{"id":592331,"date":"2025-09-10T06:38:34","date_gmt":"2025-09-10T13:38:34","guid":{"rendered":"https:\/\/nai500.com\/?p=592331"},"modified":"2025-09-10T06:38:34","modified_gmt":"2025-09-10T13:38:34","slug":"rbc-newmont","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2025\/09\/rbc-newmont\/","title":{"rendered":"RBC \u4e0a\u8abf Newmont \u8a55\u7d1a \u610f\u5473\u9ec3\u91d1\u9031\u671f\u91cd\u4f30"},"content":{"rendered":"<p>RBC Capital \u5c07 Newmont \u8a55\u7d1a\u4e0a\u8abf\u81f3 Outperform\u3001\u76ee\u6a19\u50f9\u81ea $66 \u8abf\u9ad8\u81f3 $95\uff0c\u4e0d\u50c5\u50c5\u662f\u5c0d\u55ae\u4e00\u80a1\u7968\u7684\u770b\u6cd5\uff0c\u800c\u662f\u5e02\u5834\u958b\u59cb\u91cd\u65b0\u8a55\u50f9\u5927\u578b\u9ec3\u91d1\u73fe\u91d1\u6d41\u7684\u8da8\u52e2\u3002FactSet \u7684\u5e73\u5747\u8a55\u7d1a\u70ba overweight\u3001\u5e73\u5747\u76ee\u6a19\u50f9\u70ba $75.93\uff0c\u4f46\u5e02\u5834\u5171\u8b58\u8207 RBC \u65b0\u76ee\u6a19\u4e4b\u9593\u7684\u5dee\u8ddd\u986f\u793a\u51fa\u5c0d\u65bc\u8a72\u7522\u696d\u9f8d\u982d\u7684\u5229\u6f64\u7387\u8207\u8cc7\u672c\u7d00\u5f8b\u6b63\u5728\u6539\u5584\u7684\u4fe1\u5fc3\u4e0a\u5347\u3002\u5982\u679c\u9019\u500b\u5224\u65b7\u6b63\u78ba\uff0c\u5c07\u5f71\u97ff\u6295\u8cc7\u4eba\u5728\u5927\u578b\u4f01\u696d\u3001\u958b\u767c\u5546\u8207\u5c0f\u578b\u751f\u7522\u8005\u4e4b\u9593\u7684\u914d\u7f6e\u3002\u9019\u6b21\u4e0a\u8abf\u57fa\u65bc\u57fa\u672c\u9762\uff1a\u5728\u6536\u8cfc Newcrest \u5f8c\u7684\u6295\u8cc7\u7d44\u5408\u54c1\u8cea\u3001\u5354\u540c\u6548\u76ca\u7684\u843d\u5be6\u3001\u4f9d\u7136\u504f\u7dca\u7684\u5be6\u7269\u9ec3\u91d1\u5e02\u5834\uff0c\u4ee5\u53ca\u660e\u78ba\u7684\u55ae\u4f4d\u6210\u672c\u4e0b\u964d\u8def\u5f91\u3002\u5b83\u4e5f\u5283\u51fa\u4e00\u689d\u754c\u7dda\uff0c\u5340\u5206\u51fa\u5177\u6709\u771f\u5be6\u71df\u904b\u69d3\u687f\u7684\u5c08\u6848\u8207\u4ecd\u4f9d\u8cf4\u4e0b\u4e00\u8f2a\u878d\u8cc7\u7684\u5c08\u6848\u3002<\/p>\n<h3>\u70ba\u4f55\u73fe\u5728\u7d66 Newmont \u6b63\u9762\u8a55\u50f9<\/h3>\n<p>18 \u500b\u6708\u524d\u76f8\u6bd4\uff0cNewmont \u73fe\u5728\u638c\u63e1\u66f4\u591a\u58fd\u547d\u9577\u4e14\u5c6c\u4e00\u7d1a\u7684\u8cc7\u7522\uff0c\u5305\u62ec\u50cf Cadia \u8207 Red Chris \u9019\u985e\u7684\u5b54\u96c0\u77f3\uff08porphyry\uff09\u9285\u91d1\u7cfb\u7d71\u3001\u50cf Lihir \u8207 