Australia-based Caravel Minerals Ltd. has signed a memorandum of understanding with Kutch Copper Ltd., a subsidiary of India-based Adani Enterprises Ltd., for the Caravel copper project in Western Australia.
Under the agreement, the two companies will explore investment and offtake opportunities to accelerate development of the project towards a final investment decision in 2026.
The partnership 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, which is expected to be around 62,000 tonnes to 71,000 tonnes of payable copper per annum.
Don Hyma, Managing Director, Caravel Minerals said: “This collaboration with Adani’s Kutch Copper marks a pivotal step in realising the full potential of the Caravel Copper Project.
“It brings together complementary strengths — Adani’s downstream expertise and Caravel’s world-scale resource — under a shared vision for responsible, long-term copper production.”
The Caravel copper project is one of Australia’s largest undeveloped copper resources, with a potential mine life exceeding 25 years and an estimated 1.3 million tonnes of payable copper. Its all-in sustaining cost (AISC) is forecast at US$2.07 per pound, making it among the lowest-cost producers globally.
Dr Vinay Prakash, CEO, Natural Resources, Adani said: “Copper is the backbone of the global energy transition, and our partnership with Caravel Minerals strengthens India’s and Australia’s role in building a resilient and responsible supply chain for this vital metal.”
Global copper demand is projected to surge by 50 per cent by 2040 amid renewable-energy expansion, collaboration set to deliver a significant contribution to critical minerals supply chains.
Kutch Copper has been granted first rights to participate in direct equity or project-level investments during the term of the agreement.