US-based copper extraction system developer Jetti Resources has raised $50m in series C funding from investors including diversified conglomerate Mitsubishi Corporation and mining groups BHP Group and Freeport-McMoRan.
The round also featured Orion Resource Partners and funds and accounts advised by T Rowe Price, and it took the company’s overall funding to $100m.
Founded in Canada in 2014, Jetti has developed a mining technology that helps mining companies obtain copper from low-grade primary sulphide ores.
Mitsubishi’s Mineral Resources Group had taken part in a series B round of undisclosed size for Jetti in 2019. The company had previously received $18.7m in series A funding from DNS Capital, Kleiner Perkins and Zoma Capital two years before.
Norikazu Tanaka, CEO of Mitsubishi Corporation’s Mineral Resources Group, said: “We are thrilled to deepen our strategic partnership with Jetti through our increased investment and by leveraging Mitsubishi’s extensive networks both upstream with copper mines and downstream with end users of copper.”
