Jetti Resources, a natural resources tech startup based in Vancouver, has raised $642,000 in public funds, including a $492,500 investment from the federal government and $150,000 from Innovate BC for a mineral extraction research and development project for the mining industry.
At commercial scale, the project could help reduce emissions and water use in mining projects
The federal investment is being made through Natural Resources Canada’s (NRCan) Clean Growth Program, a $155 million fund created to help emerging cleantech scale and prepare for commercialization. The provincial funding is being made through Innovate BC, an organization representing the Government of British Columbia.
“Jetti Resources has been pleased to participate in the NRCan and Innovate BC programs advancing technologies with an impact in a clean future that maximizes the use of our resources,” said Nelson Mora, vice president of engineering and technology at Jetti Resources.
The research project will develop a more energy-efficient process to extract copper from regular- and lower-grade ores, as well as waste mining materials and tailings. The government said if this initiative is applied at commercial scale, it could help reduce emissions and water use, while lowering costs for companies.
Founded in 2014, Jetti has developed a novel hydrometallurgical technology to extract metals of value from mineral ores that the mining industry has struggled to process. The company has raised more than $24 million CAD to date ($18.7 million USD), all of which was from a Series A raised by US investors, in 2017.
Disclosed investors in the startup include DNS Capital, Kleiner Perkins, and Zoma Capital. In 2016, the company received a $300,000 grant from the BC Innovation Council, through its partnership with the University of British Columbia.
Jetti claims its technology requires low capital expenditure and operating costs, while being able to produce high copper yields. The startup also says its technology can lead to lower criteria emissions and water usage and can maximize resources at existing copper deposits.
“The Government of Canada continues to invest in projects that are positioning Canada’s mining industry to lead the clean energy future,” said Amarjeet Sohi, minister of natural resources. “Through strong government partnerships and a commitment to innovation, we are building the sustainable and competitive mining industry of tomorrow.”
Image courtesy Jetti Resources