A US company founded by an Austrian investor is accelerating copper production at Chile's Tres Valles mine to capitalize on an anticipated global copper shortage. Global Critical Resources (GCR), established in 2025 by Cevdet Caner, is adopting a dual strategy: boosting its own production while continuing to purchase ore from local small miners to process into copper cathodes for sale.
The Tres Valles complex, originally developed by Brazil's Vale, has a history of financial struggles and ownership changes. Despite these challenges, the mine retains its infrastructure and permits, giving it a competitive edge in Chile, where regulatory hurdles often delay new mining projects. GCR aims to commence underground production at the mine's Papomono site by the end of the year, with projections of producing 30,800 tons of copper annually.
GCR's documents reveal ambitious financial targets, including peak annual core earnings of $157 million and revenues nearing $238 million. The company also plans to restart the Don Gabriel open-pit mine around 2030. However, Tres Valles faces significant challenges, including environmental charges, unpaid supplier bills, and ongoing litigation related to GCR's acquisition of the mine.
Despite these hurdles, Tres Valles plays a crucial role in supplementing Chile's copper supply. The mine processes ore from over 90 small and medium-sized miners, producing 14,100 metric tons of copper cathodes annually, though this is below its 18,500-ton capacity. Analysts view such operations as essential to bridging the looming supply gap in the global copper market, driven by surging demand from electric vehicles, renewable energy, and data centers.