Canada’s Lundin mining family has led a US$19.4 million funding round by 2024 Delaware copper leaching technology start-up Cuprum Metals, a company run by serial chemical tech entrepreneur Roger Pettman.
Cuprum calls its patented leaching technology a “chemical tool kit” that can be tuned to work on a range of ores and tailings including copper sulphide ores.
The Lundin Family Office, connected to the C$30 billion Lundin Mining Corporation, led a Cuprum series A funding round also backed by San Francisco-based Woodline Partners and BHP Ventures.
Lundin and BHP formed the 50-50 Vicuna Corp venture in 2024 to jointly develop the major Filo del Sol and Josemaria copper-gold-silver projects in the Vicuna district along the Argentina-Chile border.
Pettman also founded or co-founded Cycladex, Revolymer and Chirex.
He said the new funding would support scaling of Cuprum’s technology, which had demonstrated positive pilot-scale test results on primary, secondary and oxide ores in heap and vat leach systems.
Cuprum’s approach used a water-based chemical leach, with the flexibility to operate using sea water, to achieve high recovery rates at significantly faster processing times.
“With support from our investors we are now focused on scaling the technology and expanding its application across a broader set of copper assets,” Pettman said.
A Lundin Family Office spokesperson said Cuprum’s leaching technology had potential to deliver “meaningful benefits across the copper industry”.
“As demand for copper continues to grow, technologies that can unlock greater value from existing resources and improve operating efficiency will play an increasingly important role,” the spokesperson said.
BHP Ventures vice president Laurel Buckner said the Cuprum chemical leaching approach could “expand recovery pathways and support more flexible development options across different ore bodies”.
