<p>布埃納文圖拉公司（Compania de Minas Buenaventura SAA）已召開 2026 年第一季度財報電話會議。以下是會議的主要亮點。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</li>
</ul>
<p>布埃納文圖拉公司在財報電話會議中表現出色，管理層強調了收入、盈利能力和現金生成的顯著反彈。儘管承認成本壓力上升、銅產量下降以及聖加布裏埃爾的運營問題，管理層仍然保持自信，強調強大的資產負債表靈活性和支持未來增長的許可勝利。</p>
<h2>收入因運營改善而翻倍</h2>
<p>2026 年第一季度，總收入激增至 6.25 億美元，比去年同期翻了一番，礦山交付了更高的產量，並受益於有利的價格環境。管理層將此視為運營舉措和更好市場條件最終轉化為顯著更強的收入的證據。</p>
<h2>EBITDA 增長三倍，利潤率超過 60%</h2>
<p>盈利能力的改善速度甚至超過了銷售，直接運營的 EBITDA 達到 3.86 億美元，是去年水平的三倍多。EBITDA 利潤率從 41% 擴大至 62%，淨收入增長 142% 至 3.55 億美元，表明公司在通脹壓力下仍能獲得更大的運營槓桿和改善的成本控制。</p>
<h2>黃金和白銀產量穩步增長</h2>
<p>黃金產量攀升至 3 萬盎司，同比增長 80%，主要得益於聖加布裏埃爾的產量提升。白銀產量增長 6%，達到 390 萬盎司，得益於埃爾布羅卡爾、烏丘丘卡和坦博馬約的強勁表現，幫助抵消了公司整體金屬組合中銅的較弱表現。</p>
<h2>許可突破釋放未來產能</h2>
<p>管理層強調了一系列許可里程碑，這些里程碑降低了未來增長的風險，並擴大了整個投資組合的運營靈活性。新批准的項目包括聖加布裏埃爾的第一階段運營許可證和水許可證、尤姆帕格和埃爾布羅卡爾的產能增加，以及對特拉皮切的環境綠燈，這些都改善了中期生產的可見性。</p>
<h2>現金儲備增加，支持投資計劃</h2>
<p>布埃納文圖拉在本季度結束時現金儲備達到 7.6 億美元，淨現金為正，給予其強大的財務實力。資本支出達到 8100 萬美元，而截至目前的股息約為 1.57 億美元，增強了自由現金流，使公司更好地定位於資助增長和解決運營瓶頸。</p>
<h2>塞羅維德的股息推動關聯公司現金流</h2>
<p>關聯公司塞羅維德預計將在 2026 年成為主要的現金引擎，管理層預計 EBITDA 超過 25 億美元，自由現金流約為 12 億至 13 億美元。布埃納文圖拉預計今年將收到約 2 億美元的股息，其中約 1.6 億美元已在 1 月至 4 月之間分配。</p>
<h2>銅產量下降，重心轉向白銀</h2>
<p>第一季度銅產量同比下降 11%，降至 1.09 萬噸，因為埃爾布羅卡爾優先處理富銀礦石而非銅。儘管這對銅的產量造成了壓力，管理層表示這種轉變支持了更高的白銀產量，並在當前市場環境中帶來了更好的經濟效益。</p>
<h2>利潤分享激增推高人事成本</h2>
<p>由於工人利潤分享大幅增加至約 1900 萬美元，較去年 250 萬美元大幅上升，人員相關費用急劇上升。公司指出，這一近七倍的增長顯著影響了企業現金成本，並導致銷售成本和管理費用上升。</p>
<h2>水泥、外匯和柴油推高成本通脹</h2>
<p>額外的成本壓力來自於水泥消費增加、外匯波動和各項運營中試劑成本上升。柴油價格上漲約 50%，管理層估計這使整體運營費用增加了約 2% 至 2.5%，而某些礦山的商業扣除增加也推高了白銀現金成本。</p>
<h2>聖加布裏埃爾的提升因粘土和尾礦限制而放緩</h2>
<p>聖加布裏埃爾的提升正在進行中，但受到高濕度、富含粘土的礦石阻礙，這導致破碎和輸送系統堵塞，以及尾礦設施受限。只有一半的過濾機已交付，當前的運營壓力低於設計水平，這與狹窄的山谷尾礦設置一起，延遲了快速達到全面產能的進程。</p>
<h2>關鍵礦山的黃金現金成本上升</h2>
<p>在奧爾科帕姆帕和坦博馬約等運營中，黃金現金成本上升，反映出工資上漲、運營投入增加和產量降低導致規模經濟下降。管理層承認，這些因素在某些資產上暫時稀釋了利潤率，即使合併盈利能力依然強勁。</p>
<h2>針對粘土相關干擾的定向資本支出</h2>
<p>為了解決聖加布裏埃爾的粘土問題，布埃納文圖拉計劃安裝額外的篩分和洗滌設備，預計投資約為 100 萬美元。公司預計增量運營成本約為每噸 0.10 美元，稱這是穩定工廠性能，特別是在雨季期間的合理支出。</p>
<h2>指導：聖加布裏埃爾銷售即將開始，增長由現金支持</h2>
<p>展望未來，管理層指導聖加布裏埃爾已進入提升階段，並應在 2026 年第二季度開始記錄銷售，目標是到 12 月達到每日 2000 噸，2027 年達到每日 3000 噸。公司重申強勁的財務勢頭，預計將繼續從塞羅維德獲得股息流入，並強調近期的許可證是未來生產的關鍵推動因素，同時指出儘管成本通脹，仍保持未對沖狀態。</p>
<p>布埃納文圖拉最新的財報電話會議描繪了一家正在轉型的礦業公司，平衡着強勁的財務復甦和更強的貴金屬產出與運營中的成長煩惱。憑藉強化的資產負債表、可觀的關聯公司分紅和關鍵許可證，該公司似乎處於良好位置，儘管投資者將密切關注聖加布裏埃爾項目和成本壓力的控制速度。</p>

