Cuprum Metals Inc., a technology company headquartered in Delaware, has successfully completed a US$19.4 million Series A financing round. The investment was led by the Lundin Family Office, with participation from Woodline Partners and BHP Ventures.

The newly raised capital will be used to advance the commercialization and scale-up of Cuprum's proprietary leaching technology. The process has already delivered encouraging results in pilot-scale programs involving primary, secondary, and oxide copper ores using both heap-leach and vat-leach methods.

Cuprum's innovative system employs a water-based chemical leaching process that can operate with either fresh water or seawater. The technology achieves high copper recovery rates while significantly reducing processing times. It is particularly effective in extracting copper from chalcopyrite and other minerals that have traditionally been difficult to leach, while also lowering both capital expenditure and operating costs. According to founder, chairman, and CEO Roger Pettman, the company is now concentrating on scaling the technology and broadening its use across a wider range of copper projects with the support of its investors.

Investor Perspectives
The Lundin Family Office noted that it is pleased to lead the investment and support a technology that could deliver substantial benefits to the copper sector. As global copper demand continues to increase, solutions that enhance resource recovery and improve operational efficiency are expected to become increasingly important. The organization expressed its commitment to supporting Cuprum's growth alongside Woodline Partners and BHP Ventures.

BHP Ventures highlighted that technologies capable of maximizing value from existing mineral resources and improving processing performance align closely with its investment strategy. The firm believes Cuprum's chemical leaching approach could create additional recovery opportunities and provide greater flexibility in developing a variety of ore deposits.

Woodline Partners stated that Cuprum's technology represents one of the most adaptable solutions available to address the copper industry's growing supply challenges. The firm was particularly impressed by the technology's ability to rapidly recover copper from diverse feedstocks—including sulfide ores, smelter slags, and tailings—without relying on thermal treatment or biological processes. Woodline expressed enthusiasm about supporting the company's continued expansion and technology deployment.

Technology Performance
Cuprum's leaching process has demonstrated strong performance under ambient temperature and pressure conditions when applied to sulfide ores. In tests involving predominantly chalcopyrite-bearing material, copper recoveries have generally exceeded 75% within approximately 100 days. The technology is designed to work across a broad range of ore types and has also proven effective for oxide ores, while requiring lower acid consumption than conventional oxide leaching methods.

The company has conducted testing on ore samples from mining operations in South Africa, the United States, Chile, and Australia, consistently achieving positive outcomes. In addition, the technology has shown promising results in recovering copper from both primary and secondary sulfide tailings. By eliminating the need for heating, the process opens new opportunities to extract value from previously processed materials and promotes more efficient utilization of existing mineral resources.

The Series A funding will be used to support commercial deployment activities, strengthen technical capabilities, recruit additional talent, and expand Cuprum's customer base as the company moves toward broader industry adoption.

Mining is at a pivotal juncture, not only for its own industry but for the global community. The rising demand for energy-related metals and minerals is outpacing the industry's historical supply capabilities, compounded by the increasing difficulty of accessing resources and declining ore grades. Simultaneously, mining operations face the challenge of advancing their own decarbonization efforts.

At the 2024 International Mining and Resources Conference (IMARC) in Sydney, Australia, industry leaders gathered to share innovative strategies and technologies aimed at accelerating sustainability in mining. Gabrielle Sycamore, Head of Strategic Services at BHP Australia, emphasized the urgency of collaborative approaches during a panel on supporting the energy transition and renewable energy development. "Collaboration across industries is essential," Sycamore stated, highlighting the need for collective problem-solving to achieve Net Zero goals.

Despite the challenges, there is room for optimism. Existing technologies already offer pathways for mining to enhance efficiency and reduce emissions. These solutions often require adaptation for mining-specific applications, making cross-industry partnerships critical.

Key Areas for Mining Sustainability

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