原文标题：
3 Non Ferrous Metal Mining Stocks to Watch in a Prospering Industry
蓬勃发展的行业中值得关注的3个有色金属矿业股
原文连结：
https://reurl.cc/v5jE0e
发布时间：
Mon, April 19, 2021, 8:59 PM
原文内容：
After bearing the brunt of weak demand last year primarily due to the
COVID-19 pandemic, the Zacks Mining - Non Ferrous industry has made a strong
comeback aided by prospects of improving demand stemming from the ongoing
global economic recovery.
Miners including Southern Copper Corporation (SCCO), Freeport-McMoRan Inc.
(FCX) and Kaz Minerals PLC (KZMYY) are poised well to capitalize on this
trend. Their concerted efforts to control costs and invest in technology will
increase efficiency, thereby bolstering margins.
About the Industry
The Zacks Mining - Non Ferrous industry comprises companies that produce
non-ferrous metals, including copper, gold, silver, cobalt, molybdenum, zinc,
aluminum and uranium. These metals are utilized by a wide array of industries
that include aerospace, automotive, packaging, construction, industrial
machinery, electronics, transportation, jewelry, chemical, and nuclear energy.
What’s Shaping the Future of Mining-Non Ferrous industry
Prospects of Higher Demand Stemming From Global Economic Recovery: The
coronavirus pandemic had impacted non-ferrous metal prices last year barring
gold, which gained on the back of its safe-haven demand. Also, miners had to
curtail or stop production to adhere to restrictions imposed by various
governments to stem the spread of COVID-19. Slowdown in industrial activity
severely impacted demand for industrial metals like copper and silver.
However, commodity prices have since turned around, courtesy of improving
industrial activity globally, rollout of vaccines, optimism regarding a
strong US economic growth and robust demand from China. Further, President
Biden’s plan to spend $2 trillion to overhaul and upgrade the nation’s
infrastructure and promote green policies will require huge amount of
non-ferrous metals.
Cost Control & Innovation to Increase Efficiency: The industry has been
facing a shortage of skilled workforce, which has led to a spike in wages.
Moreover, labor-related disputes can be damaging to production and revenues.
Since the industry cannot control the prices of its products, it focuses on
improving sales volume, operating cash flow and lowering unit net cash costs.
The industry participants are also opting for alternate energy sources in
order to minimize fuel-price volatility and secure supply. Miners are now
committed to cost-reduction strategies and digital innovation to drive
operating efficiencies.
Impending Demand and Supply Imbalance: The industry players are currently
dealing with depleting resources, declining supply in old mines and lack of
new mines. Development projects are inherently risky and capital intensive.
Demand for non-ferrous metals will remain high in the future given their wide
usage in primary sectors including transportation, electricity, construction,
telecommunication, energy, information technology and materials. While demand
remains strong, there will be an eventual deficit in metal supply leading to
a situation that will bolster metal prices. This, in turn, will favor the
industry in the long haul.
Zacks Industry Rank Indicates Bright Prospects
The group’s Zacks Industry Rank, which is basically the average of the Zacks
Rank of all the member stocks, indicates bright prospects in the near term.
The Zacks Mining - Non Ferrous industry, which is a nine stock group within
the broader Zacks Basic Materials Sector, currently carries a Zacks Industry
Rank #98, which places it at the top 39% of 256 Zacks industries. Our
research shows that the top 50% of the Zacks-ranked industries outperform the
bottom 50% by a factor of more than 2 to 1.
Looking at the aggregate earnings estimate revisions, it appears that
analysts are gradually losing confidence in this group’s earnings growth
potential. Since the beginning of this year, the industry’s earnings
estimate for the current year has gone up 87%.
Our proprietary Heat Map shows that the industry’s rank has remained in the
top half in six over the past seven weeks.
https://reurl.cc/raj0rZ
Before we present a few stocks that you may want to consider for your
portfolio, let’s take a look at the industry’s recent stock-market
performance and valuation picture.
