{"id":328158,"date":"2020-04-08T20:14:10","date_gmt":"2020-04-09T03:14:10","guid":{"rendered":"https:\/\/nai500.com\/blog\/2020\/04\/4%e6%9c%88-%e9%bb%84%e9%87%91%e8%82%a1-%e9%bb%84%e9%87%91\/"},"modified":"2020-04-08T20:14:37","modified_gmt":"2020-04-09T03:14:37","slug":"4%e6%9c%88-%e9%bb%83%e9%87%91%e8%82%a1-%e9%bb%83%e9%87%91","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2020\/04\/4%e6%9c%88-%e9%bb%83%e9%87%91%e8%82%a1-%e9%bb%83%e9%87%91\/","title":{"rendered":"\u52d5\u8569\u5e02\u8cb7\u9ec3\u91d1\uff0c4\u6708\u503c\u5f97\u8cb7\u5165\u76843\u53ea\u9ec3\u91d1\u80a1"},"content":{"rendered":"<p>\u5e02\u5834\u6ce2\u52d5\u52a0\u5287\u6642\uff0c\u6295\u8cc7\u8005\u6703\u6d8c\u5411\u9ec3\u91d1\u5e02\u5834\uff0c\u9019\u4e00\u908f\u8f2f\u5728\u7576\u524d\u65b0\u51a0\u75ab\u60c5\u74b0\u5883\u4e0b\u518d\u6b21\u5f97\u5230\u9a57\u8b49\uff1a\u9ec3\u91d1\u50f9\u683c\u4eca\u5e74\u4ee5\u4f86\u4e0a\u6f32\u8fd16%\uff0c\u540c\u671f\u6a19\u666e500\u6307\u6578\u5927\u8dcc23%\u3002\u800c\u4e14\uff0c\u5e02\u5834\u6ce2\u52d5\u9060\u672a\u7d50\u675f\uff0c\u539f\u56e0\u6709\u4ee5\u4e0b\u5e7e\u9ede\uff1a\u7f8e\u570b\u521d\u8acb\u5931\u696d\u91d1\u4eba\u6578\u5275\u7d00\u9304\uff0c\u65b0\u51a0\u80ba\u708e\u75ab\u60c5\u4ecd\u5728\u7f8e\u570b\u8086\u8650\uff0c\u4ee5\u53ca\u516c\u53f8\u9762\u81e8\u524d\u6240\u672a\u6709\u7684\u4e0d\u5229\u5f62\u52e2\u3002<\/p>\n<p>\u9664\u4e86\u9ec3\u91d1\uff0c\u9ec3\u91d1\u7926\u5546\u80a1\u4e5f\u662f\u4e00\u500b\u5f88\u597d\u7684\u9078\u64c7\uff0c\u6bd4\u5982\u8aaa\u5df4\u88e1\u514b\u9ec3\u91d1Barrick Gold\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=ABX%3ACA\">TSX: ABX<\/a>\uff09\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=GOLD\">NYSE: GOLD<\/a>\uff09\u3001Franco-Nevada Corp\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=FNV%3ACA\">TSX: FNV<\/a>\uff09\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=FNV\">NYSE: FNV<\/a>\uff09\u4ee5\u53caKirkland Lake Gold Inc\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=KL%3ACA\">TSX: KL<\/a>\uff09\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=KL\">NYSE: KL<\/a>\uff09\u3002<\/p>\n<h2>\u5df4\u88e1\u514b\u9ec3\u91d1\uff1a\u9ec3\u91d1\u8cc7\u7523\u7684\u5e73\u7a69\u904b\u71df\u5546<\/h2>\n<p>\u5df4\u88e1\u514b\u9ec3\u91d1\u7684\u9ec3\u91d1\u548c\u9285\u9805\u76ee\u5206\u6563\u4e8e13\u500b\u570b\u5bb6\uff0c\u8cc7\u7523\u7d44\u5408\u8986\u84cb\u5317\u7f8e\u548c\u5357\u7f8e\u3001\u975e\u6d32\u3001\u5df4\u5e03\u4e9e\u65b0\u5e7e\u5167\u4e9e\u4ee5\u53ca\u6c99\u7279\u963f\u62c9\u4f2f\u3002\u8cc7\u7523