Business EconomyPosted at: Nov 9 2025 12:18AM


Adani Kutch Copper inks deal with caravel for Australian project

Mumbai, Nov 7 (UNI) Adani Group's Kutch Copper Ltd has officially announced that it has signed a non-binding memorandum of understanding (MoU) with Australia's Caravel Minerals Ltd to collaborate on the latter's copper project in Western Australia. According to the deal, Adani-owned Kutch Copper will have the first rights to participate at the project-level or as direct equity investments during the MoU term.
The MoU provides a framework for investment cooperation and a potential life-of-mine offtake agreement, covering up to 100 per cent of the project's copper concentrate output, which is estimated at around 71,000 tonnes of payable copper annually in the initial years, according to an Adani group statement. The copper concentrate is expected to supply Kutch Copper's USD 1.2 billion based in Kutch region of Gujarat, which is said to be the world's largest single-location copper facility.
"Under the MoU, the companies will explore investment and offtake opportunities to accelerate development of the project towards a Final Investment Decision (FID) in 2026, combining Caravel's world-class resource with Adani's proven smelting, processing and logistics capabilities," the statement said. According to the statement, both the companies will also explore co-engineering, joint procurement, and other collaborative workstreams to optimise project timelines and specifications.
The statement also mentioned that project financing talks are on with global banks and export credit agencies, including Denmark's Export and Investment Fund (EIFO), to structure a mix of debt, equity, as well as streaming-based funding. Located in sparsely populated Western Australia's Yigarn Terrane region, Caravel's copper project, with a projected capital cost of AUD (Australian dollars) 1.7 billion and an all-in sustaining cost of (American dollars) USD 2.07 per pound, targets a final investment decision in 2026.
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