Archive · 7 Nov 2025
Adani Kutch Copper Collaborates with Caravel Minerals on Australian Copper Project
Imagine two big companies, one from India called Adani Kutch Copper and another from Australia called Caravel Minerals.
They've agreed to work together on a new copper mine in Australia.
Adani's company will get the first chance to invest in the mine and buy the copper it produces, maybe even all of it!
This copper will be used in a huge copper factory Adani is building in India.
They both hope to make a final decision to build the mine by 2026.
They will also work together to plan the construction and buy materials to make things faster and cheaper.
They are also talking to banks to help pay for the project, which is expected to cost a lot of money.
Adani Kutch Copper Ltd has signed a non-binding MoU with Australia's Caravel Minerals Ltd for a copper project in Western Australia.
The MoU grants Adani the first rights for project-level participation or direct equity investments during its term.
A potential life-of-mine offtake agreement covers up to 100% of the project's copper concentrate output, estimated at 71,000 tonnes annually.
The agreement aims to combine Caravel's resource with Adani's smelting, processing, and logistics capabilities to accelerate development towards a Final Investment Decision in 2026.
Financing discussions are ongoing with global banks and export credit agencies for the AUD 1.7 billion project.
- Who
- Adani Group's Kutch Copper Ltd and Australia's Caravel Minerals Ltd.
- What
- Signed a non-binding memorandum of understanding (MoU) to collaborate on Caravel's copper project in Western Australia, including investment cooperation and a potential offtake agreement.
- When
- The announcement was made recently, with a target Final Investment Decision (FID) in 2026.
- Where
- Western Australia, and the copper concentrate will supply Adani's facility in Kutch, Gujarat, India.
- Why
- To accelerate the development of Caravel's copper project by combining Caravel's resource with Adani's smelting, processing, and logistics capabilities.
Kutch Copper Ltd (Adani Group)
Caravel Minerals Ltd
Investment and Offtake Agreement
Kutch Copper Ltd (Adani Group)
Kutch Copper Ltd will have the first rights to participate at the project level or as direct equity investments. It is a potential life-of-mine offtake agreement for up to 100% of the project's copper concentrate output.
Caravel Minerals Ltd
Caravel Minerals Ltd's copper project is the subject of the MoU, offering Kutch Copper potential investment and offtake opportunities.
Project Development and Capabilities
Kutch Copper Ltd (Adani Group)
Adani's proven smelting, processing, and logistics capabilities will be combined with Caravel's resource to accelerate project development.
Caravel Minerals Ltd
Caravel possesses a world-class resource that will be developed in collaboration with Adani's capabilities.
- Adani Kutch Copper's Investment Focus
- First rights to participate at the project level or as direct equity investments.
- Offtake Agreement Scope
- Up to 100% of the project's copper concentrate output.
- Estimated Annual Copper Output
- Around 71,000 tonnes of payable copper annually in the initial years.
- Kutch Copper Facility
- USD 1.2 billion facility in Gujarat, world's largest single-location copper facility.
- Target Final Investment Decision (FID)
- 2026 for both companies' involvement in the project.
- Caravel Copper Project Capital Cost
- AUD 1.7 billion
- Caravel Copper Project All-in Sustaining Cost
- USD 2.07 per pound
Sources
Adani Subsidiary Kutch Copper Joins Caravel Minerals To Fast-Track Key Australian Copper Project
Adani’s Kutch Copper signs MoU with Caravel Minerals for Western Australia copper project
Adani copper unit $1.1 bn deal with Australian mine to get it supplies for Gujarat smelter
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