BHP Ventures has agreed to invest in Ceibo, a Chile-based company that specializes in copper extraction technology, as part of its Series B financing for over US$30M. This funding round is aimed at speeding up Ceibos primary and secondary sulphides leaching process.
CEO and co-founder of Ceibo, Cristóbal Undurraga, commented, “This capital increase, together with the strategic support of investors like BHP Ventures (the venture capital unit of BHP Group Ltd.), will help us accelerate plans to deploy our technology globally and meet society’s needs.”
The Chilean company has developed a new low-carbon technology for copper extraction, with a consortium of mining-focused investors supporting it. Along with BHP, these investors include Energy Impact Partners, CoTec Holding, Audley Capital, Orion Industrial Ventures, Unearth Capital, Opalton (Pincus Green), Khosla Ventures, and Aurus Ventures.
The technology targets chalcopyrite and other refractory copper minerals containing over 70% of known copper reserves and has formed a consortium of world-leading financial investors and mining companies that are collaborating and supporting the commercial role of its low-carbon technology.
BHP Ventures’ portfolio currently also includes base metals-focused companies KoBold Metals Co. and Jetti Resources LLC, as well as green steel startups Electrasteel Inc. and Boston Metal.
Chile is the world’s largest copper-producing country, giving Ceibo the opportunity to successfully scale-up and operate clean technologies at some of the largest mines worldwide.
Ceibo has developed a broader set of clean technologies in recent years that are being operated in different mining districts, resulting in more efficient operations, and generating a positive environmental impact.
Overall, Ceibo’s progress in developing new copper extraction technologies and the recent funding round is expected to accelerate the company’s progress towards its goals, with Ceibo focused on continued onsite testing and engineering during the last quarter of this year.