\u7d44\u5408\u7684\u5730\u7406\u591a\u5143\u5316\u5728\u7576\u524d\u7684\u74b0\u5883\u4e0b\u5c24\u7232\u6709\u5229\uff0c\u9019\u5927\u5927\u964d\u4f4e\u4e86\u55ae\u4e00\u53f8\u6cd5\u7ba1\u8f44\u5340\u8feb\u4f7f\u8a72\u516c\u53f8\u505c\u7523\u7684\u98a8\u96aa\u3002\u5230\u76ee\u524d\u7232\u6b62\uff0c\u5df4\u88e1\u514b\u9ec3\u91d1\u5c1a\u7121\u8cc7\u7523\u8655\u4e8e\u505c\u7523\u6216\u51cf\u7523\u72c0\u614b\uff0c\u4f46\u201c\u6240\u6709\u975e\u5fc5\u8981\u7684\u5546\u52d9\u65c5\u884c\u5df2\u7d93\u66ab\u505c\uff0c\u4ee5\u53ca\u975e\u5fc5\u8981\u7684\u9805\u76ee\u5df2\u7d93\u7e2e\u51cf\u3002\u201d\u516c\u53f82019\u5e74\u7684\u9ec3\u91d1\u7523\u91cf\u7232550\u842c\u76ce\u53f8\uff0c\u50c5\u6b21\u4e8eNewmont Goldcorp Corporation\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=NEM\">NYSE: NEM<\/a>\uff09\uff08<a href=\"https:\/\/nai500.com\/zh-hans\/%E8%82%A1%E7%A5%A8%E6%9F%A5%E8%AF%A2\/?qm_symbol=NGT%3ACA\">TSX: NGT<\/a>\uff09\u3002\u4f46\u9664\u4e86\u7523\u91cf\u7a0d\u905c\u4e8eNewmont\uff0c\u5df4\u88e1\u514b\u9ec3\u91d1\u7684\u5176\u4ed6\u6307\u6a19\u90fd\u8981\u512a\u4e8e\u5c0d\u65b9\u3002<\/p>\n<p>\u9996\u5148\uff0c\u5df4\u88e1\u514b\u9ec3\u91d1\u7684\u9ec3\u91d1\u696d\u52d9\u5229\u6f64\u7387\u66f4\u9ad8\uff0c\u516c\u53f82019\u5e74\u6bcf\u76ce\u53f8\u9ec3\u91d1\u7684\u7e3d\u7dad\u6301\u6210\u672c\uff08AISCs\uff09\u7232$894\uff0c\u540c\u671fNewmont\u7684AISC\u7232$966\u3002\u5df4\u88e1\u514b\u9ec3\u91d1\u7684\u7a05\u606f\u6298\u820a\u53ca\u6524\u92b7\u524d\u5229\u6f64\uff08EBITDA\uff09\u7232$88\u5104\uff0cEBITDA\u5229\u6f64\u7387\u723291%\uff0c\u76f8\u6bd4Newmont\u7684EBITDA\u7232$60\u5104\uff0cEBITDA\u5229\u6f64\u7387\u723261%\u3002\u4e0d\u904e\uff0c\u5982\u679c\u5df4\u88e1\u514b\u9ec3\u91d1\u56e0\u7232\u65b0\u51a0\u75ab\u60c5\u505c\u7523\u6216\u51cf\u7523\uff0c\u8a72\u516c\u53f82020\u5e74\u7684EBITDA\u6216\u5c07\u53d7\u5230\u56b4\u91cd\u7684\u885d\u64ca\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u5df4\u88e1\u514b\u9ec3\u91d1\u7684\u7ba1\u7406\u5c64\u81f4\u529b\u4e8e\u7dad\u6301\u8a72\u516c\u53f8\u5065\u5eb7\u7684\u8ca1\u52d9\u72c0\u51b5\u3002\u516c\u53f82019\u5e74\u672b\u7684\u6de8\u8ca0\u50b5\u7232$22\u5104\uff0c\u76f8\u8f032018\u5e74\u672b\u4e0b\u964d\u4e8647%\uff0c\u76ee\u524d\u6de8\u8ca0\u50b5\/EBITDA\u6bd4\u7387\u53ea\u67090.25\u3002\u4e0d\u904e\uff0c\u5982\u679c\u56e0\u7232\u9650\u7523\u5c0e\u81f4EBITDA\u4e0b\u964d\uff0c\u8a72\u6bd4\u7387\u4e5f\u6709\u53ef\u80fd\u57282020\u5e74\u51fa\u73fe\u4e0a\u5347\u3002<\/p>\n<h2>Franco-Nevada\uff1a\u9ec3\u91d1\u6b0a\u76ca\u985e\u516