Brucejack \u9019\u985e\u7684\u5927\u898f\u6a21\u71b1\u6db2\uff08epithermal\uff09\u4f5c\u696d\uff0c\u4ee5\u53ca Boddington\u3001Tanami\u3001Ahafo \u7b49\u6210\u719f\u4e14\u80fd\u7522\u751f\u73fe\u91d1\u7684\u7926\u5834\uff0c\u9084\u6709\u5176\u5728 Nevada Gold Mines \u7684 38.5% \u6301\u80a1\u3002\u9019\u7a2e\u7d44\u5408\u5f88\u91cd\u8981\u3002\u5b54\u96c0\u77f3\u578b\u7926\u5e8a\u63d0\u4f9b\u5927\u898f\u6a21\u3001\u9577\u671f\u7684\u7926\u9ad4\uff0c\u4e14\u9285\u70ba\u526f\u7522\u54c1\u53ef\u4ee5\u5728\u9ec3\u91d1\u50f9\u683c\u6ce2\u52d5\u6642\u7de9\u885d\u5168\u627f\u5305\u7dad\u6301\u6210\u672c\uff08AISC\uff09\uff1b\u9ad8\u54c1\u4f4d\u7684\u71b1\u6db2\u7926\u80fd\u5e36\u4f86\u9ad8\u5229\u6f64\u7387\uff0c\u4f46\u9700\u8981\u56b4\u683c\u7684\u54c1\u4f4d\u63a7\u5236\u8207\u7a69\u5b9a\u7684\u51b6\u91d1\u8868\u73fe\u3002\u6536\u8cfc Newcrest \u5f8c\uff0cNewmont \u5728\u5169\u985e\u8cc7\u7522\u4e0a\u90fd\u66f4\u70ba\u5145\u8db3\uff0c\u9019\u6709\u52a9\u65bc\u5e73\u6ed1\u5408\u4f75\u5f8c\u7684\u73fe\u91d1\u6d41\uff0c\u4e14\u7576\u5e02\u5834\u76f8\u4fe1\u6574\u5408\u98a8\u96aa\u53ef\u63a7\u6642\uff0c\u652f\u6490\u8f03\u9ad8\u7684\u4f30\u503c\u500d\u6578\u3002<\/p>\n<h3>\u91d1\u50f9\u3001\u6210\u672c\u8207\u5132\u91cf\u54c1\u8cea\u652f\u6490\u6b64\u5224\u65b7<\/h3>\n<p>\u6700\u7c21\u55ae\u7684\u5c64\u9762\uff0c\u5c0d\u65bc\u4e00\u500b\u6bcf\u5e74\u751f\u7522\u6578\u767e\u842c\u76ce\u53f8\u7684\u751f\u7522\u8005\u4f86\u8aaa\uff0c\u81ea\u7531\u73fe\u91d1\u6d41\u7b49\u65bc\u91d1\u50f9\u6e1b\u53bb\u5168\u627f\u5305\u7dad\u6301\u6210\u672c\uff0c\u518d\u4e58\u4ee5\u751f\u7522\u7684\u76ce\u53f8\u6578\u3002\u901a\u81a8\u5728 2022\u20132023 \u5e74\u63a8\u5347\u7522\u696d AISC\uff0c\u4f46 Newmont \u7684\u6578\u500b\u8cc7\u7522\u73fe\u5728\u5df2\u8d70\u904e\u4e3b\u8981\u525d\u96e2\uff08stripping\uff09\u968e\u6bb5\u8207\u7926\u5834\u91cd\u7f6e\u671f\u3002\u7576\u8f03\u9ad8\u54c1\u4f4d\u7684\u63a1\u5834\u9678\u7e8c\u6295\u7522\u4e14\u7dad\u6301\u8cc7\u672c\u56de\u6b78\u6b63\u5e38\u6642\uff0c\u5c31\u6703\u51fa\u73fe\u55ae\u4f4d\u6210\u672c\u7de9\u89e3\u7684\u53ef\u8996\u8def\u5f91\u3002\u5132\u91cf\u54c1\u8cea\u4e5f\u5f88\u91cd\u8981\uff1a\u4e00\u7d1a\u7926\u5834\u5f80\u5f80\u5177\u6709\u8f03\u9577\u7684\u5132\u91cf\u58fd\u547d\u8207\u8f03\u4f73\u57fa\u790e\u8a2d\u65bd\uff0c\u96a8\u6642\u9593\u964d\u4f4e\u6bcf\u76ce\u53f8\u7684\u7dad\u6301\u8cc7\u672c\u3002\u6b64\u756a\u4e0a\u8abf\u96b1\u542b\u5047\u8a2d\u70ba\u91d1\u50f9\u7dad\u6301\u5728\u591a\u5e74\u9ad8\u4f4d\u9644\u8fd1\uff0c\u4e14 