Tag Archives: Mike Outwin

Jetti Resources to spell out carbon footprint, water consumption benefits of copper tech

Jetti Resources is looking to quantify the carbon footprint and water consumption benefits of its patented catalytic technology for extraction of copper in a series of reports that follows the publication of its first Sustainability Report.

Jetti was founded in 2014 with the vision of using its technology to revolutionise the copper industry – making it more efficient, lower impact, and a better steward of the world’s scarce resources. It is looking to do this through bolting its technology onto existing solvent extraction/electrowinning leaching plants for rapid deployment with limited capital expenditure. It has previously stated that there are huge environmental benefits from using its technology for leaching over pyrometallurgy.

The company says it intends to conduct a carbon footprint study and Life Cycle Assessment (LCA) this year, with the latter study including analyses of typical copper mining operations without Jetti’s technology and a mining operation with Jetti’s technology installed. The LCA is being conducted in conformance with the ISO 14040/44 standard and will be critically reviewed by an independent expert.

Jetti has also commited to starting to track water usage and waste at all its operations and sites, which includes the installation it has at Capstone Mining’s Pinto Valley operation in the US.

Mike Outwin, Jetti’s CEO, said: “This year marks the first year in Jetti’s sustainability reporting journey and sets out how we will responsibly enable the production of the copper that the world needs for the clean energy transition.

“We have made important commitments for the year ahead, including completion of a LCA of our technology and a carbon footprint study. These efforts will clearly demonstrate Jetti’s advantages in producing copper with a low carbon footprint and low water consumption, when compared to traditional milling and refining methods.

“We are now entering a pivotal period in Jetti’s growth, and I look forward to reporting on our progress next year as we continue to deliver on our objectives.”

Earlier this year, Jetti announced that it had entered into an agreement with Teck Resources for the mining major to evaluate its technology at a number of assets with potential copper resources outside of existing mine plans.

Freeport-McMoRan and BHP Ventures jump aboard the Jetti Resources tech train

Jetti Resources’ plan to rapidly rollout its breakthrough copper extraction technology has been given a boost with the announcement of $50 million in funding from the likes of Mitsubishi Corp, Freeport-McMoRan, BHP Ventures, Orion Resource Partners, and funds and accounts advised by T Rowe Price Associates Inc.

The Series C funding round was led by existing strategic investor, Mitsubishi Corporation, and included new investment from the other firms mentioned.

“Mitsubishi, an existing strategic shareholder of Jetti, has further deepened its involvement as an investor as part of a shared vision for transforming the copper industry,” Jetti said. “Mitsubishi’s extensive networks both upstream with copper mines and downstream with end users of copper are invaluable as Jetti enters the rapid growth phase of its development.”

Since the completion of its Series B capital raise in 2019, Jetti says it has commercially proven the effectiveness of its technology at Capstone Mining’s Pinto Valley Mine in Arizona. During the first year of Capstone’s partnership with Jetti, cathode production per area irrigated doubled, and discussions to expand this partnership are ongoing.

In addition, Jetti has significantly strengthened its Board and management team to support the next phase of its development, bringing on Chip Goodyear, the former CEO of BHP, and Trevor Reid, the former long-standing CFO of Xstrata PLC.

Jetti has a pipeline of 23 projects at various stages, including five active pilots and three opportunities transitioning to commercial status.

Following the close of its $50 million Series C financing, Jetti will have raised more than $100 million for the development and deployment of its technology.

Mike Outwin, CEO and Co-Founder of Jetti Resources, said: “Jetti’s financing round has been backed by two of the world’s largest copper mining companies, a leading global copper trader and mine owner, and a premier institutional investment fund and mining private equity group. These industry leaders recognise the potential for Jetti’s environmentally friendly technology to unlock vast untapped copper resources within their portfolios.”

Outwin said the funds raised will enable Jetti to further deploy its technology across large-scale copper mining operations.

“We look forward to working with all investors to accelerate the adoption of Jetti’s technology and deliver much needed ‘green copper’ to meet the world’s needs for a low-carbon electrified future,” he added.

Norikazu Tanaka, Group CEO, Mineral Resources Group, Mitsubishi Corporation, said: “Mitsubishi recognised the revolutionary nature of Jetti’s technology in 2019, and since then the team has not only proven its efficacy at scale but prudently identified a range of opportunities for its adoption at existing mines.

“They are naturally now expanding to create the critical mass required for the next stage of growth to meet the requirements of a low carbon global economy. 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. We believe this partnership can make a significant contribution to more efficient development, conservation, and supply stability of the world’s limited copper resources.”

Josh Olmsted, Freeport-McMoRan’s President and Chief Operating Officer-Americas, said: “We are pleased to partner with Jetti, as we pursue technologies to improve copper production from leach stockpiles, reduce our carbon footprint, and supply responsibly produced copper to a global market with increasing demand. Freeport’s assets are well situated to test this technology, and we look forward to advancing opportunities to deploy the technology where appropriate at our operating locations.”

Laura Tyler, Chief Technical Officer, BHP said: “Jetti’s technology has the potential to unlock new copper production safely, productively and responsibly. To support renewable technologies and decarbonisation goals in limiting global warming to 1.5°C we expect global copper demand could double over the next 30 years, compared to the past 30 years.

Through our BHP Ventures team, we are delighted to invest in and partner with Jetti and help create opportunities for its innovative technology to progress a greener future.”

Jetti’s patented catalytic technology is designed to allow for the efficient and effective heap and stockpile leach extraction of copper. The company’s technology bolts onto existing solvent extraction/electrowinning leaching plants so it can be deployed rapidly with limited capital expenditure and, because it uses no heating or grinding, it has low operational costs. In addition, there are huge environmental benefits from using leaching over pyrometallurgy, according to Jetti.