Industry Versus Broader Market
The Zacks Mining- Non Ferrous Industry has outperformed the Zacks S&P 500
composite and its own sector over the past year. The stocks in this industry
have collectively soared 219.6% in the past year compared with the S&P 500’s
and its sector’s rally of 78.1% and 51.2%, respectively.
https://reurl.cc/5oy34M
Industry’s Current Valuation
On the basis of forward 12-month EV/EBITDA ratio, which is a commonly used
multiple for valuing Mining- Non Ferrous stocks, we see that the industry is
currently trading at 6.98X compared with the S&P 500’s 15.80X. The Basic
Materials sector’s forward 12-month EV/EBITDA is at 29.38X. This is shown in
the charts below.
https://reurl.cc/6y3G7d
https://reurl.cc/1ga83X
Over the last five years, the industry has traded as high as 8.88X and as low
as 4.80X, with the median being at 6.47X.
3 Mining-Non Ferrous Stocks to Keep an Eye On
Southern Copper: This Phoenix, AZ based company engages in mining, exploring,
smelting, and refining copper and other minerals.
The company has the largest copper reserves in the industry and operates
high-quality, world-class assets. Its constant focus on increasing low-cost
production is commendable. The company will benefit from its efforts to grow
in Peru given that the country is currently the second largest producer of
copper globally and holds 13% of the world’s copper reserves. It is worth
mentioning that Peru’s national output is expected grow to 225000 tons in
2022 and 245000 tons in 2023. Notably, Southern Copper’s total investment
program in Peru runs to $7.9 billion. The recent rally in copper and silver
prices bode well for the company.
The Zacks Consensus Estimate for the company’s earnings in 2021 suggests
year-over-year growth of 66%. The estimate has moved up 20% in 90 days’
time. It has a long-term estimated earnings growth rate of 17.8%. The company
’s shares have gained 54.6% in the past six months. It currently sports a
Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks
https://reurl.cc/XeY2q3
Kaz Minerals: This U.K.-based company and its subsidiaries engage in mining
and processing copper and other metals (gold, silver, zinc) primarily in
Kazakhstan and Kyrgyzstan.
The company is well positioned to grow on the back of its large scale, low
cost open copper pit mines. Its constant focus on applying modern technology
to develop deposits has helped build a portfolio of highly profitable mines
with low operating costs. The Aktogay expansion project carrying a total
budget of $1.2 billion is expected to commence production in late 2021. It is
anticipated to boost the company’s copper production by 80,000 tons in the
2022-2027 time period and 60,000 tons thereafter. The bankable feasibility
study for the Baimskaya copper project is expected to be completed in the
first half of 2021. Baimskaya is one of the world’s largest undeveloped
copper resources with the potential to be a large scale, low cost open pit
copper mine.
The Zacks Consensus Estimate for the company’s earnings for the current
fiscal year has moved up 8% over the past 90 days. Its shares have
appreciated 58.4% over the past six months. The stock carries a Zacks Rank #2
(Buy).
https://reurl.cc/3Nlk79
Freeport-McMoRan: This Phoenix, AZ-based company is engaged in mineral
exploration and development; mining and milling of copper, gold, molybdenum
and silver; and smelting and refining of copper concentrates.
Freeport is conducting exploration activities near existing mines with a
focus on opportunities to expand reserves. The company will benefit from the
ongoing large-scale concentrator expansion project at Cerro Verde that will
provide incremental annual production of around 600 million pounds of copper
and 15 million pounds of molybdenum. It recently completed the Lone Star
copper leach project and is on track to produce around 200 million pounds of
copper annually. The company's effective cost management and efforts to
reduce debt levels appear encouraging. Higher copper prices will also drive
results.
The Zacks Consensus Estimate for earnings for fiscal 2021 indicates
year-over-year improvement of 391%. The estimate has been revised upward by
22% over the past 90 days. Shares of the company, which carries a Zacks Rank
#3 (Hold), has soared 116.5% over the past six months. The company has a
long-term estimated earnings growth rate of 26.5%.
https://reurl.cc/WEZbRZ
Zacks Top 10 Stocks for 2021
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Southern Copper Corporation (SCCO) : Free Stock Analysis Report
To read this article on Zacks.com click here.