c\u53f8<\/h2>\n<p>\u4f5c\u7232\u4e00\u5bb6\u7926\u696d\u6b0a\u76ca\u985e\u578b\u7684\u516c\u53f8\uff0cFranco-Nevada\u7232\u6295\u8cc7\u8005\u63d0\u4f9b\u4e86\u53e6\u4e00\u7a2e\u6295\u8cc7\u9ec3\u91d1\u7684\u9078\u64c7\u3002\u8a72\u516c\u53f8\u5e77\u4e0d\u76f4\u63a5\u958b\u91c7\u9ec3\u91d1\uff0c\u800c\u662f\u901a\u904e\u63d0\u4f9b\u9805\u76ee\u958b\u767c\u7684\u524d\u671f\u8cc7\u672c\u7372\u5f97\u88ab\u6295\u8cc7\u516c\u53f8\u7684\u7926\u696d\u6b0a\u76ca\uff0c\u6bd4\u5982\u8aaa\u7372\u53d6\u88ab\u6295\u8cc7\u8cc7\u7523\u51fa\u7523\u7684\u4e00\u5b9a\u6bd4\u4f8b\u7684\u9ec3\u91d1\u7684\u6240\u6709\u6b0a\uff0c\u6216\u8005\u662f\u4ee5\u9810\u5b9a\u50f9\u683c\u8cfc\u8cb7\u9ec3\u91d1\u7684\u6b0a\u529b\u3002\u901a\u904e\u9019\u7a2e\u65b9\u5f0f\uff0cFranco-Nevada\u898f\u907f\u4e86\u9019\u4e9b\u8cc7\u672c\u5bc6\u96c6\u578b\u9805\u76ee\u958b\u767c\u904e\u7a0b\u4e2d\u5b58\u5728\u7684\u5404\u7a2e\u98a8\u96aa\u3002<\/p>\n<p>Franco-Nevada\u7684\u8cc7\u7523\u7d44\u5408\u8986\u84cb\u767d\u9280\u3001\u9251\u65cf\u91d1\u5c6c\u4ee5\u53ca\u6cb9\u6c23\uff0c\u4f46\u9ec3\u91d1\u696d\u52d9\u5360\u51762019\u5e74\u6536\u5165\u768465%\uff0c\u7e3d\u6536\u5165\u7d04\u7232$5.49\u5104\u3002\u5728\u53ef\u898b\u7684\u5c07\u4f86\uff0c\u9ec3\u91d1\u5c07\u5728\u8a72\u516c\u53f8\u7684\u8ca1\u52d9\u4e2d\u5360\u64da\u91cd\u8981\u7684\u5730\u4f4d\u3002\u516c\u53f835\u500b\u9805\u76ee\u8655\u4e8e\u5f8c\u671f\u958b\u767c\u968e\u6bb5\uff0c\u53e6\u6709202\u500b\u9805\u76ee\u8655\u4e8e\u52d8\u67e5\u968e\u6bb5\uff0cFranco-Nevada\u9810\u8a08\u5176\u8cc7\u7523\u7d44\u5408\u7684\u7523\u91cf\u5c07\u5f9e2019\u5e74\u7684516,438\u9ec3\u91d1\u7576\u91cf\u76ce\u53f8\uff08GEOs\uff09\u589e\u81f32024\u5e74\u7684595,000\u9ec3\u91d1\u7576\u91cf\u76ce\u53f8\u3002\u622a\u81f34\u67087\u65e5\uff0c\u8a72\u516c\u53f8\u5831\u544a52\u500b\u5c0f\u578b\u73fe\u91d1\u6d41\u8cc7\u7523\u7576\u4e2d\u768411\u500b\u5df2\u7d93\u8655\u4e8e\u9650\u7523\u72c0\u614b\u3002\u6b64\u5916\uff0c\u8a72\u516c\u53f8\u8868\u793a\uff0c\u81e8\u6642\u51cf\u7523\u6216\u9650\u7523\u5c0d\u4e8eFranco-Nevada\u7684\u5f71\u97ff\u50c5\u9650\u4e8e\u6536\u5165\u7684\u5ef6\u5f8c\u3002<\/p>\n<p>\u8ddf\u5df4\u88e1\u514b\u9ec3\u91d1\u4e00\u6a23\uff0cFranco-Nevada\u4e5f\u91c7\u53d6\u4e86\u5354\u540c\u63aa\u65bd\u978f\u56fa\u5176\u8ca1\u52d9\u72c0\u51b5\u3002\u904e\u53bb3\u500b\u6708\uff0c\u8a72\u516c\u53f8\u5df2\u7d93\u5fb9\u5e95\u511f\u9084\u4e86\u8ca0\u50b5\uff0c\u73fe\u5728\u7684\u73fe\u91d1\u6de8\u984d\u7232$8000\u842c\u3002<\/p>\n<h2>Kirkland