Jetti Resources plan to rapidly rollout its breakthrough copper extraction technology has been given a boost with the announcement of $50 million in funding from the likes of Mitsubishi Corp, Freeport-McMoRan, BHP Ventures, Orion Resource Partners, and funds and accounts advised by T Rowe Price Associates Inc.
The Series C funding round was led by existing strategic investor, Mitsubishi Corporation, and included new investment from the other firms mentioned.
Mitsubishi, an existing strategic shareholder of Jetti, has further deepened its involvement as an investor as part of a shared vision for transforming the copper industry, Jetti said. Mitsubishis extensive networks both upstream with copper mines and downstream with end users of copper are invaluable as Jetti enters the rapid growth phase of its development.
Since the completion of its Series B capital raise in 2019, Jetti says it has commercially proven the effectiveness of its technology at Capstone Minings Pinto Valley Mine in Arizona. During the first year of Capstones partnership with Jetti, cathode production per area irrigated doubled, anddiscussions to expand this partnership are ongoing.
In addition, Jetti has significantly strengthened its Board and management team to support the next phase of its development, bringing on Chip Goodyear, the former CEO of BHP, and Trevor Reid, the former long-standing CFO of Xstrata PLC.
Jetti has a pipeline of 23 projects at various stages, including five active pilots and three opportunities transitioning to commercial status.
Following the close of its $50 million Series C financing, Jetti will have raised more than $100 million for the development and deployment of its technology.
Mike Outwin, CEO and Co-Founder of Jetti Resources, said: Jettis financing round has been backed by two of the worlds largest copper mining companies, a leading global copper trader and mine owner, and a premier institutional investment fund and mining private equity group. These industry leaders recognise the potential for Jettis environmentally friendly technology to unlock vast untapped copper resources within their portfolios.
Outwin said the funds raised will enable Jetti to further deploy its technology across large-scale copper mining operations.
We look forward to working with all investors to accelerate the adoption of Jettis technology and deliver much needed green copper to meet the worlds needs for a low-carbon electrified future, he added.
Norikazu Tanaka, Group CEO, Mineral Resources Group, Mitsubishi Corporation, said: Mitsubishi recognised the revolutionary nature of Jettis technology in 2019, and since then the team has not only proven its efficacy at scale but prudently identified a range of opportunities for its adoption at existing mines.
They are naturally now expanding to create the critical mass required for the next stage of growth to meet the requirements of a low carbon global economy. We are thrilled to deepen our strategic partnership with Jetti through our increased investment and by leveraging Mitsubishis extensive networks both upstream with copper mines and downstream with end users of copper. We believe this partnership can make a significant contribution to more efficient development, conservation, and supply stability of the worlds limited copper resources.
Josh Olmsted, Freeport-McMoRans President and Chief Operating Officer-Americas, said: We are pleased to partner with Jetti, as we pursue technologies to improve copper production from leach stockpiles, reduce our carbon footprint, and supply responsibly produced copper to a global market with increasing demand. Freeports assets are well situated to test this technology, and we look forward to advancing opportunities to deploy the technology where appropriate at our operating locations.
Laura Tyler, Chief Technical Officer, BHP said: Jettis technology has the potential to unlock new copper production safely, productively and responsibly. To support renewable technologies and decarbonisation goals in limiting global warming to 1.5C we expect global copper demand could double over the next 30 years, compared to the past 30 years.
Through our BHP Ventures team, we are delighted to invest in and partner with Jetti and help create opportunities for its innovative technology to progress a greener future.
Jettis patented catalytic technology is designed to allow for the efficient and effective heap and stockpile leach extraction of copper. The companys technology bolts onto existing solvent extraction/electrowinning leaching plants so it can be deployed rapidly with limited capital expenditure and, because it uses no heating or grinding, it has low operational costs. In addition, there are huge environmental benefits from using leaching over pyrometallurgy, according to Jetti.