布埃納文圖拉開採

全球黃金礦業股 MSCI ETF - iShares

金礦小盤股 ETF - VanEck Vectors

金屬採礦 ETF - SPDR

全球金屬和採礦生產商 MSCI ETF - iShares

金礦股 ETF - VanEck Vectors

<p>布埃納文圖拉開採公司（Compania de Minas Buenaventura SAA）公佈了強勁的第一季度財報，收入翻倍至 6.25 億美元，息税折舊攤銷前利潤（EBITDA）增長三倍至 3.86 億美元。黃金產量增加 80%，達到 30,000 盎司，而銀產量上升 6%。儘管成本上升和運營挑戰，公司仍保持 760 億美元的穩健現金儲備，支持未來增長。管理層強調了提升運營靈活性和增長潛力的許可里程碑，同時應對來自利潤分享和通貨膨脹的成本壓力</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>布埃納文圖拉公司（Compania de Minas Buenaventura SAA）已召開 2026 年第一季度財報電話會議。以下是會議的主要亮點。</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>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解鎖對沖基金級別的數據和強大的投資工具，以做出更聰明、更精準的決策</li>
<li>發現表現優異的股票投資理念，並升級到市場領先者的投資組合，使用智能投資者精選</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>布埃納文圖拉公司在財報電話會議中表現出色，管理層強調了收入、盈利能力和現金生成的顯著反彈。儘管承認成本壓力上升、銅產量下降以及聖加布裏埃爾的運營問題，管理層仍然保持自信，強調強大的資產負債表靈活性和支持未來增長的許可勝利。</p>
</div><h2>Revenues More Than Double on Stronger Operations</h2>
<div class="lb-trans"><h2>收入因運營改善而翻倍</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，總收入激增至 6.25 億美元，比去年同期翻了一番，礦山交付了更高的產量，並受益於有利的價格環境。管理層將此視為運營舉措和更好市場條件最終轉化為顯著更強的收入的證據。</p>
</div><h2>EBITDA Triples and Margins Climb Above 60%</h2>
<div class="lb-trans"><h2>EBITDA 增長三倍，利潤率超過 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過了銷售，直接運營的 EBITDA 達到 3.86 億美元，是去年水平的三倍多。EBITDA 利潤率從 41% 擴大至 62%，淨收入增長 142% 至 3.55 億美元，表明公司在通脹壓力下仍能獲得更大的運營槓桿和改善的成本控制。</p>
</div><h2>Gold and Silver Output Post Solid Gains</h2>
<div class="lb-trans"><h2>黃金和白銀產量穩步增長</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>黃金產量攀升至 3 萬盎司，同比增長 80%，主要得益於聖加布裏埃爾的產量提升。白銀產量增長 6%，達到 390 萬盎司，得益於埃爾布羅卡爾、烏丘丘卡和坦博馬約的強勁表現，幫助抵消了公司整體金屬組合中銅的較弱表現。</p>
</div><h2>Permitting Breakthroughs Unlock Future Capacity</h2>
<div class="lb-trans"><h2>許可突破釋放未來產能</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>管理層強調了一系列許可里程碑，這些里程碑降低了未來增長的風險，並擴大了整個投資組合的運營靈活性。新批准的項目包括聖加布裏埃爾的第一階段運營許可證和水許可證、尤姆帕格和埃爾布羅卡爾的產能增加，以及對特拉皮切的環境綠燈，這些都改善了中期生產的可見性。</p>
</div><h2>Cash Pile Grows, Supporting Investment Plans</h2>
<div class="lb-trans"><h2>現金儲備增加，支持投資計劃</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>布埃納文圖拉在本季度結束時現金儲備達到 7.6 億美元，淨現金為正，給予其強大的財務實力。資本支出達到 8100 萬美元，而截至目前的股息約為 1.57 億美元，增強了自由現金流，使公司更好地定位於資助增長和解決運營瓶頸。</p>
</div><h2>Cerro Verde Dividends Power Affiliate Cash Flows</h2>
