading for bringing Barrick Gold to my attention.</p>
<div class="lb-trans"><p>感謝 funtrading 提醒我關注巴里克黃金。</p>
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為什麼巴菲特持有巴里克黃金