US copper extraction technology company Jetti Resources has now raised more than US$200 million of equity funding after wrapping up a US$100m Series D financing led by T Rowe Price Associates-advised funds and Rothschild & Co.
“This financing enables Jetti to meet the significant growth in demand for our technology by major copper mining companies,” CEO and co-founder Mike Outwin said.
“Our partners are choosing Jetti as a commercially proven and environmentally responsible technology to increase copper production at their mine sites.”
The Boulder, Colorado-based company said it had completed a second commercial deployment of its sulphide-copper leaching process since its last capital raise in June 2021.
CRU last year put Jetti’s addressable market at circa-$2.3 trillion.
Bloomberg reported this week Jetti’s latest equity raise was done at a $2.5 billion enterprise valuation. It said the company’s leaching catalyst could liberate copper from low-grade chalcopyrite ores by disrupting the sulphur-metal bond of the mineral. Traditional leaching methods that dissolved the metal to form a weak copper sulphate solution caused a film to form over the copper in these ore types, preventing extraction of the metal.
Outwin said earlier this year Jetti had “a bunch more [projects] that will be online in 2023”.
“The Jetti team has built an impressive pipeline of growth opportunities and we are excited by the scale of the opportunity the technology represents,” Rothschild portfolio manager Charles-Edouard Bilbault said this week.
Jetti’s backers include Japan’s Mitsubishi Corp, BHP, Freeport-McMoRan and Teck Resources.