机翻如下：
在去年主要因COVID-19疫情而导致需求疲软后，Zacks矿业-有色金属行业在全球经济持续
复苏带来的需求改善前景的推动下，已经强势回升。
南方铜业公司(SCCO)、Freeport-McMoRan Inc. (FCX)和Kaz Minerals PLC (KZMYY)等矿
商已准备好利用这一趋势。它们在控制成本和技术投资方面的共同努力将提高效率，从而
提高利润率。
关于行业
Zacks Mining - Non-Ferrous行业包括生产有色金属的公司，包括铜、金、银、钴、钼、
锌、铝和铀。这些金属被广泛的行业所利用，包括航空航太、汽车、包装、建筑、工业机
械、电子、运输、珠宝、化工和核能。
采矿业-有色金属行业的未来发展方向
全球经济复苏带来的需求增加的前景。去年，冠状病毒大流行影响了有色金属价格，但黄
金除外，黄金因其避险需求而上涨。此外，矿商不得不缩减或停止生产，以遵守各国政府
为阻止COVID-19蔓延而实施的限制措施。工业活动放缓严重影响了对铜、银等工业金属的
需求。然而，由于全球工业活动的改善、疫苗的推出、对美国经济强劲增长的乐观情绪以
及中国的强劲需求，大宗商品价格已经回升。此外，美国总统拜登计画斥资2万亿美元对
国家基础设施进行全面改造和升级，并推动绿色政策，这将需要大量的有色金属。
成本控制与创新增效。行业一直面临着技术工人短缺的问题，这导致了工资的飙升。此外
，劳资纠纷也会对生产和收入造成损害。由于行业无法控制产品的价格，因此行业注重提
高销量、经营性现金流，降低单位净现金成本。行业参与者也在选择替代能源，以尽量减
少燃料价格的波动和保障供应。矿商目前正致力于降低成本战略和数位化创新，以推动运
营效率的提高。
即将出现的供需失衡。业内人士目前正在应对资源枯竭、老矿供应下降和新矿缺乏的问题
。开发项目本身风险大，资金密集。鉴于有色金属在交通、电力、建筑、电信、能源、资
讯技术和材料等初级部门的广泛应用，未来有色金属的需求仍将保持高位。虽然需求依然
强劲，但金属供应最终会出现不足，导致金属价格受到支撑。而这又将长期利好行业。
Zacks行业排名显示前景光明
该集团的Zacks行业排名，基本上是所有成员股的Zacks排名的平均值，表明短期内前景光
明。Zacks Mining - Non Ferrous行业是更广泛的Zacks基础材料行业中的9个股票组，目
前Zacks行业排名第98位，在256个Zacks行业中排名前39%。我们的研究显示，在Zacks排
名前50%的行业中，其表现优于后50%的行业，超过2比1的倍数。
从总的盈利预测修正来看，分析师似乎对这一群体的盈利增长潜力逐渐失去信心。自今年
年初以来，该行业今年的盈利预期已经上调了87%。
我们专有的热力图显示，在过去的七周里，该行业的排名有六次保持在前半段。
https://reurl.cc/raj0rZ
在介绍几只你可能想考虑的投资组合的股票之前，我们先来看看行业近期的股市表现和估
值情况。
行业与大盘对比
过去一年，Zacks Mining-Non-Ferrous行业的表现优于Zacks S&P 500综合指数及其所属
行业。该行业的股票在过去一年中集体飙升了219.6%，而标普500指数及其行业的涨幅分
别为78.1%和51.2%。
https://reurl.cc/5oy34M
行业目前的估值
根据远期12个月EV/EBITDA比率（这是一个常用的矿业-有色金属股票估值的倍数），我们
看到该行业目前的交易价格为6.98X，而标准普尔500指数为15.80X。基础材料行业的远期
12个月EV/EBITDA为29.38X。如下图所示。
https://reurl.cc/6y3G7d
https://reurl.cc/1ga83X
近五年来，该行业的交易量最高为8.88倍，最低为4.80倍，中位数为6.47倍。
