Vinay Prakash, CEO, Adani Natural Resources
Caravel Minerals Ltd has announced the signing of a non-binding MoU (Memorandum of Understanding with Kutch Copper Ltd (KCL) — a subsidiary of Adani Enterprises.
Ltd — for collaboration on the flagship Caravel Copper Project in Western Australia’s Murchison region.
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, stated an official release here Thursday. The partnership also establishes an exclusive framework for negotiating a life-of-mine offtake agreement covering up to 100% of Caravel’s copper concentrate output, which is expected to be around 62,000 to 71,000 tonnes of payable copper per annum in the early years. The concentrate would directly feed into KCL’s state-of-the-art USD 1.2 billion (AUD 1.8 billion) Kutch Copper Smelter, the world’s largest single-location copper facility, set up in Gujarat.
Strategic supply partnership
Caravel’s Caravel Copper Project, located about 150 km northeast of Perth, 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. “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,” stated Vinay Prakash, CEO, Adani Natural Resources.
“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,” stated Don Hyma, Managing Director, Caravel Minerals Limited.
As part of the agreement, KCL has been granted first rights to participate in direct equity or project-level investments during the term of the MOU. The agreement further outlines collaborative workstreams, including co-engineering to optimise product specifications for Kutch Copper’s downstream facilities, joint procurement to fast-track delivery schedules and leveraging the India-Australia FTA (Free Trade Agreement) to promote cross-border resource development and workforce skilling.
Published on November 6, 2025