Jetti Resources has secured $50m in a Series C funding round to advance the development and deployment of its copper extraction technology.
Led by existing strategic investor Mitsubishi Corporation (MC), the funding round was also joined by new investors Freeport-McMoRan, BHP Ventures, Orion Resource Partners, and T. Rowe Price.
Jetti has developed a catalytic technology capable of allowing the efficient and effective heap and stockpile leach extraction of copper, which is trapped in challenging mineral ores.
The firm said that its environmentally friendly technology can extract copper from low-grade primary sulfides such as chalcopyrite, which is the most abundant copper mineral ore.
Jetti Resources CEO and co-founder Mike Outwin said: “Jetti’s financing round has been backed by two of the world’s largest copper mining companies, a leading global copper trader and mine owner, and a premier institutional investment fund and mining private equity group.
“We look forward to working with all investors to accelerate the adoption of Jetti’s technology and deliver much needed ‘green copper’ to meet the world’s needs for a low-carbon electrified future.”
The funds would help Jetti to further deploy its copper extraction technology at large-scale copper mines.
BHP chief technical officer Laura Tyler said that Jetti’s technology could unlock new copper production safely, productively and responsibly.
Jetti said the proceeds from the Series B round, which took place in 2019, were used to validate the commercial-scale effectiveness of its technology at Capstone Mining’s Pinto Valley Mine in Arizona, US.
In partnership with Capstone, Jetti’s irrigated cathode production per area doubled in the first year. The firms are currently in discussions to expand the partnership.