Adani Enterprises’ copper subsidiary, Kutch Copper Ltd (KCL), has entered into a key partnership in Australia, strengthening India’s efforts to secure critical minerals and feed its rapidly expanding copper operations.
Caravel Minerals Ltd announced that it has signed a non-binding Memorandum of Understanding (MoU) with Kutch Copper to collaborate on the Caravel Copper Project, located in Western Australia’s Murchison region.
Under the agreement, the two companies will explore investment and long-term offtake arrangements to move the project toward a Final Investment Decision (FID) by 2026. The partnership combines Caravel’s large copper resource base with Adani’s expertise in smelting, processing, and logistics.
The MoU gives Adani exclusive rights to negotiate a life-of-mine offtake covering up to 100% of Caravel’s copper concentrate, estimated at 62,000–71,000 tonnes of payable copper annually in its early phase. The concentrate would feed Adani’s $1.2 billion Kutch Copper Smelter in Gujarat, which is expected to become the world’s largest single-location copper production facility.
“Copper is the backbone of the global energy transition,” said Dr. Vinay Prakash, CEO of Natural Resources at Adani. “Our partnership with Caravel Minerals reinforces the shared goal of India and Australia to build a reliable and sustainable supply chain for this essential metal.”
The Caravel Copper Project, situated about 150 kilometers northeast of Perth, ranks among Australia’s biggest undeveloped copper deposits, with a projected mine life of more than 25 years and an estimated 1.3 million tonnes of payable copper. Its operating cost is forecast at just USD 2.07 per pound, making it one of the most cost-efficient projects globally.
Caravel’s Managing Director Don Hyma called the alliance a major step toward unlocking the project’s potential. “It combines Adani’s downstream strength with Caravel’s large-scale resource, built on a shared vision of responsible, long-term production,” he said.
The MoU also gives KCL the option to invest directly in equity or at the project level, supporting the AUD 1.7 billion capital program. Financing discussions are underway with major global lenders and export credit agencies, following early interest from Denmark’s Export and Investment Fund for equipment procurement.
Beyond financing, the partnership will explore joint engineering and procurement programs to streamline operations, along with initiatives that leverage the India–Australia Free Trade Agreement to enhance cross-border collaboration, training, and resource development.
With global copper demand expected to rise 50% by 2040, driven by electrification and renewable energy growth, the collaboration between Kutch Copper and Caravel Minerals aims to strengthen supply chains for critical minerals while promoting sustainable growth in both countries.
Both companies highlighted their shared commitment to responsible mining practices and high environmental, social, and governance (ESG) standards.
