Jetti raises $50 million from investors to fund expansion

FILE PHOTO: The signboard of Mitsubishi Corp is pictured at its head office in Tokyo, Japan August 2, 2017. REUTERS/Kim Kyung-Hoon/File Photo

LONDON (Reuters) - United States-based Jetti Resources has raised $50 million from investors including Mitsubishi Corporation, BHP Group and Freeport-McMoRan to roll out its technology for producing copper from low-grade resources.

Prices of copper, which is used widely in the power and construction industries, hit a record high of $10,747.50 last month as worries about shortages this year triggered a speculative buying frenzy.

They have since retreated, but an expected surge in demand as the enegry transition takes off will support prices at levels that will act as an incentive for investment in new production capacity.

Other investors include Orion Resource Partners and funds and accounts advised by T. Rowe Price Associates, Jetti Resources said on Friday.

The company now has $100 million for development and deployment of its technology.

“Jetti has a pipeline of 23 projects at various stages, including five active pilots and three opportunities transitioning to commercial status,” said chief executive and co-founder Mike Outwin.

“(The investors) recognise the potential for Jetti’s environmentally friendly technology to unlock vast untapped copper resources within their portfolios.”

Reporting by Pratima Desai; Editing by David Goodman