Newmont \u53ef\u900f\u904e\u7a69\u5b9a\u7684\u7522\u80fd\u8207\u66f4\u4f73\u7684\u526f\u7522\u54c1\u6536\u76ca\uff08\u5c24\u5176\u662f\u9285\uff09\u4f86\u64f4\u5927 AISC \u5229\u5dee\uff0c\u5f9e\u800c\u62b5\u92b7\u5834\u5740\u6210\u672c\u3002<\/p>\n<h3>\u6574\u5408\u3001\u5354\u540c\u6548\u76ca\u8207\u6295\u8cc7\u7d44\u5408\u91cd\u5851\u70ba\u95dc\u9375\u8b8a\u6578<\/h3>\n<p>Newcrest \u7684\u6536\u8cfc\u4e0d\u53ea\u662f\u70ba\u4e86\u76ce\u53f8\u6578\uff1b\u800c\u662f\u70ba\u4e86\u96c6\u4e2d\u5e02\u5834\u9858\u610f\u652f\u4ed8\u7684\u8cc7\u7522\u985e\u578b\u3002\u7ba1\u7406\u5c64\u6307\u5f15\u4f86\u81ea\u63a1\u8cfc\u3001\u884c\u653f\u958b\u652f\u3001\u7926\u5834\u898f\u5283\u8207\u78e8\u7926\u512a\u5316\u7684\u986f\u8457\u7a05\u524d\u5354\u540c\u6548\u76ca\u3002\u662f\u5426\u80fd\u9054\u6210\u8a72\u76ee\u6a19\uff0c\u662f\u6c7a\u5b9a\u662f\u88ab\u8a55\u70ba Outperform \u9084\u662f\u9700\u8981\u91cd\u4f30\u7684\u95dc\u9375\u3002\u5728\u6295\u8cc7\u7d44\u5408\u9762\uff0c\u975e\u6838\u5fc3\u8cc7\u7522\u51fa\u552e\u8207\u5c08\u6848\u5ef6\u5f8c\u5df2\u88ab\u7528\u4f86\u511f\u9084\u50b5\u52d9\u4e26\u63d0\u5347\u8cc7\u672c\u914d\u7f6e\u6548\u7387\uff0c\u9019\u6709\u52a9\u65bc\u5f37\u5316\u80a1\u6b0a\u6545\u4e8b\u3002\u98a8\u96aa\u9762\u5247\u719f\u6089\uff1aLihir \u7684\u8907\u96dc\u51b6\u91d1\u8207\u71b1\u7ba1\u7406\u3001Cadia \u7684\u6df1\u90e8\u63a1\u7926\uff0c\u4ee5\u53ca\u52a0\u62ff\u5927\u8207\u7f8e\u570b\u4f5c\u696d\u7684\u6838\u51c6\u5f37\u5ea6\uff0c\u90fd\u53ef\u80fd\u5f15\u5165\u5de5\u671f\u8207\u6210\u672c\u6ce2\u52d5\u3002\u6295\u8cc7\u4eba\u61c9\u89c0\u5bdf\u81f3\u5c11\u5169\u500b\u5b8c\u6574\u5b63\u5ea6\u7684\u6301\u7e8c\u71df\u904b\u7d00\u5f8b\uff0c\u624d\u53ef\u5047\u5b9a\u5354\u540c\u6548\u76ca\u5df2\u5145\u5206\u5be6\u73fe\u3002<\/p>\n<h3>$95 \u76ee\u6a19\u5c0d\u4f30\u503c\u8207\u8cc7\u672c\u56de\u5831\u7684\u542b\u610f<\/h3>\n<p>$95 \u7684\u50f9\u683c\u76ee\u6a19\u986f\u793a\u6709\u4fe1\u5fc3 Newmont \u80fd\u5728\u5927\u578b\u9ec3\u91d1\u516c\u53f8\u4e2d\u5b88\u4f4f\u524d\u56db\u5206\u4f4d\u7684\u81ea\u7531\u73fe\u91d1\u6d41\u6b96\u5229\u7387\uff0c\u4e26\u5728\u7522\u696d\u6b77\u53f2\u5340\u9593\u5167\u7372\u5f97\u9ad8\u65bc