路透社获悉，一家由奥地利投资者于2025年创立的美国公司正致力于提升智利采矿综合体特雷斯巴耶斯的产量，以从即将到来的全球铜短缺中获利，同时继续从当地小型矿商处购买矿石，加工成阴极铜供客户使用。
A US company founded in 2025 by an Austrian investor is working to boost production at the Chilean mining complex Tres Valles to profit from a looming global shortage of copper, Reuters has learned, while continuing to buy ore from local small miners to turn into cathodes for sale to customers.
对美国注册公司全球关键资源（Global Critical Resources，GCR）的文件审查显示，该公司正依赖一种混合策略：一方面提升自身矿山的产量，另一方面继续通过数十名独立矿商开采的矿石来补充供应。
A review of documents from US-registered Global Critical Resources (GCR) showed the company is banking on a hybrid approach of boosting its own mine's production while continuing to supplement its supplies with ore mined by dozens of independent miners.
特雷斯巴耶斯是巴西淡水河谷（VALE3.SA）最初开发的一个初级采矿作业，经历过多次易主和破产程序。该矿位于智利圣地亚哥以东约290公里（180英里）处，靠近智利科金博地区的其他中小型矿商，而智利是全球最大的铜生产国。
Tres Valles, a junior operation originally developed by Brazil's Vale (VALE3.SA), has passed through multiple owners and bankruptcy proceedings. The mine, about 290 km (180 miles) from Santiago, is close to other small and medium-sized miners in the Coquimbo region of Chile, the world's top copper-producing country.
尽管此前曾陷入财务困境，特雷斯巴耶斯仍保留了其基础设施和许可证。这使得复产成为可能，这在智利是一个关键优势——该国矿商抱怨官僚程序可能使新项目延迟数十年。可能的障碍包括环境监管机构尚未解决的指控、尚未获得矿石款项的供应商的抗议，以及围绕GCR收购特雷斯巴耶斯的持续诉讼。
Despite past financial troubles, Tres Valles kept its infrastructure and permits. That makes a restart feasible, a crucial edge in a country where miners complain red tape can delay new projects for decades. Possible roadblocks include unresolved charges by an environmental regulator, protests by suppliers who have yet to be paid for their ore and an ongoing lawsuit over GCR's purchase of Tres Valles.
根据路透社审查的公司文件，由奥地利投资者塞夫德特·卡纳尔（Cevdet Caner）创立的GCR计划让其地下项目在今年年底前开始生产。
GCR, founded by Austrian investor Cevdet Caner, plans for its underground project to start production by the end of the year, according to company documents reviewed by Reuters.
近年来，全球铜价因电动汽车、可再生能源电网和数据中心的需求而飙升。与此同时，供应受到矿石品位下降和长期开发周期的限制。
Global copper prices have surged in recent years on demand from electric vehicles, renewable energy grids and data centers. Supply, meanwhile, has been constrained by declining ore grades and long development timelines.
这重新点燃了人们对小型作业和棕地复兴的兴趣——这些项目比大型绿地项目能更快投产。近年来，从加拿大到西班牙的多个旧矿场被复活，以加速供应。
That has renewed interest in smaller operations and brownfield restarts that can move faster than large greenfield projects. In recent years, sites from Canada to Spain have been revived to speed up supply.
卡纳尔围绕其投资集团在智利和博茨瓦纳购买的资产成立了GCR，其中包括特雷斯巴耶斯。
Caner formed GCR around assets his investment group had bought in Chile and Botswana, including Tres Valles.
很少有关于这笔交易或恢复特雷斯瓦耶斯产量计划的细节被公开。路透社通过公开记录请求获得了这些文件，该公司在4月会议之前将这些文件提交给了智利能源部。
Few details of the deal or plans to revive output at Tres Valles have come to light. Reuters obtained the documents, which the company gave to Chile's energy ministry ahead of an April meeting, through a public records request.
分析人士认为，特雷斯瓦耶斯等公司是填补全球铜市场即将出现的供应缺口的关键，因为在该市场中，蓬勃发展的需求只有在生产商到2035年投资约2100亿美元的情况下才能得到满足。
Players like Tres Valles are seen by analysts as key to plugging the looming supply gap in a global copper market where booming demand can only be met if producers invest an estimated $210 billion by 2035.
一份公司文件显示，特雷斯瓦耶斯的目标是实现年峰值核心收益1.57亿美元，年收入接近2.38亿美元。该公司补充称，这些核心收益（即息税折旧及摊销前利润，EBITDA）应在2026年至2031年期间平均每年约8000万美元。
Tres Valles is targeting peak annual core earnings of $157 million, one company document showed, from revenues of nearly $238 million a year. Those core earnings, or EBITDA, should average about $80 million a year from 2026 to 2031, the firm added.
其旗舰帕波莫诺地下矿预计将在今年年底开始运营，一份文件显示，该矿每年可贡献约30,800吨铜；而目前正在维护中的唐·加布里埃尔露天矿预计将在2030年左右重新开放。这些预测此前尚未被报道。特雷斯瓦耶斯和GCR未对置评请求作出回应。
Its flagship Papomono underground mine, set to kick off operations at the end of this year, could contribute about 30,800 tons of copper annually, while the Don Gabriel open-pit mine now under maintenance is projected to restart around 2030, one of the documents showed. Those projections had not previously been reported. Tres Valles and GCR did not respond to requests for comment.
与该地区的主要运营商不同，特雷斯瓦耶斯除了自有矿石外，还补充来自超过90家中小型矿商的矿石，并在现场厂房将其加工成铜阴极，文件所示。
Unlike the region's major operators, Tres Valles supplements its own ore with material from more than 90 small and medium-sized miners, processing it into copper cathodes at an on-site plant, the documents showed.
截至4月，该公司表示其年产铜阴极速率为14,100公吨，符合指引，但远低于年产能18,500吨。
As of April, it said it was producing cathodes at an annual rate of 14,100 metric tons, in line with guidance, but well below capacity of 18,500 tons a year.
随着主要生产商难以提高产量，这一供应变得更加重要。智利国有巨头科德尔科将产量下降归咎于矿石品位下降以及大规模改造的延迟。
That supply matters more as major producers struggle to raise output. Chilean state giant Codelco has blamed declining ore grades and delays to major revamps for weaker production.
4月，智利政府表示，它正在简化许可程序，以帮助释放估计达1000亿美元的矿业投资。
In April, Chile's government said it was simplifying permitting to help unlock an estimated $100 billion in mining investment.
特雷斯瓦耶斯面临挑战。智利环境监管机构今年对该矿商提出了八项指控，主要是未报告监测流程。尚未决定的可能处罚范围从书面警告到关闭不等。
Tres Valles faces hurdles. Chile's environmental regulator brought eight charges against the miner this year, mostly for failing to report monitoring processes. Possible penalties, yet to be decided, range from a written warning to closure.
8月，供应商在现场外抗议，称付款逾期。矿商将此归因于持续诉讼导致的现金紧张，该诉讼源于GCR收购该矿的交易。
In August, suppliers protested outside the site, saying payments were overdue. The miner blamed a cash squeeze from ongoing litigation over GCR's purchase of the mine.