Adani Enterprises’ subsidiary Kutch Copper Ltd (KCL) and Australia-listed Caravel Minerals have signed a non-binding memorandum of understanding (MoU) to collaborate on the Caravel Copper Project in Western Australia’s Murchison region, the companies said in a joint statement on Thursday. The deal value remains undisclosed. Adani–Caravel partnership goals The MoU outlines investment collaboration and a life-of-mine offtake covering up to 100 per cent of copper concentrate output — roughly 62,000 to 71,000 tonnes of payable copper per annum in the project’s early years. The concentrate will be supplied to Kutch Copper’s 500 KTPA (kilotonnes per annum) smelter in Gujarat, the world’s largest single-location copper facility, worth $1.2 billion (around Rs 10 billion). Under the MoU, both firms will explore investment and offtake opportunities to fast-track the project towards a final investment decision (FID) by 2026. The collaboration will combine Caravel’s world-class copper resource with Adani’s expertise in smelting, processing, and logistics. The agreement also includes co-engineering to align product specifications with Kutch Copper’s downstream facilities, joint procurement to accelerate delivery, and initiatives leveraging the India–Australia Free Trade Agreement (FTA) for cross-border resource development and workforce training. About the Caravel Copper Project Located around 150 km northeast of Perth, the Caravel Copper Project is one of Australia’s largest undeveloped copper deposits, estimated to contain 1.3 million tonnes of payable copper with a mine life exceeding 25 years. The project’s all-in sustaining cost (AISC) is projected at $2.07 per pound, placing it among the lowest-cost producers globally. Under the MoU, KCL will also have first rights to participate in equity or project-level investments. The partnership aligns with the project’s AUD 1.7 billion (around Rs 9.2 billion) initial capital expenditure and supports a phased development approach, the release stated. Statements from Adani and Caravel “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 copper supply chain,” said Vinay Prakash, CEO, Natural Resources, Adani Enterprises. Don Hyma, Managing Director of Caravel Minerals, said the collaboration represents “a pivotal step in realising the project’s full potential,” combining Adani’s downstream strength with Caravel’s large-scale resource under a shared vision for sustainable copper production. Financing and strategic importance Financing discussions are underway with top-tier banks, focusing on export credit agency (ECA)-backed facilities, debt and equity funding, and innovative mechanisms such as streaming and royalties. This builds upon a 2023 letter of interest from Denmark’s Export and Investment Fund (EIFO) for Danish-sourced equipment. The companies emphasised that with global copper demand expected to rise by 50 per cent by 2040, the partnership will make a significant contribution to critical mineral supply chains while driving sustainable economic growth for both India and Australia.