NAV \u7684\u500d\u6578\u3002\u5927\u578b\u4f01\u696d\u7684\u4ea4\u6613\u500d\u6578\u901a\u5e38\u5728 0.8x \u5230 1.2x NAV \u4e4b\u9593\uff0c\u8996\u6210\u672c\u53ef\u4fe1\u5ea6\u3001\u53f8\u6cd5\u8f44\u5340\u7d44\u5408\u8207\u8cc7\u672c\u56de\u5831\u653f\u7b56\u800c\u5b9a\u3002\u6b64\u6b21\u4e0a\u8abf\u7684\u76ee\u6a19\u504f\u5411\u8a72\u5340\u9593\u7684\u4e0a\u534a\u6bb5\uff0c\u9019\u9700\u8981\u6301\u7e8c\u964d\u4f4e\u6de8\u8ca0\u50b5\u3001\u7531\u81ea\u7531\u73fe\u91d1\u6d41\u652f\u6490\u7684\u7a69\u5b9a\u80a1\u5229\u6216\u5eab\u85cf\u80a1\u800c\u975e\u589e\u767c\uff0c\u4ee5\u53ca\u6c92\u6709\u91cd\u5927\u8cc7\u672c\u652f\u51fa\u610f\u5916\u3002\u9700\u8981\u95dc\u6ce8\u7684\u662f\u6210\u9577\u7ba1\u7dda\u3002\u50cf Tanami \u8207 Ahafo North \u7684\u64f4\u5c55\u53ef\u589e\u52a0\u9ad8\u54c1\u8cea\u76ce\u53f8\uff0c\u4f46\u9019\u4e9b\u9805\u76ee\u5fc5\u9808\u6392\u7a0b\u59a5\u7576\u4ee5\u907f\u514d\u5dd4\u5cf0\u8cc7\u672c\u652f\u51fa\u91cd\u758a\u3002\u5982\u679c\u7ba1\u7406\u5c64\u80fd\u8b93\u6210\u9577\u81ea\u6211\u8cc7\u52a9\u4e26\u7dad\u6301\u53ef\u9810\u6e2c\u7684\u56de\u5831\uff0c\u4f30\u503c\u500d\u6578\u7684\u64f4\u5f35\u624d\u80fd\u7dad\u6301\u3002<\/p>\n<h3>\u70ba\u4f55\u5927\u578b\u80a1\u91cd\u4f30\u6703\u5f71\u97ff\u5c0f\u578b\u516c\u53f8<\/h3>\n<p>\u7576\u6700\u5927\u751f\u7522\u8005\u7372\u5f97\u8a55\u7d1a\u63d0\u5347\u6642\uff0c\u6574\u689d\u8cc7\u672c\u6210\u672c\u66f2\u7dda\u90fd\u6703\u6539\u5584\u3002\u9019\u8b93\u5927\u578b\u4f01\u696d\u70ba\u6709\u6a5f\u6210\u9577\u53ca\u4ea4\u6613\u878d\u8cc7\u8b8a\u5f97\u66f4\u4fbf\u5b9c\u3002\u6b77\u53f2\u4e0a\uff0c\u4f75\u8cfc\u901a\u5e38\u5728\u9ec3\u91d1\u591a\u982d\u9031\u671f\u5f8c\u6bb5\u52a0\u901f\uff0c\u5927\u578b\u4f01\u696d\u6703\u9396\u5b9a\u90a3\u4e9b\u5728\u826f\u597d\u53f8\u6cd5\u8f44\u5340\u3001\u51b6\u91d1\u6e05\u6670\u4e14\u6bcf\u5e74\u76ce\u53f8\u8cc7\u672c\u652f\u51fa\u9069\u4e2d\u7684\u958b\u767c\u5546\u3002\u5177\u6709\u9032\u968e\u53ef\u884c\u6027\u7814\u7a76\u8207\u8fd1\u671f\u6838\u51c6\u91cc\u7a0b\u7891\u7684\u958b\u767c\u5546\u6700\u5148\u53d7\u76ca\u3002\u7d14\u52d8\u63a2\u80a1\u5247\u8981\u7b49\u98a8\u96aa\u80c3\u7d0d\u4e0a\u5347\u624d\u6703\u53d7\u60e0\u3002Newmont 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