The Chilean company is working on technological developments to increase the production of copper needed for decarbonization.
Chilean company Ceibo has appointed Jake Mather as "VP Business Development" to lead the opening of an office in the USA and thereby enhance the entry into the North American market.
The American executive brings over 18 years of experience in the mining sector in the region, working with companies such as Rio Tinto, Dyno Nobel, and Golden Queen Mining Company, where he has led Strategy, Corporate Finance, and New Business Development divisions.
"The opening of an office in the United States will allow us to offer the technologies we've developed to enhance copper extraction, a critical mineral for decarbonization and energy transition in this country. The developments we are working on are more efficient and profitable for copper production and also use less water, opening vast opportunities for us in North America," says the new executive of the Chilean company.
Ceibo's entry into the USA coincides with the Biden administration's decision to increase domestic copper production to accelerate energy transition. Recently, the Department of Energy included copper in the list of critical minerals for decarbonization.
Facing a global shortage of copper, Ceibo's technologies offer an alternative to the concentration process for leaching primary sulfides, utilizing the existing infrastructure at mining sites.
This innovation will be crucial for copper supply and enabling the deployment and adoption of electric vehicles, renewable energies, and other technologies that are key in combating climate change.
Development and Research
At the end of June, the mining technology company closed a successful series B capital raising round, which will be used for constructing a test plant; reinforcing the science and development team in Chile and abroad; among other initiatives.
The round was led by "Energy Impact Partners," one of the world's leading venture capital firms in financing decarbonization projects, managing a portfolio of $3 billion USD.
Investors from Canada, England, Switzerland, and Chile participated in the round, along with Khosla Ventures and Aurus Ventures, which had already been part of series A in 2019. In August, Australian multinational BHP, through its venture capital arm BHP Ventures, also became a shareholder of Ceibo.
Urgency of Copper Production
The discovery of new ways to extract copper will be key to breaking the production stagnation experienced by Chile and the world. According to figures from Cochilco, by 2033 the national production should reach 6.58 million tonnes, at an average growth rate of 1.3%, a figure lower than previous projections by the same corporation. This is compounded by a decrease in mineral grade, various environmental and social issues, lower water availability, and delays in the construction and commissioning of large projects.
In a global context, Chile remains the leading copper producer with 27% of the market, positioning the country as a protagonist in the global challenge to combat climate change and modify the energy matrix of industries. Over the next 30 years, the world will need more copper than has been produced in the entire history of humanity.