Lake\uff1a\u9ec3\u91d1\u6210\u9577\u6027\u500b\u80a1<\/h2>\n<p>\u5c0d\u4e8e\u66f4\u52a0\u4fdd\u5b88\u7684\u6295\u8cc7\u8005\u4f86\u8aaa\uff0c\u5df4\u88e1\u514b\u9ec3\u91d1\u548cFranco-Nevada\u662f\u7406\u60f3\u7684\u9078\u64c7\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0cKirkland Lake\u66f4\u52a0\u9069\u5408\u98a8\u96aa\u627f\u53d7\u80fd\u529b\u66f4\u9ad8\u7684\u6295\u8cc7\u8005\uff0c\u4f46\u516c\u53f8\u622a\u81f32019\u5e74\u672b$6.90\u5104\u7684\u6de8\u73fe\u91d1\u51cf\u5c11\u4e86\u9019\u4e00\u98a8\u96aa\u3002\u8a72\u516c\u53f8\u53bb\u5e74\u7684\u9ec3\u91d1\u7523\u91cf\u7232974,615\u76ce\u53f8\uff0c\u6bcf\u76ce\u53f8\u9ec3\u91d1\u7684\u7e3d\u7dad\u6301\u6210\u672c\u7232$564\uff0c\u9019\u5169\u500b\u6307\u6a19\u5747\u5275\u51fa\u516c\u53f8\u7684\u7d00\u9304\u3002\u8ddf\u5f88\u591a\u516c\u53f8\u4e00\u6a23\uff0c\u65b0\u51a0\u75ab\u60c5\u4e5f\u5c0dKirkland Lake\u9020\u6210\u4e86\u5f71\u97ff\u3002\u6bd4\u5982\u8aaa\uff0c\u516c\u53f8\u7684Holt Complex\u5df2\u7d93\u505c\u7523\uff0c\u800cMacassa\u91d1\u7926\u9650\u7523\u3002\u8a72\u516c\u53f8\u56e0\u6b64\u64a4\u56de\u4e862020\u5e74\u7684\u696d\u7e3e\u6307\u5f15\u3002<\/p>\n<p>Kirkland Lake 2019\u5e74\u7684\u5229\u6f64\u548c\u73fe\u91d1\u6d41\u5831\u8868\u975a\u9e97\u3002\u9664\u4e86EBITDA\u540c\u6bd4\u589e\u957782%\u81f3$9.69\u5104\uff0c\u7d93\u71df\u6d3b\u52d5\u7523\u751f\u7684\u73fe\u91d1\u6d41\u8d85\u904e$9.19\u5104\uff0c\u76f8\u8f032018\u5e74\u7684$5.49\u5104\u589e\u957768%\u3002<\/p>\n<p>Kirkland Lake\u6700\u8fd1\u6536\u8cfc\u4e86Detour Gold\uff0c\u7ba1\u7406\u5c64\u7a31\u9019\u4e00\u4ea4\u6613\u662f\u201c\u6211\u5011\u516c\u53f8\u7684\u91cd\u8981\u91cc\u7a0b\u7891\u201d\uff0c\u516c\u53f8\u56e0\u6b64\u65b0\u589e\u4e861480\u842c\u76ce\u53f8\u7684\u9732\u5929\u7926\u7523\u5132\u91cf\u3002\u622a\u81f32018\u5e74\u672b\uff0c\u8a72\u516c\u53f8\u7684\u63a2\u660e\u548c\u57fa\u672c\u63a2\u660e\u7684\u9ec3\u91d1\u5132\u91cf\u7232570\u842c\u76ce\u53f8\uff0c2019\u5e74\u672b\u5927\u5e45\u589e\u81f32050\u842c\u76ce\u53f8\u3002<\/p>\n<h2>\u9ec3\u91d1\u80a1\u4f30\u503c\u5408\u7406<\/h2>\n<p>\u6211\u5011\u9700\u8981\u6642\u523b\u8b39\u8a18\u7684\u662f\uff0c\u7926\u696d\u5e77\u4e0d\u80fd\u514d\u4e8e\u65b0\u51a0\u75ab\u60c5\u7684\u885d\u64ca\u3002\u5982\u679c\u9ec3\u91d1\u7926\u5546\u56e0\u7232\u505c\u7523\u51cf\u7523\u800c\u5fc5\u9808\u4fee\u6b63\u9ec3\u91d1\u9810\u671f\uff0c\u6295\u8cc7\u8005\u61c9\u8a72\u4e0d\u7528\u611f\u5230\u592a\u904e\u610f\u5916\u3002\u4e0d\u904e\uff0c\u5df4\u88e1\u514b\u9ec3\u91d1\u3001Franco-Nevada\u4ee5\u53caKirkland 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