3只矿业-有色金属股值得关注
南方铜业。这家位于亚利桑那州凤凰城的公司从事铜和其他矿产的开采、勘探、冶炼和精
炼。
该公司拥有行业内最大的铜储量，并经营著高品质的世界级资产。其一直专注于提高低成
本生产，值得称道。鉴于秘鲁目前是全球第二大铜生产国，拥有全球13%的铜储量，公司
在秘鲁的发展将受益于其努力。值得一提的是，预计2022年秘鲁全国产量将增长至225000
吨，2023年将增长至245000吨。值得一提的是，南方铜业在秘鲁的总投资计画高达79亿美
元。近期铜价和银价的反弹对公司来说是个好兆头。
Zacks对公司2021年盈利的一致预期表明，同比增长66%。在90天的时间里，该预估值已经
上升了20%。它的长期估计盈利增长率为17.8%。该公司的股价在过去六个月中上涨了
54.6%。目前，它的Zacks排名为1号（强势买入）。您可以查看今天Zacks的完整列表。
https://reurl.cc/XeY2q3
Kaz Minerals。这家总部设在英国的公司及其子公司主要在哈萨克斯坦和吉尔吉斯斯坦从事铜
和其他金属（金、银、锌）的开采和加工。
该公司凭借其大规模、低成本的露天铜矿，处于良好的发展地位。公司一直专注于应用现
代技术开发矿床，帮助建立了一个高利润、低运营成本的矿山组合。Aktogay扩建专案总
预算为12亿美元，预计将于2021年底投产。预计在2022-2027年期间，该项目将使公司的
铜产量增加8万吨，此后将增加6万吨。Baimskaya铜矿项目的银行可研预计将于2021年上
半年完成。Baimskaya是世界上最大的未开发铜资源之一，有可能成为大规模、低成本的
露天铜矿。
过去90天内，Zacks对该公司本财年盈利的一致预期已上调8%。其股价在过去6个月内升值
了58.4%。该股的Zacks排名第2（买入）。
https://reurl.cc/3Nlk79
Freeport-McMoRan。这家总部设在亚利桑那州费尼克斯的公司从事矿产勘探和开发；铜、
金、钼和银的开采和研磨；以及铜精矿的冶炼和提炼。
Freeport公司正在现有矿山附近进行勘探活动，重点关注扩大储量的机会。该公司将受益
于正在进行的Cerro Verde大型选矿厂扩建项目，该项目将提供约6亿磅铜和1500万磅钼的
年增产。该公司最近完成了Lone Star铜浸出项目，并有望每年生产约2亿磅铜。该公司有
效的成本管理和降低债务水准的努力似乎令人鼓舞。较高的铜价也将推动业绩增长。
Zacks对2021财年盈利的一致预期显示，同比改善391%。该预期在过去90天内上调了22%。
该公司的股价在过去6个月里飙升了116.5%，该公司的Zacks排名第3（持有）。该公司的
长期估计盈利增长率为26.5%。
https://reurl.cc/WEZbRZ
2021年Zacks十大股票
除了上面讨论的股票，你想知道我们在整个2021年的10个最佳买入和持有的行情吗？
去年的2020年Zacks Top 10 Stocks组合的收益高达+386.8%。现在，一个全新的投资组合
已经从Zacks排名所覆蓋的4000多家公司中精心挑选出来。不要错过参与这些长期买入的
机会。
今天就进入Zacks 2021年十大股票>>。
想知道Zacks投资研究的最新推荐吗？今天，你可以下载未来30天的7只最佳股票。点击获
取这份免费报告
南方铜业公司 (SCCO) : 免费股票分析报告
要阅读Zacks.com上的这篇文章，请点击这里。
心得/评论：
不能免俗的转了一篇有关有色金属的东西
对于有色金属的需求的短期喷发现在看起来是不可避免的趋势
只是价格上面需要参酌
个人认为投资矿业公司是有一定风险的
开采矿石和矿石需求实在是两回事，前者牵涉到许多实体上的风险
如果要比喻的话，就像投资加密货币和投资加密货币的交易所的差别