Chile copper extraction technology company Ceibo has added BHP Ventures as an investor in its Series B financing, which it now says raised “over US$30 million”, versus the $30m announced in June.
New York private equity firm Energy Impact Partners led the fundraising round, which also attracted a “syndicate of mining-focused investors”, including CoTec Holdings, Audley Capital, Orion Industrial Ventures, Unearth Capital and Opalton (Pincus Green).
Existing backers Khosla Ventures and Aurus Ventures participated in the round.
Ceibo is said to be keen to use the funds to advance small and large-scale column testing of its copper sulphide leaching process, and build a demonstration plant. CoTec said Ceibo’s technology could “deliver considerable value through a significant reduction in the time required to bring additional copper into production, a competitive cost structure and a lower environmental and carbon footprint”.
“This capital increase, together with the strategic support of investors like BHP Ventures, will help us accelerate plans to deploy our technology globally and meet society’s needs,” Ceibo CEO and co-founder, Cristobal Undurraga, said.
BHP Ventures is also an investor in US-based Jetti Resources and its sulphide-copper leaching process. Jetti has raised more than US$200 million of private venture capital.
The UK-based CRU Group estimated Jetti’s addressable market at circa-$2.3 trillion.