An obscure mining business part-owned by members of the Pritzker and Walton families is getting some new heavyweight investors: BHP Group Ltd. and Freeport-McMoRan Inc., two of the world’s biggest miners.
The investment in Jetti Resources LLC, which extracts copper out of mine waste, comes amid growing interest and rallying prices for the metal used in construction and manufacturing, as well as to conduct electricity. Demand for copper is expected to outstrip supply in the coming years, with more of the metal needed as the world transitions to a lower-carbon economy.
Jetti said that BHP, Freeport and Japan’s Mitsubishi Corp. were among a group that had agreed to invest a total of $50 million in the company to help fund the rollout of the business. It didn’t disclose the value of the company, or the size of its new investors’ holdings.
Jetti’s current owners include DNS Capital, the family office of Gigi Pritzker, a movie producer who is one of the heirs of the family behind the Hyatt hotel chain. Ben Walton, whose family founded Walmart Inc., also owns a stake. Both will remain investors.
Laura Tyler, BHP’s chief technical officer, said in a statement that the miner expected global copper demand to double over the next 30 years as more of the metal is used to support renewable technologies and decarbonization goals.