Adani Enterprises’ subsidiary Kutch Copper Ltd (KCL) has signed a non-binding Memorandum of Understanding (MoU) with Caravel Minerals Ltd, paving the way for strategic collaboration on the Caravel Copper Project in Western Australia’s Murchison region.
The agreement sets the foundation for investment and offtake opportunities to accelerate the project’s path to a Final Investment Decision (FID) in 2026. It combines Caravel’s world-class copper resource with Adani’s operational expertise in smelting, processing, and logistics.
The partnership includes plans for a life-of-mine offtake agreement covering up to 100 per cent of Caravel’s copper concentrate output, estimated at 62,000 to 71,000 tonnes of payable copper annually.
The concentrate will supply Adani’s USD 1.2 billion Kutch Copper Smelter in Gujarat, the world’s largest single-location copper facility.
Dr Vinay Prakash, CEO of Adani Natural Resources, described copper as the backbone of the global energy transition. “Our partnership with Caravel Minerals strengthens India’s and Australia’s role in building a resilient and responsible copper supply chain.”
Sustainable and Scalable Development
Caravel operates one of Australia’s largest undeveloped copper resources, situated 150 km northeast of Perth. The project will produce over 1.3 million tonnes of copper over a 25-year mine life.
The mine positions itself among the lowest-cost producers globally. It has a projected AISC of USD 2.07 per pound and a capex of AUD 1.7 billion.
The MoU also grants KCL first rights for equity participation, co-engineering workstreams, and joint procurement.
Both companies emphasise their strong ESG commitments. They align with the India–Australia Free Trade Agreement (FTA) to promote responsible resource development. The collaboration also supports the exchange and development of a skilled workforce between the two nations.
With copper demand expected to rise by 50 per cent by 2040, the Adani–Caravel collaboration seeks to strengthen global supply chains for critical minerals and drive a cleaner, electrified future for both nations.
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