Ahmedabad: Caravel Minerals Ltd on Thursday announced it has signed a landmark non-binding Memorandum of Understanding (MoU) with Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd (AEL), to form a strategic partnership for developing the flagship Caravel Copper Project in Western Australia’s Murchison region.
Under the MoU, both companies will explore investment and offtake opportunities to fast-track the project’s development toward a Final Investment Decision (FID) by 2026. The collaboration aims to combine Caravel’s world-class copper resource with Adani’s expertise in smelting, processing, and logistics.
The agreement outlines joint workstreams, including co-engineering to optimise product specifications for Kutch Copper’s downstream facilities, joint procurement to accelerate delivery schedules, and leveraging the India-Australia Free Trade Agreement (FTA) to enhance cross-border development and workforce training.
“Copper is the backbone of the global energy transition, and our partnership with Caravel Minerals strengthens India’s and Australia’s role in creating a resilient and responsible copper supply chain,” said Dr. Vinay Prakash, CEO, Natural Resources, Adani.
“Kutch Copper, with its world-class infrastructure and ESG standards, is delighted to align with Caravel to create a model of sustainable value creation across continents,” he added.
The MoU also establishes an exclusive framework for negotiating a life-of-mine offtake agreement covering up to 100 per cent of Caravel’s copper concentrate output, estimated at 62,000–71,000 tonnes of payable copper per annum in the initial years. The concentrate will supply KCL’s $1.2 billion (A$1.8 billion) Kutch Copper Smelter in Gujarat, the world’s largest single-location copper facility.
“This collaboration with Adani’s Kutch Copper marks a pivotal step in unlocking the full potential of the Caravel Copper Project. It unites Adani’s downstream strength with Caravel’s large-scale resource under a shared vision for responsible, long-term copper production,” said Don Hyma, Managing Director, Caravel Minerals Ltd.
Located about 150 km northeast of Perth, the Caravel Copper Project is one of Australia’s largest undeveloped copper resources, with an estimated 1.3 million tonnes of payable copper and a mine life of more than 25 years. The project’s all-in sustaining cost (AISC) is projected at US$2.07 per pound, placing it among the world’s lowest-cost producers.
As part of the MoU, KCL will have first rights to participate in equity or project-level investments during the agreement period. The discussions are aligned with the project’s A$1.7 billion initial capital expenditure, aimed at supporting its phased development.
