Adani's Kutch Copper Partners with Caravel Minerals to Develop Major Australian Copper Project for Global Energy Transition

Caravel Minerals Ltd has announced a significant non-binding Memorandum of Understanding with Kutch Copper Ltd (KCL), an Adani Enterprises Ltd subsidiary, establishing a strategic collaboration on the Caravel Copper Project located in Western Australia's Murchison region.

The partnership aims to explore investment and offtake opportunities to expedite the project's development toward a Final Investment Decision anticipated in 2026. This collaboration merges Caravel's substantial resource with Adani's established expertise in smelting, processing, and logistics operations.

According to the announcement, the MoU outlines several collaborative workstreams, including co-engineering efforts to optimize product specifications for Kutch Copper's downstream facilities and joint procurement strategies to accelerate delivery schedules. The partnership will also leverage the India-Australia Free Trade Agreement to enhance cross-border resource development and workforce skills.

Dr. Vinay Prakash, CEO of Natural Resources at Adani, emphasized copper's critical role in global energy transition, stating, "Our partnership with Caravel Minerals strengthens India's and Australia's position in building a resilient and responsible supply chain for this vital metal." He further noted that Kutch Copper, with its world-class infrastructure and environmental, social, and governance standards, is pleased to align with Caravel to create a sustainable value creation model across continents.

The agreement establishes an exclusive framework for negotiating a life-of-mine offtake agreement covering up to 100% of Caravel's copper concentrate output, expected to range between 62,000 to 71,000 tonnes of payable copper annually in the initial years. This concentrate would directly supply KCL's advanced $1.2 billion Kutch Copper Smelter in Gujarat, recognized as the world's largest single-location copper facility.

Don Hyma, Managing Director of Caravel Minerals Limited, described the collaboration as "a pivotal step in realizing the full potential of the Caravel Copper Project," highlighting how it combines Adani's downstream expertise with Caravel's substantial resource under a shared commitment to responsible, long-term copper production.

The Caravel Copper Project, situated approximately 150 km northeast of Perth, represents one of Australia's largest undeveloped copper resources. It boasts a potential operational lifespan exceeding 25 years and contains an estimated 1.3 million tonnes of payable copper. The project's all-in sustaining cost is projected at US $2.07 per pound, positioning it among the most cost-effective producers globally.

Under the agreement terms, KCL has secured first rights to participate in direct equity or project-level investments during the MoU period. The discussions align with the project's Australian $1.7 billion initial capital expenditure and are structured to support phased development.

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