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June 7, 2021

Jetti raises $50m funding to advance copper extraction technology

New investors in Jetti Resources are Freeport-McMoRan, BHP, Orion Resource Partners and T. Rowe Price funds.

Jetti Resources has secured $50m in a Series C funding round to advance the development and deployment of its copper extraction technology.

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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.

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What’s missing from your IPO industry assessment?

IPO activity all but stopped in 2020, as the investment community grew wary of the effects of COVID-19 on economies. No matter how deserving a business was of flotation, momentum was halted by concerns of when a ‘new normal’ of working patterns and trade would set in. Recently, sentiment has changed. Flotations picked up again during the second half of 2021, and now in 2022 the mood is decidedly optimistic. Business leaders have their eyes on fast rebounding economies, buoyant market indices and the opportunity once again to take their businesses public. As a result, global IPOs are expected to hit back this year. With GlobalData’s new whitepaper, ‘IPOs in Consumer and Retail: 5 must-include elements for your prospectus industry report’, you can explore exactly what is needed in the essential literature. GlobalData’s focus lies in the critical areas to get right:
  • Macroeconomic and demographic environment
  • Consumer context
  • Industry environment
  • Competitive environment
  • Route to market
Interested to learn more about what to include in your IPO Industry Assessment report? Download our free whitepaper.
by GlobalData
Enter your details here to receive your free Report.

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