<div class="lb-trans"><h2>塞羅維德的股息推動關聯公司現金流</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>關聯公司塞羅維德預計將在 2026 年成為主要的現金引擎，管理層預計 EBITDA 超過 25 億美元，自由現金流約為 12 億至 13 億美元。布埃納文圖拉預計今年將收到約 2 億美元的股息，其中約 1.6 億美元已在 1 月至 4 月之間分配。</p>
</div><h2>Copper Output Suffers as Focus Shifts to Silver</h2>
<div class="lb-trans"><h2>銅產量下降，重心轉向白銀</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>第一季度銅產量同比下降 11%，降至 1.09 萬噸，因為埃爾布羅卡爾優先處理富銀礦石而非銅。儘管這對銅的產量造成了壓力，管理層表示這種轉變支持了更高的白銀產量，並在當前市場環境中帶來了更好的經濟效益。</p>
</div><h2>Profit Sharing Surge Lifts Personnel Costs</h2>
<div class="lb-trans"><h2>利潤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>由於工人利潤分享大幅增加至約 1900 萬美元，較去年 250 萬美元大幅上升，人員相關費用急劇上升。公司指出，這一近七倍的增長顯著影響了企業現金成本，並導致銷售成本和管理費用上升。</p>
</div><h2>Cement, FX and Diesel Add to Cost Inflation</h2>
<div class="lb-trans"><h2>水泥、外匯和柴油推高成本通脹</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>額外的成本壓力來自於水泥消費增加、外匯波動和各項運營中試劑成本上升。柴油價格上漲約 50%，管理層估計這使整體運營費用增加了約 2% 至 2.5%，而某些礦山的商業扣除增加也推高了白銀現金成本。</p>
</div><h2>San Gabriel Ramp‑Up Slowed by Clay and Tailings Limits</h2>
<div class="lb-trans"><h2>聖加布裏埃爾的提升因粘土和尾礦限制而放緩</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>聖加布裏埃爾的提升正在進行中，但受到高濕度、富含粘土的礦石阻礙，這導致破碎和輸送系統堵塞，以及尾礦設施受限。只有一半的過濾機已交付，當前的運營壓力低於設計水平，這與狹窄的山谷尾礦設置一起，延遲了快速達到全面產能的進程。</p>
</div><h2>Higher Gold Cash Costs at Key Mines</h2>
<div class="lb-trans"><h2>關鍵礦山的黃金現金成本上升</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>在奧爾科帕姆帕和坦博馬約等運營中，黃金現金成本上升，反映出工資上漲、運營投入增加和產量降低導致規模經濟下降。管理層承認，這些因素在某些資產上暫時稀釋了利潤率，即使合併盈利能力依然強勁。</p>
</div><h2>Targeted CapEx to Mitigate Clay‑Related Disruptions</h2>
<div class="lb-trans"><h2>針對粘土相關干擾的定向資本支出</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>為了解決聖加布裏埃爾的粘土問題，布埃納文圖拉計劃安裝額外的篩分和洗滌設備，預計投資約為 100 萬美元。公司預計增量運營成本約為每噸 0.10 美元，稱這是穩定工廠性能，特別是在雨季期間的合理支出。</p>
</div><h2>Guidance: San Gabriel Sales to Start, Growth Backed by Cash</h2>
<div class="lb-trans"><h2>指導：聖加布裏埃爾銷售即將開始，增長由現金支持</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>展望未來，管理層指導聖加布裏埃爾已進入提升階段，並應在 2026 年第二季度開始記錄銷售，目標是到 12 月達到每日 2000 噸，2027 年達到每日 3000 噸。公司重申強勁的財務勢頭，預計將繼續從塞羅維德獲得股息流入，並強調近期的許可證是未來生產的關鍵推動因素，同時指出儘管成本通脹，仍保持未對沖狀態。</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>布埃納文圖拉最新的財報電話會議描繪了一家正在轉型的礦業公司，平衡着強勁的財務復甦和更強的貴金屬產出與運營中的成長煩惱。憑藉強化的資產負債表、可觀的關聯公司分紅和關鍵許可證，該公司似乎處於良好位置，儘管投資者將密切關注聖加布裏埃爾項目和成本壓力的控制速度。</p>
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布埃納文圖拉財報電話會議重點關注利潤和生產擴張